Life insurance helps ensure that those who matter most to you will be financially protected if you were to pass away. While one of the main incentives to purchase life insurance is to provide income replacement for the primary earner of the family, stay-at-home parents and their contributions to the family should be considered as well. In this article, we’ll explore the value of life insurance for stay-at-home parents to help you make informed decisions about your coverage.
Stay-at-Home Parent Responsibilities
Consider the significant contributions a stay-at-home parent makes to their family and household. If the stay-at-home parent were to pass away, their family would have to make arrangements for responsibilities like childcare, transportation to and from school and extracurriculars, and even general household upkeep. While you can’t put a dollar amount on all that being a parent entails, the cost of childcare is one of the most significant financial obligations in a household’s budget. According to Care.com’s 2024 Cost of Child Care Survey, the national average cost of childcare can range anywhere from $192-$766 per week.
Why do stay-at-home parents need life insurance coverage?
Being a stay-at-home parent can be one of the toughest jobs. Beyond the daily responsibility of taking care of the children, stay-at-home parents often play a number of vital roles that make a family truly whole and successful. Life insurance for parents—both working and stay-at-home—is a sure way to make sure your family is protected financially if anything were to happen to you.
There are many factors to consider when it comes time to buy life insurance for your family, and it can be easy to become overwhelmed by the process while also juggling the demands of raising children and managing a household. One coverage option for busy parents is no medical exam life insurance. A great fit for those under age 60 and in good health, this type of life insurance allows you to bypass the medical exam and qualify for up to $3 million in coverage in just minutes when you work with SelectQuote.
How much life insurance does a stay-at-home parent need?
Much like any type of life insurance, coverage for a stay-at-home parent will look different for every individual and family. Consider all of the support a stay-at-home parent provides for the family—whether that’s childcare, keeping up the house, running errands, or managing the family’s bills and payments—and that might be a good starting point for how much it would cost to hire someone to maintain. If you’re unsure where to start, our life insurance calculator can give you a better idea of how much coverage might be right for you.
Shop Life Insurance for Stay-at-Home Parents with SelectQuote
As a stay-at-home parent, your to-do list can feel never-ending. Luckily, SelectQuote can help make one task easy: shopping for life insurance. We’ll take the guesswork off your hands by searching a variety of carriers on your behalf, comparing quotes and plan details to find the right fit for you and your family. Don’t wait to get the peace of mind you need—reach out to us today to get started.
