Does a stay-at-home spouse need life insurance?

by Michael Cocco, CFP®, AXA Advisors

Does a stay-at-home spouse need life insurance?


While a non-employed spouse might not bring home a literal paycheck, he or she is most likely still working hard, especially if you have children. Most stay-at-home parents are on the go from dawn till dusk: cooking, cleaning, paying bills, running errands, taking the kids to and from activities, making home repairs, helping with homework and other minor crises.

Consider how much a stay-at-home parent does in the course of a day – and how much it might cost to pay someone else to do those jobs.

According to, a stay-at-home parent works an average of 96.5 hours a week, doing the jobs of:
• Nanny
• Tutor
• Handyperson
• Chauffeur
• Gardener
• Psychologist
• Cook
• Nurse
• Housekeeper
• Bookkeeper

If you paid for all of those services, you’d have to shell out $118,905 a year – that’s $38,126 in base salary and $80,779 in overtime.

While nothing can replace a parent and spouse emotionally, it’s wise to protect against the financial hardship that the loss of a stay-at-home spouse could bring. One of the best ways to do that is by purchasing life insurance.

Term life insurance is one of the most affordable kinds of life insurance available, and can be purchased for a period of time (like while your kids are still in school or until the mortgage is paid off).

Not sure how much life insurance to purchase?

Contact your financial professional to review your specific situation and see what you can do to protect your family’s future.

You can also use AXA’s Life Insurance Calculator on to see much coverage you might need, based on your age and income (or the value of the services you provide, if you stay at home).

Michael Cocco is a certified financial planner with AXA Advisors in Nutley. He may be reached at  moc.s1568558400rosiv1568558400da-ax1568558400a@occ1568558400oc.le1568558400ahcim1568558400 or (973) 667-8650.

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