Life Insurance for Stay at Home Parents (Discounts & Rates)

Stay-at-home parents don’t physically bring money into the home so many people wonder why stay-at-home parents would need life insurance. The death of a stay-at-home parent would impact the household financially and needs to be covered. The amount of coverage depends on the household's income and how much it will cost to replace those household duties. Learning more about life insurance for stay-at-home parents will help you find the right policy for your family.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Dec 14, 2021

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The Highlights

  • Stay-at-home parents need life insurance
  • A policy should cover their daily household duties
  • Application approval depends on the spouse’s coverage

Stay-at-home parents provide numerous services around the house. If the parent was no longer there, the now-single parent would need to hire others for some of these services.

Life insurance for stay-at-home parents from the best insurance companies protects the family financially should this situation occur.

For those interested in life insurance rates for stay-at-home parents, enter your ZIP code to find the best life insurance quotes in your area.

Why do you need life insurance for stay-at-home parents?

Many people wonder why stay-at-home parents need life insurance. While a stay-at-home parent might not bring income into the household, they complete many tasks that would otherwise require hiring outside help.

If the parent is no longer around, life insurance helps with these new expenses.

Some of the tasks that life insurance for stay-at-home parents helps pay for include:

  • Teaching
  • Cooking
  • Childcare
  • Housekeeping
  • Child transportation

A household would be unprepared for these additional expenses and a life insurance plan provides the necessary funds for them.

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What type of life insurance for stay-at-home parents should you buy?

The type of stay-at-home life insurance depends on the family’s income and expenses.

When following a life insurance guide, you shouldn’t buy more coverage than you can handle but want to ensure you’re protected should something happen.

For most families, term life insurance is recommended. Raising children is expensive so an expensive policy might be out of the question. Term life insurance provides affordable life insurance for stay-at-home parents.

Higher-income families might consider permanent life insurance. These policies are more expensive but build a cash value. This could be beneficial when the children become adults and the parents wish to use the money for retirement.

What might impact life insurance for stay-at-home parents coverage?

Similar to health insurance for stay-at-home moms, life insurance largely depends on the other parent. The lack of income shouldn’t affect acceptance as long as the financial provider has at least as much coverage.

Life insurance for stay-at-home parents can be negatively affected if the other parent has little or no coverage. Insurance providers will see this as a red flag and might deny coverage.

If you find it difficult to obtain coverage from a life insurance company for stay-at-home parents, the Insurance Information Institute recommends using a life insurance broker and has advice on how to find one.

How much life insurance for stay-at-home parents is necessary?

If you’re looking to buy life insurance for stay-at-home parents, you might wonder how much you should purchase.

Usually, 15- and 20-year term life plans are a good option, lasting until the children are grown and out of the house.

As for the financial amount of coverage, it depends on your expenses. You should be able to cover the additional expenses that will accumulate without the other parent around, including childcare, transportation, and household duties.

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Life Insurance for Stay-at-Home Parents: The Bottom Line

Even though stay-at-home parents don’t provide an income, families save money on the tasks they complete daily.

If that parent were to pass away, it would create additional expenses for the household. Life insurance for stay-at-home parents will cover those expenses.

To find life insurance quotes for stay-at-home parents, enter your ZIP code to discover the best life insurance rates in your area.

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