Life insurance is a great way to ensure your loved ones are financially secure should something happen to you. Oftentimes, only the “breadwinner” of the family is thought about when shopping for coverage, but stay-at-home parents and their contributions to the family should be considered as well. At SelectQuote, we can help you better understand why it’s important to consider shopping for life insurance for parents—both working and stay-at-home.
Stay-at-Home Parent Responsibilities
When you consider all the support a stay-at-home parent provides for a family, securing life insurance coverage should be a no brainer. In the event something were to happen to that parent, the family would have to hire others to do the same work, and while you can’t put a dollar amount on being a parent, practical duties such as childcare can carry a hefty price tag. According to care.com’s 2019 Cost of Child Care Survey, the national average of weekly childcare can range anywhere from around $200-$600.
Why do stay-at-home parents need life insurance coverage?
Being a stay-at-home parent can be one of the toughest jobs. Beyond the daily responsibility of taking care of the children, stay-at-home parents often play a number of vital roles that make a family truly whole and successful. Life insurance for parents—both working and stay-at-home—is a sure way to make sure your family is protected financially if anything were to happen to you. At SelectQuote, we can help you determine the right amount of coverage when it comes time to buy life insurance for your family.
How much life insurance does a stay-at-home parent need?
Much like any type of life insurance, coverage for a stay-at-home parent will look different for every individual and family. Consider all of the support a stay-at-home parent provides for the family—whether that’s childcare, keeping up the house, running errands, or managing the family’s bills and payments—and that might be a good starting point for how much it would cost to hire someone to maintain. If you’re unsure where to start, our life insurance calculator can give you a better idea of how much coverage might be right for you.
Shop Life Insurance for Stay-at-Home Parents with SelectQuote
At SelectQuote, we can help you and your family find coverage that’s right for you from some of the most trusted life insurance companies in the nation. In just minutes, we can compare rates and provide life insurance quotes specific to you and your family’s needs.