Stay-at-Home Parent Valued at $185,000 Annually
Homemakers provide a tremendous monetary benefit to their families that’s hard to replace. If you tallied up all their “jobs”— teacher, babysitter, housekeeper, cook, project manager, chauffeur, etc.—the salary equivalent would be nearly $185,000 a year, according to Salary.com.
According to a recent study, the number of stay-at-home parents has risen 60 percent since 2019. Women outnumber men in this regard, a trend that accelerated during the pandemic as more women left the workforce voluntarily or through layoffs.
Bottom line: Today’s single-income families have more financial vulnerability than before. That means it’s more important than ever to make sure both parents have life insurance protection.
It’s easy for busy families to lose sight of their life insurance needs, whether their full-time jobs are outside or inside the home. Here are some helpful talking points when speaking with clients who are full-time homemakers:
Here are some of the questions you may hear when you ask your stay-at-home clients about life insurance:
Q: Are stay-at-home parents even eligible for life insurance?
A: Yes! Stay-at-home parents are eligible and need it just as much as parents who work outside the home. Life insurance provides critical replacement costs for many of the services a full-time homemaker provides.
Q: My spouse has a policy through their employer that is 1x salary. Isn’t that enough?
A: No. Working parents should also have a policy to replace lost future earnings. And keep in mind that employer policies typically cover just the employee, so stay-at-home parents need their own policy.
Q: I’m a stay-at-home parent, so why do I need life insurance?
A: Life insurance is not just for working parents. As the non-breadwinning parent, your work is very expensive to replace. If something were to happen to you, a life insurance policy would provide critical financial support to your family.
Q: Doesn’t my spouse’s policy cover me, too?
Most life insurance policies only cover one person—known as the insured—unless otherwise specified.
Let your stay-at-home clients know you can help them find a policy for their needs. In the Ethos agent portal, you’ll find everything you need to help them get life insurance protection:
Pro tip: Encourage either spouse to take advantage of the referral incentive offered upon policy activation, which benefits you and them.
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