Being a parent is one of the most joyous moments but gradually comes up the infinite responsibilities. Most of the parents; both mother and father are working these days and it has become a common trend in order to meet all the financial needs. Unlike all, there are some parents still who are stay-at-home parents. And this article is about why even stay-at-home parents need life insurance.
It is just mere thinking that working women are the busiest in the world but when we compare the duties of the stay-at-home parents we get to know the other side of the story. The work like the household work, duties of children like educating them, taking care of their health, household expenses, food shopping, and cooking, and many more are on the list. These works are not only tedious for the body but also for the mind.
Despite being overloaded with so many responsibilities it is common thinking that only the parents that go out feel of getting himself or herself insured. The scenario shall not be the same but equilibrium shall be maintained for both the parent.
Read Also: 8 Ways to curb down your Life Insurance costs
Getting a life insurance policy only for one parent is never a smart decision. It is risky as well. Family’s full health is a cause of concern and it is not that a parent who is getting himself or herself secured will be at high risk. Anyone of them can be ill at any point in time. Thus, even stay-at-home parents need life insurance.
What is the common assumption as a layman?
- Thinking is such that life insurance is too costly if both the parents buy it.
- Not including stay-at-home parents can be risky and not covering them can leave the family in trouble.
- The life insurance amount that will get from the insured person is more than enough and they will not need any more financial help than that.
All the above-mentioned assumptions can be troublesome for a person if they leave stay-at-home parents from buying life insurance.
There are 7 very important reasons why stay-at-home parents need life insurance?
#1: A great contribution to the future income
Parents have so many duties to handle. There are many parents who stay-at-home because of their children’s responsibilities. Once their child becomes older and they can do most of their work on their own, they come back to their official duties. Their earnings can be so helpful in saving. Stay-at-home parents need life insurance and it can thereafter be a great source of income to bridge the gap in their expenses.
#2: Clear any kind of debts
We save in the entire life but still, we face a situation we need to take debts and these debts can be for a home loan, car loan, education loan, or anything. Taking life insurance can help clear all debts as the amount received will be a good one.
#3: To use as a charity amount
Stay-at-home parents need life insurance and that can be helpful in using as a charitable gift. There is a strong probability that your spouse has a strong inclination towards worship or place of worship or he/she wanted to donate something to the non-profit organization. In that case, the life insurance amount can be beautifully used as a charity amount.
#4: As an expense in the funeral
No one is ever known for their death and that is the main reason life insurance is bought. The stay-at-home parents too must take life insurance to secure the futures of their loved ones. Funeral cost is also a big one and if their family is not having enough money for it, they might feel bad about it. Life insurance amounts are saving for the funeral. This is a very smart and thoughtful decision.
#5: As a lump sum saving
Term life insurance offers the maximum benefits. It can be quite advantageous in serving as a huge saving. As long as we pay life insurance premiums, there are a lot of features and benefits that they offer. The cash that is collected from it is best utilized as home loans or any other loans.
College fees expenses are also too much these days. The amount of life insurance will help to pay off the college fees of your child which can give you a state of relaxation. Thus, clearly stay-at-home parents need life insurance.
#6: A tax benefit
Life insurance for stay-at-home is best for availing a tax-saving benefit. This is one of the major advantages that anyone can get who is working or even for the non-workings. Even after their demise, the amount that is received is generally tax-free.
#7: A great security and peace of mind
Life insurance whether it is only for the breadwinner or the stay-at-home parents; both gives peace of mind. It is also helpful as a huge saving and gives a sense of security at any point in time.
Read Also: Life Insurance for single parents: Everything you need to know!
There are several debts in-lined some of them are like your child’s college or school fees expenses, marriages, or anything; life insurance amount will suffice for them.
Conclusion
By some of the points that have been jotted above, clearly show how important it is to have life insurance and why parents who go out for work and stay-at-home parents need life insurance. Never think in a way that a person who is the sole earner of the family only needs life insurance. Both the partners are equally important and life insurance is important for both. Don’t assume the cost to be on the higher side as several other factors decide the price or the premiums of life insurance.
Always schedule a prior appointment with a known professional so that a thorough grilling can be done and the best output is received with the maximum benefits. Ask them about the coverage and the best plan that they can share with you. There is N number of plans and the one that suits you can be chosen from it.
In short, both parents are liable to take life insurance policies irrespective of anything to make your life peaceful and happy. Think and execute intelligently and come out with flying colors in the end. Purchase life insurance for both parents.
