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Winter 2021  Volume 14, Number 4        

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Life Insurance for the One Who Makes a House a Home

Even though homemakers may not earn a paycheck, their financial impact on the family is immeasurable.

That’s why more and more families are purchasing life insurance for their stay-at-home moms and dads.

A homemaker’s duties run the gamut from childcare to home maintenance. If that person were to die, not only would it take an emotional toll, but a financial one as well. According to Salary.com, the median time worked by a stay-at-home mom during the pandemic reached 106 hours per week with a fair market salary equivalent of $184,240.

To understand these costs, consider what a stay-at-home spouse might accomplish during the day and what you would have to pay for:

  • Homeschooling
  • Caring for children or aging parents
  • Housekeeping and repairs
  • Doing laundry
  • Chauffeuring
  • Meal planning and cookin
  • Budgeting and paying bills.

The availability of life insurance on a homemaker depends on the working spouse’s coverage. Many companies will allow a benefit that is equal to the covered spouse for a non-working spouse.

Term life insurance lasts for a specified period — usually from 10 to 40 years — and pays a death benefit to the insured’s beneficiaries. Remember that the longer the coverage lasts, the higher the premiums. Age also affects the premium.

Term insurance policies have a guaranteed level premium for a set number of years, for example, 10, 15 or 20. Most policies have a conversion feature that allows a change to permanent coverage regardless of health.

Please call us for more information.


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In this issue:

This Just In...

How to Avoid Challenges to Your Disability Claim

Planning for Care When You Need It Most

Errors to Avoid If You Inherit an IRA

Life Insurance for the One Who Makes a House a Home


The information presented and conclusions within are based upon our best judgment and analysis. It is not guaranteed information and does not necessarily reflect all available data. Web addresses are current at time of publication but subject to change. SmartsPro Marketing and The Insurance 411 do not engage in the solicitation, sale or management of securities or investments, nor does it make any recommendations on securities or investments. This material may not be quoted or reproduced in any form without publisher’s permission. All rights reserved. ©2021 The Insurance 411. www.theinsurance411.com Tel. 877-762-7877.