Quick Guide: Life Insurance for Stay-at-Home Parents
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.
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¹ “How Much Is a Stay-at-Home Parent Worth?” Porcshe Moran, Investopedia, Apr 13, 2022