Every year we join forces on the life insurance study to get the accurate information about what the consumers are thinking when it comes to the financial concerns that bother them the most as well as what type of financial insurance do they have or not. Well, you are already aware of the fact that a parent with a job outside the house most likely needs a life insurance to protect their generation if in case something was to happen, but it’s not just breadwinners who need coverage that stay-at-home parents do too. Given below are some of the reasons which include:
It replaces the value of the labor: Staying at home parents are caretakers, tutors, cooks, housekeepers, chauffeurs, and so much more. Moreover, life insurance is generally a quick and cost effective way to get a substantial amount of coverage like this for a particular period of time such as 10 or 20 years.
Tax free benefits: Life insurance is one of the best ways that is generally income tax free. From student loans to credit card debt to an informal loan from a family member, there are lots of ways to owe money. Life insurance can also help us to settle any debts left behind so they don’t create stress for grieving loved ones.
Contribution in Future Income: People who are staying at home parents return to the workforce once their kids are older and that’s where life insurance could help bridge the gap that their future earnings would have contributed to their household.
Guarantee Insurability: As we all know that our health can change in an instant so getting a permanent life insurance policy when you’re young and healthy means you’ll have lifelong coverage. And after then you won’t have to worry if later on, you develop a health condition that would make it hard or even impossible to get life insurance.