Life insurance is vitally important for any young family just starting out.
Milestones like owning a home, having a baby, and saving for the future are new challenges, and a solid life insurance strategy can help with accommodating the needs of a growing family in a new phase of life.
A life insurance policy’s benefits can replace income, pay off debts, cover funeral costs, finance long-term care, and much more. And replacing income doesn’t refer only to the income provided by one working parent. Replacing the loss of income provided by a stay-at-home parent is just as important.
According to a 2019 survey, the salary of a stay-at-home mom is $178,201.¹ That number factors in important services like childcare, keeping up the household, and transportation. And sudden loss of those services can be devastating to the way a family functions and expensive to replace.
Stay-at-home parents need life insurance coverage, too.
This material is intended for education purposes only and is not intended to be, nor should it be construed as, an offer or solicitation for the purchase or sales of any specific securities, financial services or other non-specified item. Please consult your Financial/Investment Advisor for advice and guidance on your particular situation. Neither Transamerica Agency Network nor its agents or representatives may provide tax or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors regarding their particular situation and the concepts presented herein.
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¹ “How Much Is a Stay-at-Home Parent Worth?” Porcshe Moran, Investopedia, Apr 13, 2022