Stay at Home Parents – Why do you need Life Insurance? Life insurance is something that so many people do not even realise they need. Laura Richardson explains why it should be top of the agenda for stay at home parents in her latest article . . .
When most families consider their need for life insurance, the first consideration is usually regarding the earnings of the main income provider. Most people calculate an amount that they consider sufficient to replace the earnings of the main income provider for a period of time in order to maintain their current standard of living and pay necessary bills such as mortgage payments. This figure is then used as the basis for the life insurance policy. Although the wage of the main income provider is a useful consideration, many families in Colchester do not take into consideration the role played by stay at home parents.
With the rising costs of childcare, the role of stay at home parents could prove expensive to supplement should the worst happen to them. The role of a stay at home parents varies widely, mainly depending upon the age of the children. However, in most families with one full time working parent and one full-time stay at home parent, the role of the stay at home parent tends to include taking their children to and from school, childcare for younger children, grocery shopping, cleaning, cooking, and general household management such as bill paying and other financial tasks. The actual financial implications of having to employ someone else to carry out these tasks could be extremely costly. Due to this added expense, the full-time working parent could even end up having to cut back their own working hours in order to take on some of the tasks, which in turn would lead to less of an income coming into the family. Furthermore, this is all occurring at a time when your children are grieving the loss of their parent, and you are grieving the loss of your spouse or partner.
For these reasons Andrew Douglas Wills and Legal Services would encourage families with stay at home parents to consider their role in financial terms, and factor this into considerations for the need for a life insurance policy. Andrew Douglas Wills and Legal Services offer a free initial consultation in which to discuss your requirements for all of your end-of-life plans, so why not contact us today and find out just how much your role as a stay at home parent is really worth?
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