Breadwinners are often focussed on for life insurance, but overlooked in the formula is the stay at home parent.
Breadwinners are often focussed on for life insurance, but overlooked in the formula is the stay at home parent.
It may be counter intuitive, but changing family demographics are creating a shift in who brokers can target for life insurance. Traditionally the job holder has been the logical target for brokers and advisors, but there might be an opportunity to win new clients by focussing on stay-at-home parents and single moms.
Even if one parent decides to stays at home with the kids, both should have life insurance.
Considering child care, caring for the home and transportation among the other services that a stay-at-home parent provides, it can be financially devastating for a surviving partner to make ends meet in the event of a death.
All these factors should be considered when determining the amount of coverage needed. Working parents should also consider loss of income if they were to take time away from their job after the death of a stay-at-home spouse.
There’s also been a 10 per cent increase in the past decade of single moms raising children, with more than 40 percent of babies in the U.S. born to women who are unmarried, according to the National Center for Health Statistics.
With most of these women in their 20s and 30s, millennial moms may think they're too young to buy life insurance, but new parents often need life insurance the most.
It may be counter intuitive, but changing family demographics are creating a shift in who brokers can target for life insurance. Traditionally the job holder has been the logical target for brokers and advisors, but there might be an opportunity to win new clients by focussing on stay-at-home parents and single moms.
Even if one parent decides to stays at home with the kids, both should have life insurance.
Considering child care, caring for the home and transportation among the other services that a stay-at-home parent provides, it can be financially devastating for a surviving partner to make ends meet in the event of a death.
All these factors should be considered when determining the amount of coverage needed. Working parents should also consider loss of income if they were to take time away from their job after the death of a stay-at-home spouse.
There’s also been a 10 per cent increase in the past decade of single moms raising children, with more than 40 percent of babies in the U.S. born to women who are unmarried, according to the National Center for Health Statistics.
With most of these women in their 20s and 30s, millennial moms may think they're too young to buy life insurance, but new parents often need life insurance the most.
