Can Stay-At-Home Parents Have Life Insurance?

​You'll often hear that it's critical to have an insurance plan in place if you have individuals in your life who rely on you financially. If you are the sole breadwinner in a family of five, your family will most certainly struggle financially in the case of your death, necessitating the need for life insurance.

But what if you are unable to work? That is a common path parents take, especially when their children are young.

These days, the expense of daycare is outright exorbitant. What’s more, dependable care might be difficult to come by. As a result, many parents choose to leave their employment and stay at home with their kids, especially when they are too young to attend classes.

If that's the case, you might believe you don't need life insurance. After all, if you don't make a living, you wouldn't leave your family in a bind if you died unexpectedly, would you?

However, in some instances, even if you do not even earn a penny, it may be wise to have life insurance. 

What Does a Stay At Home Parent Insurance Cover?
The entire purpose of life insurance is to replace your income so that your family can continue to live the same life if something were to happen to you. That makes sense for the spouse who goes to work every day, but what about the stay-at-home parent? Why do SAHPs need life insurance at all if they don't make any money? Because of the services they offer. 

Here are some of the responsibilities of a stay-at-home parent:

• Teacher
• Childcare Provider
• Chef
• Housekeeper
• Services for laundry
• Tutor
• Mentor

Why Do They Need Insurance?
We all know that there is no way to replace a parent. Nothing will ever be able to replace that need. However, the surviving spouse can employ someone to fulfill many of the obligations that the SAHP used to cover with the money from a life insurance settlement.

It's all about keeping your family going under the worst of circumstances. Life will never be the same again, but by employing someone to assist fill in the gaps (temporarily), you can ensure that no one's needs slip between the cracks.

End Words
While many other types of insurance are available to safeguard a person's family and possessions, life insurance is a critical sort of protection. If you die, the correct life insurance may help safeguard the individuals who rely on you the most. It is vital to get the best life insurance coverage to ensure that your loved ones are adequately covered.

At Arnold, Bruce & Doerfler Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (503) 222-1951 or Click Here to request a free quote. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!