You're Worth It: Life Insurance For The Stay-At-Home Spouse
(NAPSI)-The loss of a spouse can have a significant impact on
you and your family, both emotionally and financially. If you're not prepared, the
financial complications can compound the difficulties of adjusting to life after loss.
It's critical for stay-at-home spouses with dependents to be covered with a life insurance
policy so that surviving family members can continue their lives as best as they possibly
can.
Your family may have taken steps to buy life insurance
protection for the wage earner in your household to help safeguard your home, to provide
for education expenses, and to cover other necessities in the future. However, have you
thought about insuring the parent who provides valuable care for the children and
maintenance of the household? The value of services performed by the stay-at-home spouse,
including carpooling, laundry, grocery shopping, cooking, and taking children to
appointments, can add up to a surprisingly hefty cost. For the initial time period,
relatives may be able to lend a hand with household and family tasks, but at some point
the surviving spouse may need to hire professional support. Surprisingly, paying outside
services to replace these household tasks could cost even more than an annual salary
earned by an employed spouse.
Childcare may cost more than you might think, and it's likely
to be one of your family's biggest expenses. Consider that the cost of childcare for
preschoolers in this country can be as high as $8800 a year, depending on where you live,
according to www.childcare-guide.com. Laundry
services and house cleaning can range from $50 to $100 a day.
Particularly if you have children, it's wise to consider the
possibility of supporting a family in a single-parent household. According to statistics
from 2000, there are 8.3 million, pre-retired women homemakers, and 29% of them own their
own individual life insurance policy. Without life insurance, their
families are vulnerable to dramatic adjustments to provide the equivalent care for the
home and family.
Think about purchasing permanent or term life
insurance as a means to protecting your family's future. If an adequate amount of life
insurance is purchased, the death benefit can be used to pay for the needs of a family.
New York Life offers a variety of insurance products that can help preserve you and your
family's financial safety.
The company understands that you want the best for your
family, and can help you find the appropriate plan to suit your needs. Speak to your New
York Life agent today about how life insurance can help you protect your family.
Visit www.newyorklife.com,
or write to New York Life Insurance Company, 51 Madison Ave., New York, N.Y., 10010, for
more information.
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