No one knows what you provide for your family better than you. But do you know how much that work is actually worth?
Experts estimate that a stay-at-home parent is worth $115,432 annually if you add up all the cleaning, cooking and childcare they provide for their family every day.
More than 5.6 million stay-at-home parents (including 165,000 fathers) provide their children and partner with attention and love that can never be replaced. And many believe that because they don't earn a paycheck they aren't eligible for life insurance. Luckily, there are many insurance coverage options for stay-at-home spouses that would leave your family in good hands if they had to be without you.
To determine which coverage option is best for you, you should start by getting an accurate picture of your insurance needs. With Allstate's insurance calculator, you can figure out how much insurance coverage your family would require if the unthinkable were to occur.
Once you know how much insurance coverage you'd need as a stay-at-home spouse, you can look for a policy that accommodates your budget and plans. Start by comparing three types of insurance policies to see which best fits your needs:
- Permanent Life: If you want your monthly payment to
potentially cover you for life;
- Term Life: If you want a low-cost insurance option that will cover you for the short term; and
- Good for Life: If you want to combine the benefits of life insurance with protection against severe illness and accidents. With this option, you can also get half your premium back at age 65!
Over time, little ones grow up and your family adjusts to new financial realities. Allstate's Life Tracks tool helps you consider how personal and family milestones will affect your insurance needs-and select optimal coverage.
It's important to reassess your policy in both good times and bad. Your local Allstate agent can help you understand how life's twists and turns can impact your insurance coverage and when you need to update your policies. To start the conversation, find an agent near you or call 1-888-ALLSTATE today.