Life insurance can help families losing a stay-at-home parent adapt
Stay-at-home parents might not be bringing home paychecks every week, but the things they do would cost a lot to replace in the event of their death.
Money from a life insurance policy can be used to hire a caretaker, get help with housework, manage debts and help with the emotional distress of losing a loved one, according to a Midland National blog post.
“Insurance payments could help your loved ones deal with pain and loss through counseling,” the company wrote in the post. “They can also allow your spouse to take time off after you’ve passed away, or give him the option to work fewer hours, temporarily or permanently. As your family adapts to its new circumstances, life insurance can provide the time to make changes without worrying about money.”
There are numerous options when it comes to buying life insurance. Stay-at-home parents can buy a rider on their spouse’s policy, whole or permanent life insurance, or term life insurance.
“According to salary.com, a typical stay-at-home mom’s work equals a $112,962 annual salary,” the blog post states. “In other words, what you do is incredibly valuable and should be covered if something happens.”
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