Life Insurance Coverage for the Homemaker in Your Family

By Jennie Dalinis-Maxwell on January 17th, 2010

What Is Whole Life Insurance?

Whole life insurance, also referred to as permanent insurance, is designed to protect your family no matter what the future holds. Whole life provides insurance protection for the lifetime of the policyholder--as long as the policy is maintained by making all premium payments. Whole life insurance has additional benefits such as cash value and the possibility of dividend payments.

Who Should be Covered by Whole Life Insurance?

Naturally, when thinking in terms of financial stability, your thoughts may immediately go to the wage-earner. It's an obvious conclusion. The loss of income and the ability to pay financial obligations, such as mortgage balances and college tuition, are usually main concerns when considering life insurance.

However, other members of the family should be covered as well, particularly the primary caregiver or stay-at-home parent. Although the caregiver in your family may not provide income, the homemaking spouse has other responsibilities with value.

What Is the Value of the Primary Caregiver?

According to a Salary.com article, the fair wage of a stay-at-home parent would be over $90,000 a year. This estimate is based on the various tasks a stay-at-home parent completes on a daily basis, which include child care, household work, teaching, accounting, and more.

Why Insure the Primary Caregiver?

Think about the work that the homemaker in your family does, and then consider replacing each of those functions. You are likely to need a nanny or babysitter, housekeeper, cook, tutor, etc. All of these duties have monetary value and should be considered when determining the amount of insurance to purchase.

You should also consider the amount of income that may be lost by the breadwinner in your family, should the income earner have to take time-off to perform any of these duties.

How To Find Whole Life Insurance?

Compare quotes from multiple insurance companies to choose the best policy for you and your family.

What To Look For?

Whole Life Insurance is the general term under which sub-categories of universal life insurance, family life insurance, variable universal life insurance, burial insurance, and many other types of coverage exist. Work with a life insurance agent to evaluate life insurance cost, the structure of the policy, and the coverage you need.

You may be amazed at the peace-of-mind you and your family could have with the proper life insurance coverage in place. Evaluate your coverage options and get the insurance you need.

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