Should both parents of a family have life insurance in Alabama?
When it comes to life
insurance, Alabama couples might
not consider it necessary for both parents in the family to take out a policy.
However since both parents contribute ‘services’ to the family, it is something
they would be wise to consider.
Because in our culture we tend to place more value
on anything that brings in direct cash, there can be a tendency to overlook the
value of unpaid work. In many cases it is the parent who is at home the most
who provides the child care, the cleaning, laundry and shopping/cooking
services. While this work may not involve receiving an income, if there was a
need to pay outsiders to do it, it would probably cost a considerable
amount. Should the home parent also work
part-time, the dollar-value of his or her services may become even greater.
The parent who earns the bigger income should
probably have the largest death benefit attached to his/her policy; but the
fact remains that both parents should consider what it would cost to replace
their contribution to the family in financial terms. In that case if one or
both parents were to pass away, it should be easier for other family members or
care givers to manage all the financial and care needs of the children.
Should you be considering life insurance policies
for your family, or you are reviewing your coverage needs, consider life insurance in Alabama for both parents. For help in sourcing
the most suitable policies for your situation, contact our agency.