Updated: Mar 5, 2021
A family’s lifestyle is based on the contribution that each partner brings to the relationship, regardless of whether they both work outside the home or if one partner’s job is to manage their household.
At first thought it might seem more prudent to only insure the partner who is earning an income and that it isn't necessary to insure an unemployed spouse. However, depending on the size of the home, number of children and pets and numerous other conditions, a stay at home parent may work upwards of 90 hours a week. According to 2019 data from Salary.com, if a stay at home parent was paid for their services, they would be looking at a median annual salary of $178,201. This may sound shocking, especially considering that amount is far above the national average income, but if you had to replace the services a stay at home parent provides; meal preparation, child care, driver, house cleaner, planner, tutor, you would be faced with a very large invoice.
Considering the value a stay at home partner brings to a family’s lifestyle, it is extremely important to insure that partner. The loss of a stay at home parent would not only be an emotional blow but it could financially ruin a family.
In addition, if the stay at home parent is diagnosed with a critical illness like cancer or heart disease, it is important to have funds to hire help to fill in the gaps and to account for time the employed spouse may need to take off work to care for a sick spouse while they recover. Financial stress can make these difficult times even more unbearable, but planning ahead can alleviate some of that stress.
Life and Critical illness Insurance are the easiest ways to protect your family and it is equally important to insure both partners. Getting the Insurance coverage you need, even for a busy family, is easier than you think. It only takes about 15 minutes and there are no medical exams or follow up calls for healthy individuals. Buying Insurance from iClick Financial Services is an affordable and fully online purchase. Get insured today.