Most parents understand the importance of having a life insurance policy for the working spouse or partner. However, it is just as important that the non-working parent has a life insurance policy, too. Here are four reasons stay-at-home parents need life insurance. 
Reason #1: Funeral Expenses and Existing Debt
Perhaps the best reason to buy life insurance for a stay-at-home parent is to cover funeral expenses. These costs can range well over $10,000 for even a simple service. So, having a policy is a wise financial decision for protection against the unexpected. Likewise, certain loans the parent might have with cosigners--such as a mortgage or student funding--can live on past death. Life insurance can help pay those without leaving the survivor in financial peril.
Reason #2: Replace the Value of Their Labor
There’s no doubt that stay-at-home parents work hard. A typical day often involves cooking, cleaning, doing laundry, being a chauffeur, taking care of the kids, wrangling pets, and so much more. But who would take over in their absence? A life insurance policy can help pay for a housekeeper, babysitter or other costs necessary to keep the household running smoothly after an unexpected death.
Reason #3: Assist When the Working Parent is Grieving
As the surviving partner or spouse, it is unlikely that you would want to return to work immediately. You need time to heal and your children will also need your emotional support through such a trying time. In fact, the usual grieving period for some widows can range from three months to several years as the family adjusts to a new sense of normal.
Unfortunately, for most people, this typically means a loss of income that can create a snowball of financial problems. Having a life insurance policy can help pay bills and ordinary expenses while you take the time you need to grieve.
Reason #4: Turning Unexpected Tragedy Into a Bright Future
Most parents want the best in life for their kids and will do anything to make that happen. An unexpected death can make things like private school or college tuition difficult for a family. However, having a life insurance policy in place can provide added savings and peace of mind, allowing the child to turn tragedy into a bright future.
Regardless of whether you are a stay-at-home parent, talk to one of our agents about your life insurance options. We’re here to help you get covered and stay secure.