The purpose of life insurance in Lake Charles, LA is to support a family in the event of a provider’s death. However, stay-at-home parents provide for their families as well, and such contributions should be accounted for when buying life insurance. Below are some tips on buying life insurance for an at-home parent.
Putting a Dollar Value on Non-Monetary Household Contributions
A stay-at-home parent performs many services for the family without pay, and it could be very expensive to hire people to do all of those jobs. It’s difficult to assign a dollar value to everything a parent does, but duties such as housekeeping and childcare can be costly, especially if there are no relatives willing or able to step in and fill the gap.
Buy Coverage Early
Another compelling reason to buy a policy for an at-home parent is to get it while they’re healthy and young. Life insurance rates increase as one ages or becomes ill, and some conditions make it difficult or impossible to get coverage. By delaying a purchase, families risk paying more or being denied coverage later on.
Increase Coverage Later
As the family grows, parents may want to increase a stay-at-home spouse’s coverage when that person decides to go back to work. If that is a possibility in the family, customers should shop for a policy with a rider guaranteeing insurability. This feature allows customers to buy extra coverage without undergoing a medical examination, and it permits them to lock in a low rate while they are healthy and young.
Both Spouses Should Have Life Insurance
Ideally, both parents should have life insurance in Lake Charles LA to ensure that the standard of living is kept if either person passes away. Partners need not have equal amounts of coverage; the breadwinner can usually have more coverage than the at-home parent. Families can visit domain URL to increase coverage amounts for at-home parents who return to work, either by buying an additional policy or adding coverage to a current one. By assessing the family’s situation and coverage needs, they can ensure that both parents are protected and that the family will be able to survive if one spouse passes.
