Stay-at-home parents deserve a great big round of applause. From chauffeur to cook, counselor to bookkeeper, they wear many hats. The 16th annual Mom Salary Survey by Salary.com showed moms could hold 20 titles and work more than 90 hours a week as a stay-at-home spouse.
While a stay-at-home parent doesnt see a paycheck roll in each month, their financial contribution to the family is significant. Salary.com calculated the typical stay-at-home mom in the U.S. would earn a salary of $143,102. A handy calculator makes it easy for anyone to determine their stay-at-home paycheck.
While Salary.coms survey may have focused on moms, the role of stay-at-home parent falls to men and women alike. A growing number of dads are choosing to stay home with the kids, while their wives take on the role of sole breadwinner.
So how does an individuals employment status correlate to their need for life insurance? The short answer … it doesnt. Stay-at-home parents need life insurance too. Life insurance, no matter if you are traditionally employed or a stay-at-home parent, plays an important role in protecting your family.
Why Life Insurance is Just as Important for Stay-at-Home Parents as it is for Working Parents
One common misconception is only breadwinners need to invest in life insurance. But when you think of all the services a stay-at-home parent provides the need for life insurance coverage on a stay-at-home parent becomes more clear.
The cost of child care alone would present a real financial hardship for many. Child care is one of the largest costs for working parents. Care.com reports parents will pay on average $10,468 per year to send an infant to center-based day care. A number that reduces only slightly when sending a toddler to center-based daycare, with an average cost of $9,733 a year. An extra $800 to $900 dollars a month in child care expenses can make a real dent in your paycheck. And it may not be feasible should a dual-parent family become a single-parent household.
How to Protect Your Family With a Life Insurance Policy for the Stay-at-Home Parent
Life insurance helps take some of the pressure off grieving families. It can help families who experience the loss of a parent keep things as normal as possible. Life insurance helps pay for activities the family is used to, as well as new expenses that come from losing the homemaker. It can also help cover funeral expenses.
Purchasing a policy is not as complicated or expensive as one might think. Healthy individuals in their mid-30s and 40s can buy hundreds of thousands of dollars of coverage for under a dollar a day. Insurance brokers can help you calculate how much insurance a homemaker needs. You can also use the tools at SelectQuote.com to find the right life insurance policy for you.
Stay-at-home parents have one of the toughest jobs in the world. By purchasing a life insurance policy, you can help ensure your family is protected.