Tim and I recently had our annual meeting with our life insurance agent. We meet every year to review our current financial situation, our goals, any major life events on the horizon, and to make sure that our insurance coverage is sufficient to meet our needs should either Tim or I not live to see the next annual meeting. While the thought of this happening is very sad, indeed, I find that these meetings aren’t as much of a downer as you might imagine. They actually feel very reassuring in many ways, because we are taking just a little bit of time to make sure we are on track and covered in the event of the unthinkable. Because let me tell you, if my husband dies, the very last thing I want to be thinking about is how I’m going to keep paying our bills. And Tim feels the exact same way.
Life Insurance for Stay at Home Parents?
While I work from home and do generate income, it isn’t a full-time income. So does it really make sense for us to be spending money on a life insurance policy for me? Oh heck yes it does. Genworth has been a great resource for helping us stay educated on this issue. What we have realized is that if I pass away, while there may not be very much of a direct financial impact in terms of the loss of income, other losses will be very significant and require some cash inflow.
While my husband has a full-time job with benefits, do you really think he wants to report back to work the week after he buries his wife? Or two weeks after? Or two months after? Honestly, probably not. And who will be watching the girls? He’s going to want to be with his kids, loving on them, healing with them, and just trying to find any hints of normalcy that he can. In order to take a significant amount of time off of work and to eventually arrange for new care options for the girls, he is going to need some help. That’s where a life insurance policy comes into play. There’s a terrific article that outlines even more examples of why stay-at-home parents need life insurance.