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I don't have an income - do I need life insurance?
Posted on 9 June 2014
It’s fairly well known that most people who earn an income and look after a family or dependants should consider having life insurance in place. But what about people that don’t earn an income and still have dependants that rely on them for care – such as stay at home parents?
Unfortunately, many stay at home parents underestimate the financial worth of all the daily tasks they undertake. Consider everything that a stay at home parent does each and every day. The cooking, cleaning, laundry, shuttling kids around, providing child care - the list can be endless. What if you were no longer able to carry out these responsibilities?
What would it cost to cover your daily tasks?
If you put together a list of everything you do on a daily basis and allocate a dollar value to each task, you’d be pretty surprised at how expensive it can all get! Even though you may not earn a regular income, replacing what you provide to your family could come at a very high price. This is where life insurance for a stay at home parent can be crucial.
How much you should get depends on your situation. As a starting point, consider the costs of covering the tasks that you carry out for your family on a regular basis and the length of time you’d need this cover to be available for, if you were no longer able to carry out these tasks.