Life cover for the stay-at-home spouse

They say that a mother’s work is never done. That could also be the same way for fathers. And now, Legal & General’s Value of a Parent 2013 has placed a monetary value for the services provided by UK parents. This report takes into account the value of a parent’s unpaid domestic work, in the span of 30 years.

Gone were the days when the loss of the breadwinner was the only serious concern of the family. It is now highly recommendable that the family also be prepared for the unexpected loss of a stay-at-home parent. This will help the family financially cope for the eventuality of a parent’s death and the need to either give up his or her employment or hire someone else to perform key household duties.

The value of a parent, according to the research is as follows:

Each parent spends the following hours every week in domestic work and other activities:

Below is the average value of the parents (based on working status):

This cost per year is computed based on the monetary value of the domestic chores. The table shows a weekly breakdown of the time spent of various chores around the house.

Chore Mum Dad
Childcare 30.5 24
Cooking/Food Preparation 8.5 6
Tidying up 6.5 4
Clothes (washing, folding, ironing) 4.5 3
Cleaning/vacuuming 4.5 2.5
Driving (to and from school and activities) 4 3
Washing dishes 4 3
Shopping 3.5 3.5
Others 3.5 3

These just outline the importance of having cover for both parents, whether they are working or staying at home full-time. If there are inadequate provisions by way of employee benefits and life insurance, the surviving parent may be forced to:

Other options that parents have as their back-up plan with regards to childcare/domestic duties include:

Some of these options may not be readily available to all surviving parents. Getting a highly affordable term life insurance policy for the non-working spouse can provide the family with an additional layer of peace of mind. You can also consider getting a joint term life insurance policy.

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.