While most people think of getting life insurance for financial protection in the event that an income-earner passes away, the financial value of a non-income earner, typically a stay-at-home parent, is, unfortunately, too often overlooked. While it would be hard to deny the value of stay-at-home parent in terms of all that they do to teach, raise, and support their children, as well as take care of their home, the financial value may be harder to quantify. Nevertheless, when you take into consideration all the services they provide from childcare, housecleaning, transporting kids from place to place, tutoring, shopping, (and the list goes on and on), if he/she were suddenly unavailable due to death, it would take A LOT of income to employ others to perform these same services.
Fortunately, many life insurance companies recognize that a non-income earning spouse or partner contributes just as much value to a family that the income-earner does. As such, both can typically obtain the same amount of life insurance, based on the financial qualifications of the income-earning partner.
So, when you are seeking to provide full financial protection for your family or loved ones, you also need to consider the non-income earning contributors, and evaluate what the cost would be if they were no longer around to do all that they do to provide for their family.