3. What young parents often don’t know is the cost of replacing the services of the spouse who watches the children, cooks the meals and cleans the house.
Older people may be more likely to die from COVID-19 than younger people, but some parents of young children do die from COVID-19, and parents asking Lepore about life insurance usually know they need to insure the life of spouses who earn traditional salaries.
What agents still have to tell young parents is that “it is just as important to consider purchasing life insurance for those who don’t earn a traditional salary in the same way you consider it for those who do,” Lepore said.
“Consider this: You have a family with two parents. One parent works full-time, while the other stays at home to take care of the children. It is easy to calculate the financial impact of losing the parent that provides a traditional income. However, calculating the financial value of the stay-at-home parent is a bit trickier.
“Without that person, the other parent would need to pay for full-time child care as well as the other home maintenance that the stay-at-home parent provides such as food shopping, cooking, and cleaning (to name a few),” she said.
Jessica Lepore (Photo: Surevested)