We all assume that the only person in the family that needs life insurance is the person who brings home the paycheck aka "the breadwinner". But nothing could be further from the truth! If you are a single-income family, you seriously also need to consider life insurance for the stay-at-home parent in your household. Even if the stay-at-home parent isn't bringing in regular paycheck, that parent is contributing in multiple ways - and the costs for those contributions can add up substantially.
According to the latest available data from Salary.com in 2019, stay-at-home moms should earn upwards of $162,581 per year when you tally up 96 hours of work per week. Wow! Stay at home parents are in charge of child care, housekeeping, cooking, shopping, laundry, and many other household duties.
If the stay-at-home parent were to die, the working parent would still need to work, but would also now have to pay for child care and take on all of the household jobs. The price tag on childcare alone is expensive, which can cost thousands per month. Hiring a maid or a babysitter would also be other expenses. It would be a huge financial strain on a family, especially after a terrible loss.
This is where good New York life insurance comes in. With the right coverage, the surviving spouse could afford the help they need in a difficult situation. A term policy would be a great and inexpensive solution to cover the additional expenses when the children are young.
Call us today at (845) 724-3031 or request a life insurance quote via our website!
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