Life Insurance coverage. Many people assume that if there is one breadwinner in the house and one non-working spouse, then the only person who needs life insurance is the one bringing home money, but they would be wrong. If you look at it from the bigger picture, having a stay-at-home parent saves lots of money each year from not having to hire a nanny, transportation costs, cleaners, meal preparation just to start. Non-working spouses save their families thousands of dollars from being able to not have to hire someone to complete the tasks that they can do by staying at home. Not to mention the psychological impact losing a parent can have on children. If the non-working spouse passes, it will be very difficult for the surviving parent to work the same amount of hours/travel for work etc. The loss will be a major impact on the household income and expenses. 

 What to Purchase

 Most parents purchase term life insurance because the length of the policy usually lasts for as long as the children are financially dependent which is typically at or around graduating from a 4-year college. Term life insurance policies are simple and relatively cheap, and many parents choose a length that puts their youngest child through college or through the early stages of their career. To find the right amount to buy for a non-working spouse is a little tricky. It is usually suggested that they purchase somewhere between 50% and 80% of the working spouse’s annual income, multiplied by how many years the children will be financially dependent. A non-incoming earning spouse can easily qualify for coverage for half of the working spouse and often the same. However, each situation is unique. To find the right policy for you, always speak to a trusted and experienced Life Insurance agent, such as RWM Insurance, that will help you find the most affordable and best option for you and your family. 

With over 40 years of experience RWM Insurance finds our clients the lowest rates available. Get your free quote today - click here.