Myth: Only the primary breadwinner needs life insurance

Growing up with a stay home mom, I can appreciate all the little things she did for me and my sister.  And even though she did not provide a cash income, her valuable services would have had a huge replacement cost.  Those include personal chef, catering, housecleaning, childcare, chauffer, household management, tutor, mentor, the list goes on.  If you were to hire those services out, that could cost anywhere between $50,000 and $120,000 a year.  My mother had a significant contribution to our family.  I suspect that if your family operates on one income or if one of the parents is part time, you can relate with this.  I hope you will see how much economic value a stay home parent provides and that life insurance is just as important for them too.