Before reading on, please understand that this article deals with what some may consider to be an exceedingly tough topic: death.  No death of a loved one is ever timely, and we respect the space and emotions people need to cope with it.  That said, there are financial burdens associated with it, and this article is meant to help inform about those.

There are many options to consider when choosing life insurance.  Term versus whole versus universal, how much, whether you need a long term care rider and/or a critical illness rider, and many other options.

One of the biggest options is whether or not to insure both parents.  Many people think the breadwinner is the only one that needs coverage, but I’d like to dispel some of these myths today.

It used to be misunderstood that being a stay-at-home parent and/or the more domesticated half of the couple was not a full-time job.  The majority of people now understand this is not the case; being a stay-at-home parent is absolutely a full time job, regardless of an associated monetary paycheck.  If that at-home parent should die unexpectedly there will be many roles the surviving parent will have to fill, either by themselves or with hired help.  Having a nanny, cook, housecleaner, or any other domestic help can be expensive.  Life insurance is able to help cover these costs.

Taking time off work to help with the children mourning and to help one’s self heal is absolutely necessary.  There are also further costs for child therapists and even adult ones, which are terribly helpful in times of crises and to help heal.  Life insurance can help pick up this tab.

There are a number of external costs that need to be covered, associated with death.  Whether those are medical bills from emergency responders or hospice or repairs to a structure after a particularly bad wreck that weren’t covered by auto, life insurance can help cover those.

These are just three quick reasons on why the non-working parent, should your family be fortunate enough to have one, be insured.  There are countless more.

If you have any questions or to sit down for a free life insurance consultation, please contact us at your first convenience.

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