There is a serious misconception about not buying life insurance for a stay-at-home spouse that is all too common. Many people feel that because a spouse doesn’t work outside the home, life insurance is not necessary because there’s no salary to replace.
The problem with this thinking is that it fails to account for all the jobs a stay-at-home spouse performs during a typical day, one of the most important being child-care. All of those tasks would still need to be completed if the stay-at-home spouse passed away. If the stay-at-home spouse had life insurance, the policy proceeds could be used to pay someone to tackle the household tasks and care for the children so that the remaining spouse could continue to work and support the family.
If your children are infants or toddlers, then you’ve got many years of childcare before they can be left on their own. If they are teenagers you will need less help because the children are gone most of the day and they can also help out with household chores.
Until you do a needs analysis, you can’t really know for sure how much coverage the stay-at-home spouse should own. Since there are many issues to consider with your family’s life insurance needs, it is important to discuss your options with your insurance agent.
Tracey L. Wells Your Local Farmers Agent
2402 Loganville Hwy, Ste 300 Grayson, GA 30017