Should a stay-at-home parent have life insurance?

The cost of raising a child is an overwhelming expense. If you are lucky enough to have a parent stay home or work from the home you are missing out on large expenses of raising a child such as daycare.

When a family makes the decision that they can afford for one member of the house to stay home they should also be making sure they are investing in life insurance for that person.

Why does someone who isn’t generating income need life insurance?

This is a great question people will ask since usually life insurance is used as a way to help offset the lost wages of someone who has passed.

You are buying life insurance in order to offset the new expenses that your family will face.

What is the cost to raise a child?

The cost of childcare in Michigan varies based on the age of the child needing cared for. The expense can range from $10,114 for an infant to $4,575 for a school-aged child [1].

A family of two kids will spend somewhere between $9,000 and $20,000 a year in daycare costs.

How will your family survive with an additional expense of $15,000?

The surviving spouse is going to need to find a way to make up this cost. This can be done a few ways including making more money, cut out other expenses, or with life insurance.

Life insurance is the perfect solution to avoid placing an unneeded financial burden on your family.

How much life insurance should a stay at home parent have?

This is something we will need to talk about as every situation is different. Some information you should consider is the age of your children, existing debt, and future expenses such as college.

Should I worry that I don’t have life insurance?

Yes, I would be worried. I would be worried about your family and the financial burden they might go through if you and your spouse don’t decide to make life insurance a priority.

Is applying for life insurance easy?

Applying for life insurance is an easy and convenient process. It will only take you a short period of time to get a quote for life insurance. The application process is just as easy.