Yes, usually. A stay at home parent may not earn a paycheck, but your family would have to pay for the child care and home work you do.
Think about what you do each day. Child care, rides, cooking, cleaning and running the house all have a cost.
If you died, your partner may need to pay for help. They may also need to cut back at work.
To pick an amount, estimate what it would cost to pay someone for the things you do. Add funeral costs and any debts.
Term life is often a low cost way to cover the years your kids are young.
Many quick rules, like 10 times income, do not count a stay at home parent's work. So do the math yourself.
- Child care
- Rides to school and activities
- Cooking and cleaning
- Running the home
- Funeral costs
More questions
How much coverage is right?
Add up what it would cost to replace your work for the years your kids need it.
Does the 10 times income rule work for me?
Not well. That rule does not count the value of a stay at home parent's work.
Is term or whole better for this?
Term fits most families because the need lasts while kids are young.
