Whether you choose a participating or non-participating plan, there are a host of benefits of life insurance for stay-at-home moms and dads. As a full-time caregiver, you’re responsible for a lot of things, like cooking, cleaning, and tutoring, in addition to caring for your child. That’s why protecting your family with life insurance is essential. As one of today’s leading insurance providers, the team from Desjardins Financial Security Independent Network (DFSIN) Toronto West has collected some important benefits for your review here.
Here are five reasons stay-at-home parents should invest in a life insurance plan.
1. To Pay Off Debt
Most families have some amount of debt, whether it be from purchasing a car or a house or something else. If someone has co-signed a loan for you, they might be responsible to pay back that debt. That’s why having life insurance is important. Should anything happen to you, your family members will be able to pay off those debts.
2. Funerals Can Be Costly
It’s no secret that paying for a funeral or memorial service can be quite costly. Investing in life insurance helps ensure that you have enough money put aside to lessen the financial burden should you suffer an untimely death. There may also be other unforeseen final expenses that a life policy can help you pay for.
3. To Honor A Loved One’s Memory
Having life insurance won’t only cover the daily expenses and financial obligations of a lost loved one, it can also help you honor their memory. If a stay-at-home parent that dies has a favorite nonprofit or charity, you can donate on their behalf to help their legacy continue.
4. Your Health Condition Could Change
Although new stay-at-home parents aren’t likely thinking about end-of-life matters, the future is an open book, meaning your health might change at some point down the road. In life, nothing is certain, but having the right insurance policy will help protect your loved ones should a worst-case scenario happen.
5. Replacing the Value of a Lost Loved One
Stay-at-home parents do a lot of work that you might have to hire someone else to do should they pass on. The right term life policy will ensure that should this happen, your family will have the finances necessary to take care of things for a set number of years.
Contact DFSIN Toronto West to learn more about the benefits of life insurance!
If you’re a primary caregiver, investing in the right life insurance plan is essential. To learn more about the process, contact DFSIN Toronto West today by calling (416) 695-1433 or contacting us online!