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While most people recognize the need for the breadwinner of the family to be covered by life insurance, it may not be so obvious for the parent who stays at home.

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However, it is crucial that the stay-at-home parents get good insurance coverage as well because of the services they perform. However, life insurance for seniors is getting cheaper, so isn’t it the best time to get it?

Why Cover a Stay at Home Parent?

Cover Senior Stay at Home Parent

When you think about all the services performed by the stay-at-home parent, it becomes a real financial burden if they were to pass away suddenly.

  • Childcare
  • Preparing Meals
  • Laundry
  • Grocery Shopping
  • Look after the Home

The number of stay-at-home parents is also on the rise. When you consider that the average price of taking care of an infant is $15,000 roughly, the financial impact is considerable.

This is particularly true when adding in funeral expenses that average $9,000. This is why having insurance coverage is so important.

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How Much Life Insurance is Required?

There is no set amount as every family is different regarding their particular situation. Generally speaking, it can be calculated by taking the annual salary of what a stay-at-home parent is worth and multiplying it by the number of years the youngest child is away from being out of college.

If you consider the salary of a stay at home parent to be the equivalent of $50,000 per year and your youngest child could finish college in 10 years, then the life insurance required would be $500,000.

There are other factors to add in as well so that you get a more accurate picture of what is needed to cover the financial loss.

  • Funeral
  • Medical Expenses
  • Probate Fees
  • Estate Taxes
  • Inflation

It is no secret that the average cost of a funeral has gone up considerably over the past decade. So, the insurance you get should be enough to cover your financial needs today, tomorrow, and in the years to come.

Types of Policy

There are two basic types of life insurance policies, permanent and term. A permanent life insurance policy is designed to be with you for many years and even build up the benefits thanks to the added interest. However, such a policy is not well designed for the stay-at-home parent because it is more expensive. Plus, when changes happen in your family it may not be as well suited for your needs.

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A term policy exists only for a pre-set period. However, it is considerably less expensive than a permanent policy and can end after your last child is on their own. This means that you can get a new policy that is less costly and better suited for your particular needs.

We offer free term insurance quotes for seniors up to 70 years, click here to learn about the other financial benefits.

Final words…

In the end, having the right life insurance policy for a stay-at-home parent covers the financial loss of the services they provide for you and your children. This can be of great benefit in case the worst should happen, and you find yourself in troubling financial straits.


Meet Aaron H., a senior life insurance agent from California with 15+ years of experience. With a major in finance, excellent analytical and communication skills, and a passion for helping clients find personalized solutions, Aaron is a trusted advisor in the industry. He stays up-to-date on the latest trends and developments by attending webinars and workshops, reading industry blogs, and writing informative blog posts on this website. Aaron also has a keen understanding of SEO and online marketing, which he uses to help his clients reach a wider audience and get the coverage they need. He cherishes spending quality time with his wife, two children, and elder parents.