ERIE, Pa., Feb. 28, 2020 /PRNewswire/ -- If you never
thought a stay-at-home parent needed life insurance, you might want
to think again. Because in addition to being full-time caregivers,
stay-at-home parents are also chefs, housekeepers, tutors,
chauffeurs and more. That's a lot of responsibilities that demands
life insurance protection.
Erie Insurance lists five reasons why stay-at-home parents
need life insurance:
- To replace their value: All the daily work that a
stay-at-home parent must keep up with comes with a price tag.
According to Salary.com, tracking real-time market prices of
all the jobs performed, a stay-at-home parent's work is equivalent
to a median annual salary of $178,201. If something were to happen to that
caregiver, the surviving partner would have to handle the expenses
that were otherwise taken care of. A term life
policy would provide coverage for a set number of years. This
is usually the best bet for stay-at-home parents because it's ideal
for handling expenses during the high-cost childrearing
years.
- Because funerals are expensive: According to
parting.com, the average funeral cost can be anywhere from
$7,000 to $10,000.. That can be a big burden
during a difficult time. A life policy can help fund funeral
arrangements and final expenses.
- To pay off debt: Like most families, there
is probably a car payment, mortgage and/or student loans. If
someone has co-signed the loan for you, they could be responsible
to repay that loan in the event of an untimely passing. Having life
insurance can help cover that debt, causing less stress for those
loved ones already grieving.
- To honor their memory: If a stay-at-home parent has
a love for a certain charity or nonprofit, an alma mater or place
of worship, life insurance proceeds can be used to make a
meaningful gift to leave a legacy.
- Your health condition could change: Many
people think certain conditions preclude them from getting life
insurance. In reality, many common and manageable conditions won't
disqualify you from being approved for a policy. But, getting a
whole life insurance policy when you're young and healthy means
you'll have lifelong coverage.
While no policy can replace a parent, it can help your family in
a big way if the unthinkable happens. Your ERIE Agent with Erie Family
Life* can help you get an accurate picture of your family's
needs and which coverage would work best for you.
* Life insurance policies not written in New York state.
Erie Insurance Group
According to A.M. Best
Company, Erie Insurance Group, based in Erie,
Pennsylvania, is the
9th largest homeowners insurer and 12th
largest automobile insurer in the United States based on
direct premiums written and the 16th largest
property/casualty insurer in the United States based on
total lines net premium written. The Group, rated A+
(Superior) by A.M. Best Company, has more than 5 million
policies in force and operates in 12 states and the District
of Columbia. Erie Family Life
Insurance Company is rated A (Excellent) by A.M. Best Company. Life
insurance policies not written in New
York state. Erie Insurance Group is a FORTUNE 500
company.
News releases and more information about Erie Insurance
Group are available at www.erieinsurance.com.
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SOURCE Erie Insurance Group