Whether you’re looking into life insurance strategies for business owners or life insurance for nursing home residents , understanding life insurance is important in all contexts, especially for parents who have children depending on them. We feel it’s beneficial for every parent to have life insurance to help make sure that their children are financially covered and can continue to live the lifestyle they’ve created . This applies even to stay-at-home parents, who make major impacts on their family’s lives.

Life insurance typically makes sense for wage-earning parents because their income sustains a household–but the value of stay-at-home moms shouldn’t be underestimated. They provide high-dollar services to keep their children safe, happy, and healthy and to maintain their homes. These include being a teacher, chef, chauffeur, housekeeper, coach, and project manager, among other jobs.

If a stay-at-home mom is out of the picture, who would take care of these tasks? The surviving parent can’t necessarily drop everything and do it‒they’d need to continue earning an income for their family. This is where life insurance can help. While it’s impossible to replace a parent, the death benefit can keep the family afloat in their absence.

Here’s a look at the main expenses that a stay-at-home mom’s life insurance death benefit could cover:

Childcare

According to a 2024 survey*, the average weekly costs of childcare are:

●     Nanny: $766
●     Daycare: $321
●     Family care center: $230
●     Babysitter: $192

Moreover, the majority of parents spend at least 20% of their income on childcare*. Stay-at-home moms can save their households money by taking on this responsibility. If they’re gone, their partner will have to pay the rising costs of these services.

Education

Some stay-at-home moms homeschool their children. If they pass away, their child may have to go to obtain a private tutor or attend school, which can get very expensive. Even if their child already attends school, the surviving spouse will have to account for the related costs that their wife may have covered‒from transportation to meals, and everything in between.

Household

Stay-at-home moms help the house function. They clean, cook, grocery shop, do the laundry, etc. In their absence, these responsibilities will have to go to a hired housekeeper, whose services can cost anywhere from $25,000 to $60,000 annually.*

End-of-Life

If someone dies unexpectedly, someone has to pay for all the costs associated with the death, including medical bills, burial or cremation services, and funeral expenses. These can add up and take a toll on the household budget. Life insurance can help cover those expensive end-of-life costs.

Permanent life insurance can be an ideal product for stay-at-home moms because it comes with lifetime coverage, as well as a cash value component that can be accessed after some period of accrual.

When choosing a permanent life insurance product, stay-at-home moms should consider the number of children they have, how much their wage-earning spouse is taking home, and the cost of household expenses. This way, they can get adequate coverage that can help keep their home functioning like the home they’ve nurtured‒even if they’re suddenly gone.