If you’re a stay-at-home parent and you pass away without life insurance, your spouse may not be able to afford the proper care for your children.
Consider for a moment all that a stay-at-home parent does: cooking, cleaning, entertaining, driving as well as generally managing household responsibilities. How much would this cost to replace?
If there is no partner in the picture, your relatives or friends might not be able to take care of your children in a way that allows them to attend the same school, with the same parenting style you used, and allowing them to continue with their chosen activities.
Also, when the time comes for post-secondary school, you will want your children to have the option of affording the education they deserve.
Not having an income and staying at home means you are saving money you would be spending from a spouse’s income (or from any other source of income) on childcare and even on tending to your household needs.
If you are a caregiver to a family member and you pass away, who will step in and pay for the costs associated with the care you provide?
In the event of a tragedy, these valuable contributions you made as a caregiver or stay-at-home parent will still require the care you provided, and life insurance can help your loved ones continue to live with financial security.