Stay-At-Home Parents Need Life Insurance, Too!

Jul 13, 2016

That’s right. Life insurance isn’t just for high-earning desk workers. It’s for everybody whose life has quantifiable value to dependents or other members of society. If you are a stay-at-home parent, or you have clients who are stay-at-home parents, pay attention. This post was written just for you.

The rationale for believing stay-at-home parents don’t need life insurance is understandable, but the logic behind it is flawed. To understand this, one needs simply to look at basic economics. If you weren’t staying at home with your children, you’d be paying someone to take care of them. Not only is this the case with stay-at-home parents of infants. Children with stay-at-home parents often grow up to be more economically productive members of society than those who grow up without a stay-at-home parent during the formative years of childhood.

In 2016, Salary.com determined that the functions performed by stay-at-home parents are worth $143,102. Compare this to the roughly $90,220 the average working parent rakes in, and having a stay-at-home parent makes economic sense for many parenting couples.

You might be thinking: it’s nice to see that my hard work is recognized, but I sure don’t see the money that my various roles are valued at each year. This is true, but it’s because you’re not in the market for monetized goods and services. Were you to have an accident or fall ill, your family would feel the economic impact of your absence. Without a life insurance policy in your name, they would not be compensated in any way for this impact. With the right life insurance policy, however, the economic impact of your absence would be more manageable. Your children will be more likely to have money to pursue an education and, accordingly, a career path of their choosing.

So what does all of this mean? It means that it’s not only important, but necessary, for many stay-at-home parents to have life insurance coverage. Together, we can work to tackle this  sometimes forgotten market! Brokers looking for tools to help them boost sales of life insurance policies to stay-at-home parents should call Brokers Alliance at (800) 290-7226.

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