I'm A Stay At Home Parent, Do I Need Coverage?
Stay at home parents have a full day when providing for their children. As a stay at home parent, you are making sure your child is safe, wiping tears, making meals, interacting with your children, and so much more. Before you know it, your day is over, but it doesn't matter because everything you did, you did for the sake of your children's happiness.
But what if something was to happen to you and you were to pass away unexpectedly? Of course your family would be in a state of mourning. There are also some expenses that need to be paid such as your funeral expenses, even if you don't have a family.
Funeral expenses can be quite steep. As of now, the average cost of a funeral is approximately $7,000. However, the cost is going to go up. It has been going up for many years now. That is why it is good to have at least $10,000 to have a moderate funeral.
Plus, you may have other expenses that your spouse or family members will have to take care of for you. If there is a mortgage, you want to be able to pay it off. If there is a car loan, you want to be able to pay that off as well. Such is also true for any credit card bills that you may have. You don't want your family to be pursued for these expenses. Stay at home parents can also have credit cards and loans, especially when their spouse brings in an income.
There are even stay at home parents that work at home, so there is an income brought in. This means that there are going to be expenses and those expenses need to be paid. Even saving money may not suffice, especially if you want to provide for your family in some way.
Providing for Children
You may also decide that you want to continue providing for your children for a while. You may want to have some money given to your spouse or family members to lessen the burden of them taking care of your children financially. You may also want to put some money aside for future expenses that your children may incur. For instance, you want your kids to go to college.
With the rising cost of college tuition that is occurring, it is good to have money set aside. It is not enough to rely on grants and student loans. This is especially true with loans that can prevent your child from being able to buy a home or a car due to the debt. You can offset that by setting aside money in a trust for your children.
You can also make sure that your family or spouse is able to do such things as buy your children cars when they are of age. There are so many ways in which you can make sure your children are taken care of if you are not physically here to take care of them. You are relieving them of some of the life struggles that some individuals have to deal with. You are relieving them of what is preventable with the right funding.
So it doesn't matter if you're a stay at home parent. You will have expenses in some form that will need to be paid upon your death. And you will most likely want to do what you can to have money for your children to have for life's major expenses. Don't hesitate to obtain life insurance quotes to determine the coverage that is best for your family.