What about the stay-at-home spouse? Not because they are left at home that they cannot be insured. For both parents who earn outside the home can possibly have something for their dependents when they die, this should also be possible for the spouse who is left at home taking care of the household or the children. Mostly, the mothers who stay at home and the fathers go to work and consider the breadwinner. However, who would say a full time mom or stay-at-home spouse is an easy task? Definitely, it is not that as easy as you can think because doing the household chores, going to the groceries, taking care of the children and adding the needs of the husband when he arrives and other tasks requires hard work. They may not be taking home the finances, but that does not mean it has to be short-sighted.
Inasmuch as the emotional loss is concerned when the stay-at-home spouse dies, it would be difficult because of economic loss. It may be true that there can be added burden for the person, who will pay the insurance premiums, but in reality they never realize the monetary value of the stay-at-home spouse.
In a certain yearly salary survey, the 2010 survey shows that a stay-at-home spouse should actually be earning $117, 867.00 and $117,687.00 could be the proper coverage amount for her life insurance.
Moreover, it is not an easy task to take care of the children. How much could be the salary or wage when two parents are working and they hire a babysitter or housekeeper? It could be expensive without realizing it. So, the life insurance of a stay-at–home spouse can be a replacement for the services that she provides for staying at home. The services provided are extraordinarily priceless and most of the time not appreciated. Insuring the life of a non-salaried producing spouse contribute thoughtfully to a family’s financial situation. Consequently, what could be the scenario when unexpectedly a stay-at-home spouse without life insurance dies? Certainly, it can be devastating emotionally and also financially. Emotional loss of a loved one is of course expected, what about the financial effect of the death? When the stay-at-home dies, whose life is insured, basically there is some amount that the dependents or surviving spouse can hold unto for the funeral, burial and other expenses and at the same time when the surviving spouse has to leave from work for a while.
Summing it all up, indeed insuring the life of a stay-at-home spouse is equal to insuring the life of the salaried spouse.