Even Superman Needs Life Insurance
Stay-at-home parents are often not front of mind when thinking about life insurance. There is no income to replace, and as such the bills are typically paid via the working spouse… but don’t think that doesn’t mean the non-working spouse doesn’t need life insurance!
This topic came to mind as we approach Halloween (which was always a favorite of mine growing up). I didn’t really care so much about the costumes, but carving pumpkins, roasting their seeds, decorating the house… and for those that know me well, THE CANDY! That is what comes to my mind when I think about Halloween. Oh yeah, and Superman!
Superman you ask? It just wouldn’t be Halloween without Superman. The Superman I’m thinking of is not the one from comic books or the big screen, but one who probably comes closest to doing some amazing things. When I was young, a neighbor of ours dressed up every year as the Man of Steel and marched his kids around trick or treating. It was always a highlight when they came to our house. I can still recall my mother one year telling them all to wait while she ran and got my father from the basement. The neighbor really played the part too, usually flexing or pretending to be able to see through the candy bowl with his x-ray vision to pick a favorite treat.
Superman is also a stay-at-home parent of three children. I wonder if Superman has life insurance? He really should. What if the dreaded kryptonite got the better of him someday (we know that would never happen but let’s just assume)? His spouse would have to figure out, at the very least, the childcare situation. Superman was a super guy and all, but what he was doing was offsetting the cost of paying for daily childcare – and we all know that is not cheap! So if Mrs. Superman wanted to keep working as she was before Lex Luther dastardly deeds, they really should have a policy on the life of her husband.
As you are figuring out your own life insurance needs, don’t make the mistake of not factoring in the stay-at-home parent’s ‘worth’. Each situation is different and this can be tricky to figure out if there’s more to factor in then just childcare – and there usually is.
About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s anonymous life insurance quote process and needs calculators. You can reach Seth at 1-800-651-1953 or SGowdy@pivot.com.