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Parents often focus first on the family’s primary earner, but financial protection can involve both income and unpaid household work.
Covering an Income-Earning Parent
Consider how survivors would replace income, maintain housing, pay debts, fund childcare, and manage future goals.
Covering a Stay-at-Home Parent
A stay-at-home parent may provide childcare, transportation, household management, and other work that would cost money to replace. Lack of wages does not mean lack of financial value.
Beneficiary Planning
Naming young children directly can create administrative issues. Parents may consider a trust, custodial arrangement, or other plan developed with an attorney.
Coverage for the Child
A child’s policy addresses different goals from a parent’s income-replacement policy. It may provide permanent coverage, a death benefit, possible future-purchase rights, and potential cash value, depending on the contract.
Review Triggers
- Birth or adoption
- Home purchase or refinance
- Marriage or divorce
- Income or childcare changes
- New debt or business ownership
- Changes to an estate plan
Sources and Further Reading
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