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Stay-at-home parents play many different roles within the family. From chef to housekeeper, taxi service, teacher, and coach, the many jobs you hold as a stay-home parent are essential to your family.
If you were no longer around, would your spouse or loved ones have the funds available to cover the costs of taking care of your children? The cost of raising a child in the United States is more than $234,000. For a healthy parent, protecting their child with term life insurance can be as affordable as $20 a month.
Stay-at-home parents should definitely consider life insurance. You provide valuable services that would cost money if someone else had to do them. Having life insurance can ensure that your family, especially your children, are cared for and financially protected in the event of your passing.
If you were to pass away during your coverage period, a life insurance payout would step in to provide financial support for your spouse to continue working while still providing for your children. This payout can be used to cover childcare costs, private school tuition, household duties, or to fund your child’s college education later in life.
For most parents, a term life insurance policy is the most affordable type of life insurance available. Term life policies are designed to cover periods in your life when you need life insurance most, such as the years you have financial dependents or you’re running a small business.
If you need coverage that lasts longer than 10-30 years, a permanent life insurance policy would be a better fit. With permanent life insurance, you will be covered for your lifetime rather than a set number of years.
You can also select additional benefits, known as riders, that offer premium payment flexibility and cash value savings.
There’s no one-size-fits-all rule for how much life insurance coverage is best, but a general rule for a stay-at-home parent is to have a 15 or 20-year term life policy covering around $250,000 or more. Generally, after 20 years, your children will no longer rely on you for financial support, so you can either let your policy lapse or reevaluate your needs at that time and purchase a different policy.
If you want to cover the costs of your child’s college education or you own a small business, your coverage amount may increase. If you’re confident in your savings and retirement funds, you might need less coverage.
While it’s impossible to replace all of the things a stay-at-home parent does for their family, having life insurance is a smart way to prepare for the unexpected to ensure your loved ones are always protected.
In most cases, you won’t need to undergo a medical exam to get life insurance. The insurance company usually takes a few days to approve your policy, then you’re all set! Once your policy is in force, you will pay monthly premiums to keep the policy active. Quility can help you make sure that your children are protected throughout life and can help you find a policy that best fits your budget and family goals.
To get the most affordable rate for term life insurance, our online application for term life insurance takes less than ten minutes to complete. Let’s get started!
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