Parents with a job outside the home need life insurance policies in Salem OH to protect their loved ones in the event that something were to happen. But it’s not just breadwinners who need coverage – stay-at-home parents also need it.
Here are nine reasons why.
1. To replace the value of their labor. Stay-at-home parents are not only caretakers, they are also tutors, cooks, housekeepers, chauffeurs, and so much more 365 days a year. And all that work comes with a price tag – salary.com reports that stay-at-home-parents contribute the equivalent of approximately a $165,000 annual salary to their households. If the unimaginable were to happen, a surviving partner would be faced with a slew of new expenses that the stay-at-home parent previously shouldered.
2. To factor in the contributions of any future income. Many stay-at-home parents return to work once their kids are older. Life insurance policies in Salem OH can help bridge the gap that their future earnings would have contributed.
3. To reduce debt. From student loans to credit card debt to an informal loan from a family member, life insurance can help settle any debts left behind so they don’t create stress for grieving loved ones.
4. To cover funeral expenses. The average funeral costs between $7,000 and $10,000 and that may not even cover the cost of the burial, headstone, and other expenses. Many families have trouble finding the funds to cover all the costs, so the payout from a life insurance policy can help cover the final costs.
5. To leave a legacy. If a stay-at-home spouse has a passion for a place of worship, an alma mater, or another nonprofit organization, proceeds from the life insurance policies in Salem OH can be used to leave a meaningful charitable gift.