As a stay at home mom or dad, your primary role is to protect and raise your children. As such, it is important that you properly protect yourself with life insurance so your family can sustain itself if you were to die prematurely.
Some people assume that stay at home parents don’t need life insurance because they do not receive an income. However, they provide an important economic value to the family. If they were to die, it would cost money to replace their role with a full time nanny.
To determine the amount of benefit that is needed, calculate how much you would want to provide if you were not here. A million dollar policy would provide approximately $4000/month of income to the family. If you need half that amount, a $500,000 policy would suffice.
It is important that your coverage carries you until your youngest child is no longer dependent. This could be from age 18-24 (depending on your situation).
If your children are currently 3 and 5, you could probably sufficiently cover your needs with a 20 year term insurance policy.
For more information about life insurance for stay at home moms and dads or to request a quote, contact Set for Life Insurance today!
