Home > Blog > Don’t Forget Life Insurance for the Stay-at-Home Spouse
  • Main Menu
    • Home Page
    • Our Partners
    • Make A Payment
    • Location Map
    • Contact Us
    • Refer a Friend
    • Frequently Asked Questions
    • Insurance Glossary
    • Privacy Policy
  • Automobile
    • Automobile Insurance Home
    • Auto Insurance Quote
    • Mexico Travel Insurance Quote
  • Homeowners
    • Homeowners Insurance Home
    • Homeowners Insurance Quote
  • Renters
    • Renters Insurance Home
    • Renters Insurance Quote
  • Motorcycle
    • Motorcycle Insurance Home
    • Motorcycle Insurance Quote
  • Commercial
    • Business & Commercial Insurance Home
    • Commercial Auto Insurance Quote
    • Workers Compensation Quote
  • Bonds
    • Bonds Home
    • Bond Request Form
  • Health
    • Health Insurance Home
    • Health Insurance Quote
    • Disability Insurance Quote
    • Long Term Care Insurance Quote
  • Life
    • Life Insurance Home
    • Term Life Insurance Quote
  • Flood
    • Flood Insurance Home
    • Flood Quote Form
  • Watercraft & Boat
    • Watercraft & Boat Insurance Home
    • Watercraft Insurance Quote
TUESDAY, AUGUST 31, 2010

Don’t Forget Life Insurance for the Stay-at-Home Spouse

One of the common misperceptions surrounding life insurance is that the working spouse is the only person who should be insured. If you or your spouse stays at home with the children it is essential to calculate the equivalent cost of replacing that support in order to maintain your standard of living in the event of a major loss.

Make a list of what it would cost to provide care and support if your spouse was not at home. Common examples include day care and babysitting fees, meal preparation or the cost of purchasing meals outside the home, transportation, tutoring, housecleaning, and errands. Remember, it is rare or even impossible for one spouse to do it all alone.

Once you have created the entire list, be sure to add in the rate of anticipated inflation. Based upon the age of your children, determine what the total cost of care will be until they are grown. Healthcare and education tend to rise faster than the general inflation rate, so leave wiggle room.

Don’t forget yourself. While it’s important to preserve the quality of life for your children, it is equally important to add in the loss of companionship and care that will impact the surviving spouse. Couples benefit from the help and assistance afforded by the relationship; everything from travel to and from medical appointments to a second income that would provide an additional layer or protection for couples as they age. Include the long-term impact and cost to your own quality of life when considering the total amount of life insurance to purchase.

Posted 8:13 PM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2011
  • 2010


View Mobile Version
image of empty space