Superhero protection

Photo by Andrew Branch

The best job and also the toughest job in the world is being a stay at home parent. I used to have this misconception that staying at home with the kids all day would be a blast and super easy! Then it actually happened, I became a stay-at-home dad. It definitely was a blast, because toys and clothes were blasted everywhere, and it definitely was super easy…to not get anything done because the kids require super laser focused attention and care!

It was an eye opener to the world of what my wife did on a daily basis when she was on maternity leave. And it all became my job when I became unemployed to care for two tiny humans by entertaining them, feeding them, cleaning them, changing them, feeding them, entertaining them, cleaning them…did I say feeding them, cleaning them, and changing them already? Yes, it was a disaster. I almost gave up after day one. But it was then that I appreciated everything my wife did, and for all the stay at home parents out there, that are true superheroes!

So how does this translate to insurance needs? Let’s take a quick peek at this infographic statistic from Salary.com:

http://bit.ly/1Uyh1jw

Yep, if you were a stay at home mom last year, just a little over $143,000 should’ve been your salary. And that salary is worth protecting.

Typically, part of a life insurance coverage needs analysis requires income replacement for both new parents, enough to last 20–25 years, so that if a parent isn’t able to make an income due to unforeseen circumstances, the loss of income is protected by the life insurance coverage to last however many years it is needed.

A good Insurance Advisor/Certified Financial Planner should be able to accurately create a “Needs Based Analysis” of a stay-at-home parent’s often unrecognized value they hold, to reflect the monetary aspect of replacing the responsibilities of these superheroes!

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