Life Insurance for Stay-at-Home Parents

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May 06, 2010, 08:00 ET

EL DORADO HILLS, Calif., May 6 /PRNewswire/ -- Stay-at-home parents may not be paid for what they do, but their contributions to the household are invaluable and should be protected according to leading online life insurance expert Gary Lardy of IntelliQuote. Although often overlooked, life insurance isn't just for those in the workforce—it's critical for stay-at-home parents and caregivers too.

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"The contributions a stay-at-home parent makes to the household are tremendous, and without a financial safety net after their passing, the surviving spouse and children could be left without the resources to continue living the lifestyle in the manner they are accustomed," said Lardy, CEO of IntelliQuote Insurance Services. "The loss of a loved one often proves to be a financial and emotional hardship on families."

According to Lardy, a surviving spouse may be faced with many challenges including working extended hours to cover additional and unforeseen expenses; performing duties once performed by the stay-at-home spouse; and finding time to grieve while taking on household responsibilities that were once shared. The question to ask is: If the surviving spouse decides to take an extended leave from work to grieve and spend time with his or her family, what will be the financial impacts?

"With the appropriate amount of coverage, the surviving spouse can afford to replace many of the contributions made by a stay-at-home parent or partner to avoid additional hardship for the family," said Lardy. "During trying times such as the loss of a spouse or partner, life insurance can help keep life moving forward through the grief."

Putting a price on parenting

Although a stay-at-home parent may not earn an income, they play a valuable role within the family unit beyond emotional bonds and support. There are costs associated with the support services they provide, and replacing the contributions of a stay-at-home parent can be unexpected. According to a recent study by www.Salary.com™, the time a stay-at-home mother spends performing the 10 most popular "mom job functions" equates to an annual cash compensation of $117,856.

"Many of the roles and responsibilities assumed by a stay-at-home parent would have to be performed by the surviving partner or another support person," said Al Lurty, senior vice president for ING U.S. Insurance. "Life insurance can help cover the additional expenses that the spouse may incur after a death in the family, including childcare and housekeeping, as well as ongoing costs such as groceries, utilities and the mortgage."

How much is enough?

"The amount of coverage needed depends on several factors including the person's geographic location, number of children, and the working spouse's income," said Lardy. "With the appropriate amount of coverage, a family will have the opportunity to preserve their quality of life and their future."

For access to an immediate online life insurance quote offering a variety of company and coverage options, consumers are encouraged to visit IntelliQuote (www.intelliquote.com). To assess coverage needs, visit IntelliQuote's online calculator.

ABOUT INTELLIQUOTE

A leading online insurance broker since 1997, IntelliQuote has provided customers simplified, private access to compare, shop and buy life insurance online. IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents. This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy. IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education. For information on how to estimate how much an individual might need, visit www.intelliquote.com.

For more information, contact www.intelliquote.com, or 888.883.6855.

Sources

SOURCE IntelliQuote