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Imagine how devastating it would be if you lose your spouse suddenly. You would most likely be very emotionally distraught, but you could also suffer financially. Many individuals find it difficult to pay existing loans or debts and cover unexpected expenses with only one income.
Recognizing the Impact When a Stay-At-Home Parent Dies Unfortunately, many families fail to realize the impact the death of a mother or father who stays at home to take care of the children will have. They may focus solely on the spouse who earns the family income, without realizing the important contributions the stay-at-home spouse makes to the family. This is why any parents who stays at home and has dependents should purchase a life insurance policy so that their family will be able to survive financially if they die unexpectedly. Valuing the Contributions of A Stay-At-Home Parent Many families protect the individual who earns the wage in their household so they are prepared when that person dies. They often purchase life insurance coverage that will pay for immediate expenses such as legal, medical and burial costs as well as future necessities such as mortgage payments and college tuition. However, they may fail to recognize the important contributions of a parent who stays at home. Consider the Financial Contributions of A Stay-At-Home Spouse A mother or father who chooses to stay at home and take care of the children and the home contributes in many ways to a family. Not only do they provide emotional support, but many times they also take care of cooking, shopping, laundry and driving children back and forth to doctor’s appointments and soccer games. If you had to pay someone else to perform all of these services, you may be very surprised at how quickly the costs can really add up. Calculating the True Cost of Child Rearing & Household Tasks Initially, close friends or relatives may be able to assume some of the household or child rearing tasks. However, the surviving spouse will eventually need to hire someone to perform them or take on some of the responsibilities themselves. Paying external companies to perform all of these tasks may even cost more than the salary earned by the spouse who works outside of the home. One of the main expenses will probably relate to childcare which can be very expensive, followed by house cleaning and laundry services. If you have children, you need to take steps to protect your family if you end up having to raise your children as a single parent. Many parents who stay at home to care for their home and their children purchase individual life insurance policies to protect their loved ones. Without such insurance, the surviving parent may find it difficult to cope financially when you die. If you want to protect the future of your family, you should purchase a life insurance policy even if you’re a stay-at-home mom or dad. Parents who take care of the children and the home make important financial contributions to the household. life insurance coverage recognizes such contributions and enables surviving spouses to cope financially if they face single parenthood. |
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