Reasons Stay-at-Home Parents Need a Life Insurance Policy

mother a housewife with a baby  fold clothes

As a stay-at-home parent, you have a lot of responsibility. You take care of the housework, the groceries, the cooking, the accounting and you’re in-charge of the kids. The things you do every day would cost a lot to replace. According to, a typical stay-at-home mom’s work equals a $112,962 annual salary. If something happens to you, your loved ones will be greatly affected. Although most stay-at-home parents don’t have a plan to deal with this, you absolutely should. Life insurance is a good way to aid your family if something unfortunate occurs. Here are some ways it can help:

Peace of Mind

Life insurance can help make things a little easier for your family, who will undoubtedly face a difficult adjustment period, emotionally and financially. Insurance payments could help your loved ones deal with pain and loss through counseling. It can also allow your spouse to take time off after you’ve passed away. As your family adapts to its new circumstances, life insurance would provide the time to make changes without worrying about money.

House Work Help

If you’re gone, some of you daily responsibilities can be covered by your spouse when he or she isn’t working, but chances are good that help will be required. Life insurance can cushion the financial blow.

Debt Relief

All the debts you shared with your spouse, like a mortgage or student loans will be much harder to pay when you are gone, due to all the extra expenses. Life insurance can help make payments more manageable for your family.

Childcare Assistance

The biggest expense your family will have is the long-term costs of child care. Someone else must watch your kids while your spouse is working. That likely means hiring a caretaker. That’s a line item your family did not have in the budget before, but your kids need to be taken to school, the doctor, sports practice, classes, etc. Life insurance can help to make sure your kids are looked after.

 Life Insurance Options

When considering life insurance be sure to talk to a financial professional about your specific needs and how life insurance can help. You have a few options, from buying a “rider” on your spouse’s policy, to whole life insurance, which has potential to build in cash value, to term life insurance, which is temporary coverage that you pay for only when you really need it.


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