Term Life Insurance FAQ

LIFESTYLE

Q. I’m an in-home caregiver. Do I need a life insurance policy?

A. This is one of the most overlooked coverage areas, and a very important one. Many people think only in terms of insuring the main breadwinner. But even if you are not currently earning money, it’s important to recognize that a person maintaining a home and caring for a family has a financial value. If an individual takes care of children or another person in the home, such as an elderly parent, their death could create unexpected — and significant — caregiver expenses. Will your family suddenly be faced with childcare or adult daycare costs — or even assisted living expenses? Will they need a housekeeper to get the chores done, or a helper to run errands, drive carpools, or shop for groceries? These costs can run for years and really add up. In-home caregivers represent an important financial consideration, and should have insurance coverage to minimize any potential hardships.

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