AIB Life Insurance brings you a guide on the type of Life Insurance cover you might need if you are a stay at home parent.
AIB’s Life Insurance Series: Stay at Home Parents
People often assume just the parent who works needs life insurance but it’s really important to consider the big financial contribution of a stay at home parent. As part of our series on Life Insurance, we look at what type of life insurance cover you might need if you are a stay at home parent.
It is estimated that the value of a stay at home parent’s contribution to the home is about €50,000 a year (Source: Coyne Research for Irish Life 2014). This is mainly made up of the cost of childcare but also covers other costs such as maintaining a house and transport.
Have you considered how your family would cope if the stay at home parent were to die or fall seriously ill? There are almost 340,000 stay at home parents in Ireland* and if this figure includes you, you may need the following types of cover:
Term life insurance: This is life insurance that gives you cover for a specified and agreed time period. In the event of death during this time, a cash lump sum is paid out.
Specified illness cover: This covers you in the event that you or your partner become permanently disabled or seriously ill. A cash lump sum payment is paid to you on your diagnosis of one of more than 38 conditions.
To find out more about the types of cover you might need as a stay at home parent and how much it might cost, speak to your AIB Financial Advisor today. For more information about Insurance from AIB, visit our website today.
*The statistics quoted are from the Central Statistics Office (CSO) 2011.
Life Insurance products are provided by Irish Life Assurance plc. Allied Irish Banks, p.l.c. is a tied agent of Irish Life Assurance plc for life and pensions business. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.