The majority of people who think about life insurance, experience a variety of ill feelings. It forces them to think about their own mortality. So when a family comes to the conclusion a life insurance policy is needed, Canadians may believe they've fulfilled their duties if they only get coverage for the working parent. However, many neglect to consider how family life may be if the person the family loses is the stay-at-home parent.
This is a significant oversight. According to Statistics Canada there are 2.7 million couples in Canada with at least one child at home and one in five of these families (501,000) include a stay-at-home parent. (Other interesting statistics about Canadian stay-at-home parents: Of these 501,000 families, 88 per cent were made up of a stay-at-home mother and 12 per cent a stay-at-home father. Fathers are increasingly represented as the stay-at-home parent.)
Why Purchase Life Insurance for Stay-at-Home Parents?
It's not always understood initially why stay-at-home parents need to purchase life insurance; in fact it's one of the most common life insurance myths that if you don't work outside of the home it's not needed. Although they remain at home taking care of the family and the house, what a stay-at-home parent contributes to the family's bottom line has great monetary value:
· Driving the children to school, activities, doctor and dental appointments
· Day care
· Laundry service
· And much, much more
The answer then, to the question "why purchase life insurance for a stay-at-home parent?" is to provide financial protection to your loved ones.