The idea that only working parents or the breadwinner in the family needs life insurance is – quite simply – an old wives tale.
With the cost of childcare rising, many parents are opting to stay at home and take care of the kids while the other partner works.
So why would you need life insurance if you have no income to replace? Here’s three reasons why stay at home parents need life cover.
Childcare Is Expensive
If you give up your time to look after the children, you do it out of love. If a professional looks after your children, they do it for money! If you were to pass away unexpectedly, who would take care of your children? If they’re very young they’d likely have to go to a nursery or crèche.
If they’re older they’d still need someone to look after them after school, to drive them to and from school and to take care of them when they’re sick. What about days when one parent is working late or is away on business?
At the very least you’d have to cough up for aftercare fees at schools.
Life insurance can provide a lump sum which will pay for the cost of childcare, so that the surviving spouse is not left in financial difficulties either through paying for childcare out of their salary or by having to compromise their working hours in order to take care of the kids.
You Can Leave an Inheritance
With a life insurance policy in place, you can leave an inheritance or nest egg for your kids should something happen to you. You can even stipulate via a Will and testament what you want this money to be used for; perhaps for University fees, to pay for a wedding or even as a deposit on a house.
It doesn’t have to be millions, but spending a couple of hundred rand a month on a life policy can ensure that your children have a lump sum to give them a head start in life. It won’t make up for not having you around, but it can definitely ease the burden of transitioning into adult life.
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Your Family Will Be Able To Afford A Dignified Funeral
With MiWayLife’s combined funeral and life policy, you get access to an immediate payout to cover funeral expenses as well as another lump sum as a life insurance payout.
This payout allows for you to have the funeral that you would want without those left behind worrying about the costs. They would want to give you a dignified funeral and having a life policy in place means that should you pass away, your loved ones won’t be saddled with unexpected funeral costs at an already stressful time.
