Should you Insure a Stay-At-Home Spouse?

OK so the purpose of Term Life Insurance is to replace your income.  So if you have or are a stay at home spouse, why get Life Insurance?

I personally think it is foolish to believe that stay at home spouses don’t provide any value whatsoever.  According to a recent study reported by Global News (see here) stay at home spouses should earn $160,000 per year.  I was raised by a stay at home mom, and can attest to this value

Now, I don’t mean to preach here that stay-at-home spouse should necessarily have $2,000,000 worth of term insurance coverage.  And it’s foolish to believe that stay-at-home spouses should have no life insurance coverage either.

Money-Back Life Insurance

Consider what a stay-at-home spouse does for a household that would need to be addressed if he or she were to pass away unexpectedly

  • Meal Preparation
  • House Cleaning
  • Child Care
  • Child Transportation

If the stay-at-home spouse passes away, is it the plan that the other spouse quits their day job and works at night?  Probably not, so it’s important to be realistic about what kind of help it would take to run your household if the stay-at-home spouse were to pass away unexpectedly.