5 Reasons Why Life Insurance is a Must for Stay-at-Home Parents

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Feb 28, 2020, 09:47 ET

ERIE, Pa., Feb. 28, 2020 /PRNewswire/ -- If you never thought a stay-at-home parent needed life insurance, you might want to think again. Because in addition to being full-time caregivers, stay-at-home parents are also chefs, housekeepers, tutors, chauffeurs and more. That's a lot of responsibilities that demands life insurance protection.

Erie Insurance lists five reasons why stay-at-home parents need life insurance:

Stay-at-home parents need a good night's sleep and life insurance too.

To replace their value: All the daily work that a stay-at-home parent must keep up with comes with a price tag. According to Salary.com, tracking real-time market prices of all the jobs performed, a stay-at-home parent's work is equivalent to a median annual salary of $178,201. If something were to happen to that caregiver, the surviving partner would have to handle the expenses that were otherwise taken care of. A term life policy would provide coverage for a set number of years. This is usually the best bet for stay-at-home parents because it's ideal for handling expenses during the high-cost childrearing years.
Because funerals are expensive: According to parting.com, the average funeral cost can be anywhere from $7,000 to $10,000.^. That can be a big burden during a difficult time. A life policy can help fund funeral arrangements and final expenses.
To pay off debt: Like most families, there is probably a car payment, mortgage and/or student loans. If someone has co-signed the loan for you, they could be responsible to repay that loan in the event of an untimely passing. Having life insurance can help cover that debt, causing less stress for those loved ones already grieving.
To honor their memory: If a stay-at-home parent has a love for a certain charity or nonprofit, an alma mater or place of worship, life insurance proceeds can be used to make a meaningful gift to leave a legacy.
Your health condition could change: Many people think certain conditions preclude them from getting life insurance. In reality, many common and manageable conditions won't disqualify you from being approved for a policy. But, getting a whole life insurance policy when you're young and healthy means you'll have lifelong coverage.

While no policy can replace a parent, it can help your family in a big way if the unthinkable happens. Your ERIE Agent with Erie Family Life* can help you get an accurate picture of your family's needs and which coverage would work best for you.

* Life insurance policies not written in New York state.

Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 9^th largest homeowners insurer and 12^thlargest automobile insurer in the United States based on direct premiums written and the 16^th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia. Erie Family Life Insurance Company is rated A (Excellent) by A.M. Best Company. Life insurance policies not written in New York state. Erie Insurance Group is a FORTUNE 500 company.

News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.

SOURCE Erie Insurance Group