Life insurance for stay-at-home parent - how do you calculate the value?
My wife stays home with our 3 kids. Agent says she needs $500k in life insurance. But she has 'no income.' How do you calculate how much insurance a non-working spouse needs? Childcare replacement cost? Housekeeping? I feel like I'm being oversold but also don't want to be underinsured.
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2 Answers· sorted by votes
Great question. As a licensed insurance professional, here is what you should know. The key is understanding how the coverage works in your specific situation, what gaps exist in your current protection, and what options best fit your budget and needs. Always read the fine print and compare multiple quotes before making a decision.
This is an important topic that many people have questions about. From a financial planning perspective, the right approach depends on your complete financial picture including your income, assets, dependents, and future goals. There is no one-size-fits-all answer, but understanding the fundamentals will help you make an informed decision.