We all know that being a stay-at-home parent is a full-time job in itself. In fact, a recent survey estimated that full-time mums, if paid for their efforts, would draw a salary of over £80,000 per year. And as an increasing number of women become the sole or principal breadwinner for their families, more dads are taking on full-time childcare too, with ONS figures showing 223,000 stay-at-home fathers in 2018.
Life insurance? Not for me…
Despite their pivotal role in keeping the family afloat, many stay-at-home mums and dads don't believe they need life cover, because they aren't bringing in an income, paying the mortgage or contributing towards bills. Research from insurance provider Sun Life reveals that only one-third of stay-at-home mums have taken out a policy.
The bigger picture
While it's true that as a stay-at-home parent you may not be directly contributing to the family finances, it's important to take a wider perspective and think about how your family's life would be impacted if the worst were to happen. Who would take care of your children? Would your partner have to reduce their working hours or stop working altogether? Or if not, how much would they have to pay out for childcare or other services that you normally provide?
But it's too…
Early to think about it?
With 20% of parents under the age of 35 saying they don't feel old enough to think about life cover, this is a common attitude. But while thinking about death is never pleasant, the unexpected can happen at any age, having a life cover policy in place will give you the peace of mind of knowing your loved ones are protected.
Expensive?
With rent or mortgage and childcare costs to juggle, many parents, over half, in fact, think that a life insurance policy would be one expense too many. But many people are surprised to learn just how cheap cover can be, perhaps as little as the price of the one or two takeaway coffees you treat yourself to each week.
Confusing?
With a wide range of options available and a fair amount of complex terminology, it's not surprising that some parents find searching for the right life insurance policy a little overwhelming. What's the difference between decreasing-term insurance and whole-of-life cover? What is Family Income Benefit (FIB)? This is where expert advice can come in very useful.
We're here to help
Whether you're a working parent or a stay-at-home parent, life assurance is for you. If you'd like to take out a policy but aren't sure what would be best for you, please get in touch. We can help you find the most suitable protection and secure your family's financial future.
As with all insurance policies, conditions and exclusions will apply.