Life insurance is designed to protect you and your family should the unthinkable happen — not just death, but illness and injury too. But that protection isn’t just for parents who are earning.
There’s a value to all the day-to-day duties that a stay-at-home mum or dad takes care of – from picking up the kids, to cooking, and keeping the house as tidy as it can be with children running around.
You don’t need us to tell you how vital those jobs are – or how much stress would be added to the daily family routine if that parent got injured, seriously ill, or worse. It’s why life insurers offer cover especially for full-time carers.
Turns out parenting is among Australia’s most valuable industries
The cost of actually buying labour to replace a stay-at-home parents’ daily to-dos is quite considerable. Think full time childcare, cooking, cleaning and all of the other life errands that non-breadwinners do.
According to the Australian Bureau of Statistics, the total value of unpaid work related to keeping your household functioning is estimated at $416bn, making stay-at-home parenting one of the most valuable industries in the country.
And that’s why it can be just as important for full-time mums and dads to get relevant life cover.
It’s hard enough on a parent emotionally if something serious happens to their partner – let alone having to unexpectedly take on additional family duties on top of their job.
Lifting the burden on your family
The right life cover can help ease some of this stress, whether that’s paying for a cleaner or even temporarily hiring a nanny while the family adjusts.
There’s different types of life cover for different situations. This includes trauma cover, which can help in the event of a cancer diagnosis, through to Income Protection, which would provide help if a working parent was laid low with a broken bone.
It’s surprisingly affordable too – policies can start from as little as $20 a week.
You don’t need to spend hours each night researching cover either. The specialists at Life Insurance Comparison can help find a policy that’s right for your family.
We compare policies from Australia’s ten leading providers and ensure that you’re protected — regardless of whether you win bread, bring bacon, keep house or manage the family.
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This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.
Australian Bureau of Statistics, Unpaid Work and The Australian Economy, May 2014.