Life insurance is vitally important for any young family just starting out.
Milestones like buying a home, having a baby, and saving for the future can bring brand new challenges. A solid life insurance strategy can help with accommodating the needs of a growing family in a new phase of life. A life insurance policy’s benefits can:
- Replace income
- Pay off debt
- Cover funeral costs
- Finance long-term care
- And even more, depending on the type of policy you have.
And replacing family income doesn’t only mean covering the lost income of one earning parent.
Replacing the loss of income provided by a stay-at-home parent is just as important. According to Salary.com, if a stay-at-home mom were to be compensated monetarily for performing her duties as a mother, she should receive $162,581 annually.¹ That number factors in important services like childcare, keeping up the household, and providing transportation. Sudden loss of those services can be devastating to the way a family functions as well as expensive to replace.
Stay-at-home parents need life insurance coverage, too.
Contact me today to learn more about getting the life insurance coverage you need for your family and building a financial plan that will provide for your loved ones in case a traumatic life event occurs.
Source: ¹ “Moms: We know you’re worth it.” Salary.com, 2018, https://bit.ly/2v4ITDs.