Most couples know that they need life insurance for full-time office employees in the household. It protects the family if they lose the primary source of income. Typically, couples do not believe that losing a stay at home spouse would cause financial hardship for their family, so they do not purchase a policy. However, that estimate may be incorrect.
Child Care: Have you ever priced out childcare? It is incredibly expensive! Call local child care centers in your city and see what they charge for the services your spouse has been providing. Better yet, price an in-home nanny, because that sort of care is what your children have been receiving.
Meal Preparation: Typically, this would also be handled by a child care center or in-home nanny, but if you are used to coming home to dinner prepared by your spouse, you may need meal delivery service or to plan on more nights eating out.
Housekeeping: It may be the case that both you and your spouse contribute to the cleaning and upkeep of your home, but likely, the stay at home spouse is contributing more. The amount of time they spend in the home, keeping things together and clean simply exceeds what the other spouse can contribute. The cost of housekeeping services vary, but they generally charge hourly fees.
By taking the time to quantify your spouse’s contribution to your home, you can determine whether you save more money leaving them uncovered. And of course, the earlier you buy life insurance, the cheaper it is.