Are you a stay-at-home parent? If so, you likely perform a number of tasks to keep your household smoothly running. You and your partner have likely discussed life insurance at some point, but you may have focused solely on what the loss of your partner's income would mean for your family. This may mean that your partner has sufficient life insurance to take care of you and the children in the event of their untimely death. However, you both may have overlooked what your absence would mean for the family. The following points will help you to better understand why adequate life insurance for you is also essential and what you all need to consider when you are ready to get additional coverage.
If your partner's income is the only income, then you may be like many families who are living paycheck to paycheck. This may have you both thinking that you cannot afford additional coverage. Take a moment to consider whether there are any ways you could earn money to cover the life insurance policy. For example, babysitting services after school or on weekends could help pay for the new expense. You might also be able to curb some of the costs of your household by shopping more responsibly and sacrificing some of your outings. Remember coupons and sales can cut shopping costs, and there are affordable ways to have fun such as taking your family to the park instead of the movies.
What Your Family Stands to Lose
Unexpected deaths happen daily, and you and your partner need to carefully consider all that you do for the household. If you were to pass away, your partner may have new household expenses. For example, your partner may have to hire a nanny or babysitter to help with the children. Your partner may not know how to cook or have time, which means that expensive convenience meals or eating out more might become the new norm. When one of the children gets sick, your partner might have to miss work, and they could lose some of their income if they run out of sick days. There is also a possibility that your children might grieve and require counseling, which could take months or years. You likely help the children with their schoolwork, and in your absence, their grades might suffer and result in a need for tutoring services. All of these things cost money, and additional life insurance could help absorb these unexpected costs for your surviving partner and family.
A life insurance broker is a good resource to use to better understand the coverage options that are available to you as well as the estimated amount of coverage needed based upon what you do in the household. They can also help you better understand other ways your absence could impact your family. Contact an insurance agency in your area for more information.
Have you done everything possible to prepare for your family after you pass away? So many of us think that there is always more time to take out a life insurance policy or think that we cannot afford one. What we fail to remember is that there may not be a tomorrow. If you were to pass away today in a tragic accident, would your family be able to survive? Would your family be able to continue living in your home? I started working on this blog after I went to a friend's funeral. It was that moment that I realized that I wasn't ready for death and that if it was to happen at that time, my family would struggle to survive.