Most people think that life insurance is only important for those that earn an income….
While this is partially true, family members who don’t generate an income often make huge contributions to keeping their family running.
Think about all of the things a stay-at-home spouse does for their family -- things like:
That’s a diverse set of responsibilities – and even though a stay-at-home parent may not earn an income, they still have a ton of financial value.
Salary.com releases a study every year that calculates the value of the contributions of a stay-at-home spouse – in 2014, they arrived at $118,905¹!
Imagine how expensive it would be to hire people and services to cover those tasks for the family.This is why considering protection for a stay-at-home spouse or parent is crucial to building financial strength.
As you may know, two of the key elements of an insurance policy features are the insured (the person who is covered) and the beneficiary (the person who receives the benefit payment if the insured gets injured or passes away).
As we’ve talked about before, life insurance can replace the income and contributions of the insured – protecting their lifestyle or helping them transition in a tough time.
Everyone’s situation is different, but we do recommend:
If you have more questions about how much life insurance coverage you should purchase, send an email to questions@brightpeakfinancial.com or call us at 612-348-3091.
