Both members of a partnership provide tangible value
buy clomid in the us Times are changing. Familial, parental and breadwinning roles are becoming ever more fluid, and modern America has seen a rise in stay-at-home spouses of both genders. For today’s 1.4 million stay-at-home dads, parenting is a central part of their identity and men have tripled time spent with their families over the last half century. The majority of today’s moms work outside of the home, with around 57% participating in the labor force. Both women and men who work outside their house wish they could be at home more with their family.
This brings us to the stay-at-home spouses, a figure who often underestimates their own worth. It’s a job they’re happy to do; playing their part as their other half leaves to be the breadwinner. If a spouse should pass away uninsured, it could lead to financial and domestic chaos for the family they leave behind. Here’s our look at why a stay-at-home spouse needs life insurance.
You CAN put a salary figure on a stay-at-home spouse
A look at this infographic (compensating of course for the fact that it can fit either gender) gives a quick look at just how much a stay-at-home spouse takes care of in a week, and how that hard work equates to their relative financial worth. The figure shown of over $100,000 a year goes a long way to illustrate a value beyond the emotional and parental. If you’re wondering what your own worth is, you can use this calculator.
If a stay-at-home spouse were no longer there, the void of their many roles would have to be filled. Multiple expenses would quickly accrue. With no insurance in place to offset this financial requirement, a breadwinner could be facing a situation where they have to resign from their job to replace the stay-at-home spouse, or hire one or more caretakers.
To further illustrate, the average cost of childcare in Florida is more expensive than college tuition. The yearly cost of care is over $8,000 and can take up over 16% of a typical Florida family’s income. If more intensive childcare is required in the form of a nanny, the average salary there ranges from over $20,000 to more than $35,000.
Fixing a rate on an unpaid role
The initial steps in calculating a figure for stay-at-home spouse insurance are much the same as you would expect: age, lifestyle, health conditions, and current financial situation. Many parents take out a term life insurance policy. The limited time period this covers is flexible and an efficient safeguard for seeing children through early life, adolescence, and college. How much the out-of-home spouse earns may play a significant part in deciding on a premium amount. This figure, or less, is what the stay-at-home spouse could be eligible for (with 50% of the out-of-home income being a common base amount).
The data above shouldn’t be disregarded in the process. A stay-at-home spouse can realistically estimate their market worth and multiply this figure by the number of years until the kids are out of college to help finalize a sum. Thinking ahead for expenses like outstanding debts, and medical and funeral costs also factor into the equation. It’s a variable process dependent on your individual circumstances and so should always be talked over with a qualified insurance advisor.
A final thought
No one likes to think of the worst, but it’s the smartest couples who prepare for it. Loss of a partner and escalating costs are heavy things to consider, so here’s a light-hearted look that still frames the issue. Being a stay-at-home spouse is something to be proud of and never underestimated. Insurance in this regard isn’t just a way to put a cash number on things.
Avante Insurance is a South Florida family owned and operated agency providing an array of insurance services to meet the individual needs of our customers. If you need any information, call us at 305-648-7070, request an insurance quote or contact us with any questions or comments.