How often has a couple even considered term life insurance for the stay-at-home parent? They are missing something important to their well-being. This parent usually works overtime, does double and triple duty, tending to many different jobs which would require several workers to accomplish at a great expense. It is that expense that term life insurance will cover.
One stay-at-home parent can save the family as much as $178,000 for one child. If there are more children, the savings are more. Although these figures include some expenses the remaining parent may not need, no parent should ignore the enormous cost. If the stay-at-home parent should die, the remaining parent discovers how much the other parent contributed, usually to dismay.
A stay-at-home parent must take the child to doctor appointments, to the dentist, and sports games, may decide to homeschool, will get the child necessary psychological help, and purchase groceries and special needs. The parent must buy and wash the child’s clothes and cook meals. He must help coach the child on special projects, entertain the child and his friends, and do a diverse array of jobs for one employee, as any remaining parent will discover when the stay-at-home parent no longer lives.
It is hard to find someone to do all these chores in good times, but under pressure even more difficult. If the stay-at-home parent should pass on, all these duties remain for someone else. Anyone who could do all these chores would cost a penny, possibly prohibitive for many.
If a stay-at-home parent disappears from the child’s life, the child will be upset, probably for a long time. The child will likely act up and have some adjustment problems. It takes a particular person to handle the child and all these chores. Even if a child can go to a care center or school, they all cost money. Anyone who agrees to tackle this job will require a large salary.
It is true that often relatives step in and help, at least for a time. But relatives aren’t likely to do all the chores that a stay-at-home parent does. Someone else must do those, and again it will be either the other parent or someone hired. More money is needed.
No one can replace the stay-at-home parent. While upset, the other parent must try to comfort the child; an added extra strain. The parent left with these responsibilities must quickly make time and find the money to hire someone to help. Even arranging for the child to stay with a relative will be a test. That will require time and gas traveling back and forth and patience while the child adjusts to the changes in routine and style of parenting.
It is essential to keep life and the family going much as it ran before the death to lessen the terrible strain. It is not a time to have more problems because of short funds, short time, and short help.
Another benefit of term life insurance is that it will cover final expenses. Funeral costs are rising like everything else, and few of us can afford the final costs. We do not expect a stay-at-home parent to die and do not expect to pay out those expenses.
Although it is not critical, having a term life insurance left in trust for the children, say for schooling, is a good reason for buying a policy. Buy a policy when young, and the costs are less, and health is probably better. Term life insurance is a wise and sound investment.
How much life insurance is needed is not the same for everyone. But a reasonable estimate made by one company is a 20 to 30-year policy for 250,000 to a 400,000 policy. Remember that inflation may make this a smaller amount in time. If the parent passes when the child is older, he may find it is worth little. It may not last long. An older child needs more, like cars, clothing, computers, cell phones, school trips, dates, etc. The list goes on and on.
Current costs for daycare are about $200 a week, and for a stay-at-home nanny, $600 a week. It is easy to see that the costs would mount rapidly, and insurance would eat up quickly.
If there is more than one child, the costs increase rapidly. The costs for a year will be more than many people make.
If a relative is willing to help, they will be more likely to offer for a well-disciplined child rather than two or three well-disciplined children. Take two or three upset children, which these children are likely to be, and relatives usually decide they are too busy with their obligations.
Next, there is schooling to consider. The stay-at-home parent that took on the task of homeschooling is no longer available. The parent needs to decide on instruction. Public or private schools can be considered private schooling being more expensive. Private education, though more expensive, may be preferred but out of reach if no money is available. Either way, the child, or children, will have another adjustment to face. There will always be extra expenses.
If you are lucky enough to hire someone to do your chores and bear care of the children, what a relief it will be? Count on needing to hire someone to clean the floors and refrigerator, and maybe you are lucky enough to find someone. You will pay a considerable fee. The going rate is around $26 an hour.
Imagine if you have no term life insurance and you work over timework constantly, how tired and defeated you will feel, and how the children will react. Financial security will improve the climate for everyone.
If a person has a life insurance policy and invests the funds, the money received on the investment might pay for most of these costs without using the initial investment. Good management might allow some funds left for the child’s further schooling.
How often has a couple even considered term life insurance for the stay-at-home parent? They are missing something important to their well-being. This parent usually works overtime, does double and triple duty, tending to many different jobs which would require several workers to accomplish at a great expense. It is that expense that term life insurance will cover.
One stay-at-home parent can save the family as much as $178,000 for one child. If there are more children, the savings are more. Although these figures include some expenses the remaining parent may not need, no parent should ignore the enormous cost. If the stay-at-home parent should die, the remaining parent discovers how much the other parent contributed, usually to dismay.
A stay-at-home parent must take the child to doctor appointments, to the dentist, and sports games, may decide to homeschool, will get the child necessary psychological help, and purchase groceries and special needs. The parent must buy and wash the child’s clothes and cook meals. He must help coach the child on special projects, entertain the child and his friends, and do a diverse array of jobs for one employee, as any remaining parent will discover when the stay-at-home parent no longer lives.
It is hard to find someone to do all these chores in good times, but under pressure even more difficult. If the stay-at-home parent should pass on, all these duties remain for someone else. Anyone who could do all these chores would cost a penny, possibly prohibitive for many.
If a stay-at-home parent disappears from the child’s life, the child will be upset, probably for a long time. The child will likely act up and have some adjustment problems. It takes a particular person to handle the child and all these chores. Even if a child can go to a care center or school, they all cost money. Anyone who agrees to tackle this job will require a large salary.
It is true that often relatives step in and help, at least for a time. But relatives aren’t likely to do all the chores that a stay-at-home parent does. Someone else must do those, and again it will be either the other parent or someone hired. More money is needed.
No one can replace the stay-at-home parent. While upset, the other parent must try to comfort the child; an added extra strain. The parent left with these responsibilities must quickly make time and find the money to hire someone to help. Even arranging for the child to stay with a relative will be a test. That will require time and gas traveling back and forth and patience while the child adjusts to the changes in routine and style of parenting.
It is essential to keep life and the family going much as it ran before the death to lessen the terrible strain. It is not a time to have more problems because of short funds, short time, and short help.
Another benefit of term life insurance is that it will cover final expenses. Funeral costs are rising like everything else, and few of us can afford the final costs. We do not expect a stay-at-home parent to die and do not expect to pay out those expenses.
Although it is not critical, having a term life insurance left in trust for the children, say for schooling, is a good reason for buying a policy. Buy a policy when young, and the costs are less, and health is probably better. Term life insurance is a wise and sound investment.
How much life insurance is needed is not the same for everyone. But a reasonable estimate made by one company is a 20 to 30-year policy for 250,000 to a 400,000 policy. Remember that inflation may make this a smaller amount in time. If the parent passes when the child is older, he may find it is worth little. It may not last long. An older child needs more, like cars, clothing, computers, cell phones, school trips, dates, etc. The list goes on and on.
Current costs for daycare are about $200 a week, and for a stay-at-home nanny, $600 a week. It is easy to see that the costs would mount rapidly, and insurance would eat up quickly.
If there is more than one child, the costs increase rapidly. The costs for a year will be more than many people make.
If a relative is willing to help, they will be more likely to offer for a well-disciplined child rather than two or three well-disciplined children. Take two or three upset children, which these children are likely to be, and relatives usually decide they are too busy with their obligations.
Next, there is schooling to consider. The stay-at-home parent that took on the task of homeschooling is no longer available. The parent needs to decide on instruction. Public or private schools can be considered private schooling being more expensive. Private education, though more expensive, may be preferred but out of reach if no money is available. Either way, the child, or children, will have another adjustment to face. There will always be extra expenses.
If you are lucky enough to hire someone to do your chores and bear care of the children, what a relief it will be? Count on needing to hire someone to clean the floors and refrigerator, and maybe you are lucky enough to find someone. You will pay a considerable fee. The going rate is around $26 an hour.
Imagine if you have no term life insurance and you work over timework constantly, how tired and defeated you will feel, and how the children will react. Financial security will improve the climate for everyone.
If a person has a life insurance policy and invests the funds, the money received on the investment might pay for most of these costs without using the initial investment. Good management might allow some funds left for the child’s further schooling.
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