#ArgelAnswers Do Stay-at-Home parents (Housewives and Househusbands) Need Life Insurance?

Short answer: YES.

My clients may argue that their stay-at-home partner does not need life insurance.

Why? Because these housewives and househusbands don’t have income that would be protected by getting life insurance.

I have here, however, 8 compelling reasons why housewives and househusbands need life insurance.

Read on for the long answer:

  1. To replace the value of their labor

    • Stay-at-home parents do a lot of tasks at home. Laundry, cleaning and maintenance, tutoring kids, making sure kids get to school, and more. All of these while the primary income earner is at work. This means that when something happens to the stay-at-home parent, the income earning spouse will be faced with the reality of replacing all of the hard work by hiring someone.

  2. To pay off any debts

    • Debts could be car loans, home loans, or personal loans. Life insurance can take care of paying off these loans just in case they are not yet paid off in case the inevitable happens. This way, it relieves the family of any unnecessary worry in the future. 

  3. To cover funeral expenses

    • Instead of worrying about money during times of grief, life insurance makes sure that the family can focus on grieving and not worrying about the high costs of funerals nowadays.
  4. To leave a legacy

    • Did you know that you can make a charitable institution as your life insurance beneficiary? If a housewife or househusband is passionate and active with community organizations or church group they can use Life Insurance as a means to leave a lasting legacy.
  5. To boost savings

    • Commonly known as VUL (Variable Unit-Linked, Variable Universal Life) insurance, this type of insurance have investments in professionally managed mutual funds. Meaning, part of the regular insurance premiums that you are paying are invested and can be withdrawn partially or fully after a certain amount of years. Since each spouse also needs their own retirement fund, this is hitting two birds with one stone. Life insurance and a growing retirement fund!
  6. To guarantee insurability

    • If you don’t know it yet, Life Insurance is a very unique product. Why? You can only invest on it when you don’t need it because once you need it you can no longer buy it! Insurability just means that you still have a chance to get approved because of two factors: your age and your health condition.
  7. To get healthcare benefits

    • The working spouse may opt to enroll their stay-at-home partner to their HMO benefits at the office, however, it could not cover the cost of treating critical illnesses entirely. It’s good to have HMO benefits PLUS critical illness protection because it adds another layer of security to the household finances. 
  8. To give loved ones peace of mind

    • What’s unique about Life Insurance is it gives you peace of mind. You just can’t buy that with any product out there. Imagine sleeping soundly at night and not worrying too much about the future.

There you go!

Those are the eight (8) reasons why stay-at-home spouses (housewives and househusbands) need to get Life Insurance today.

Do you have any other reasons to add?

By the way, I created a quick guide about what you need to know about life insurance, download it here.

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When he is not busy watching cooking shows or playing 1st person shooting games, Argel consistently invests in the stock market, and in crowdfunding opportunities. He tinkers with his websites and reads a lot of books. He also helps Pinoys create, manage, grow and protect their wealth as a licensed financial adviser. Get in touch with him by sending an email to contact@argeltiburcio.com