It is a popular misconception that life insurance is only for the family’s main income earner. When most people think about life insurance, they think of it as a means of protecting non working spouses and children from the sudden loss of income of the family breadwinner. Most people do not automatically associate life insurance with the non-income earning, full time parent.
If you are a stay at home parent and don’t believe it would be worth getting life insurance for yourself, why not sit down (if you get the chance) and take some time to think about everything you do? Childcare, housework, laundry, cooking meals, managing household finances – the list of tasks for the average stay at home parent is never ending.
If you were suddenly unable to carry out your job, who would look after the children, clean the house, prepare the meals and do the laundry? More significantly, how much would it cost to pay someone to manage all these tasks?
Your partner might be working, but the cost of full time childcare alone could create a huge financial burden on the family, even without taking into consideration all the other day to day services the average stay at home parent provides. If your partner had to stop working to look after the children, that could put the family into further financial hardship.
Life insurance is not something that should be put off. If you are a parent and considering taking out a life insurance policy for the main household income earner, consider insuring both parents. Your contributions are equally valuable and deserve to be protected.