21 Aug Life Insurance for Stay-at-Home Parents: Why It Matters

Losing a parent or spouse is always a traumatic event, especially when it comes to stay-at-home parents. Even if you know that it’s inevitable due to a lengthy illness, it’s still a shock when you lose your partner, and your children lose the parent that they spent the majority of their time with. It’s easy to overlook the fact that stay-at-home parents need to have a life insurance policy since they aren’t the main breadwinners.

Losing their salary won’t leave the family in financial distress. However, this point of view overlooks all of the work that the stay-at-home parent does, and their loss leaves the remaining parent in charge of absolutely everything.

So, why should a stay-at-home parent have a life insurance policy? Here’s why it matters.

Consider the Costs of Medical Bills and Burial

There are two things that are very expensive in this day and age: medical bills and burial costs. Both may be things that you have to cover when your stay-at-home spouse dies. Even with health insurance, medical costs may be out of control when dealing with a lengthy illness or the treatments that follow a sudden and deadly accident. With the cost of hospital rooms alone running around $10,000 a day, not counting the treatments and testing, it’s easy to see how a large bill or two could appear after your spouse’s death.

As far as burial costs are concerned, they vary widely depending on your options and where you’re located, but the average cost of a traditional burial, including the casket, wake, religious ceremony (if chosen), cemetery plot, and more can end up falling into the $20,000 range. This is a lot of money to have to pay out of pocket when the worst occurs, and it’s not something that you want to concern yourself with when you’re grieving and adjusting to you and your family’s new normal.

Thankfully, a life insurance policy can help pay for both of these things.

Who Will Take Care of the Children?

Think of all of the things that your stay-at-home spouse does every day. They manage the laundry, cooking, chores, errands, take care of the kids, get them to school on time, and so on. Basically, they keep the household running so that you can focus on work. Without them, how much of a mess will life become? You have to keep working to pay that mortgage, but who will be cleaning, cooking, and overseeing childcare?

Unless you have a willing and able relative nearby who can help out, you’ll have to hire someone or several people to handle these tasks. Nannies, housekeepers, and more don’t come cheap, so you’ll need some of the excess money from the life insurance proceeds to cover these costs.

Need Insurance Life Insurance for Your Stay-at-Home Spouse?

If you need life insurance for either yourself or your stay-at-home spouse, please reach out to Spivey Insurance. Our experienced agents can help you make the best decisions for your family, ensuring that you aren’t strapped for money if the unthinkable happens.