Friday, February 10, 2012

Insurance for the Stay-at-Home Parent


Stay-at-home parents put in an estimated 94.4 hours of domestic duty each week 1. They're the child carer, support teacher, house cleaner, laundromat executive, school project manager, taxi driver, the gardener and so much more! If illness or injury were to strike a stay-at-home parent to the point where they could no longer perform their domestic duties, how would your family cope???

According to a study released by Salary.com, a stay-at-home parent would earn nearly $124,000 a year if they were to be paid in cash for their roles at home. For the stay-at-home parent to be adequately covered, they need to ensure their insurance will cover the costs of outside help. For example;

Meal service for four people - $570 per week 2
Nanny - (based on 5 x 9 hour days) $1,125 per week 2
House cleaner - (based on 6 hours per week) $150 per week 3

I can provide families with peace of mind through a range of insurance options for stay-at-home parents.

Life Cover
A cost effective way to protect the running of the family in the event of death or terminal illness.

Total and Permanent Disability (TPD) Cover
Pays a lump sum if the client suffers from total and permanent disability, such as multiple sclerosis or loss of limb.

Trauma Cover
Provides a lump sum if diagnosed with certain medical conditions such as heart disease or cancer.

Income Care Plus Benefit
Income Care Plus pays the working parent a monthly benefit if they are unable to earn an income due to illness or injury.

I can also introduce a domestic help benefit to the Income Care Plus product. If the life insureds spouse or defacto (who is a home maker or not working more than 20 hours per week) is disabled due to an accident, you will get help to pay child minding and housekeeping costs for up to three months.

1 The eighth annual survey of mothers' market value, by Salary.com
2 As quoted on www.liteneasy.com.au
3 As quoted by dial-an-angel

Source: Update Magazine

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