Parent. Its official definition ought to be, “Caretaker of child. Synonyms: nanny, tutor, launderer, chauffer, coach, nurse, therapist, chef... ” And the list goes on. This definition especially applies to a stay-at-home parent (SAHP). While SAHPs may not pull down a six-figure income from a corner office, they provide a lot of valuable services for the family. Let’s talk about why stay-at-home parents need life insurance, how big that policy needs to be, and what families should do with the payout if the unimaginable happened. What a Stay-at-Home Parent Covers The whole point of life insurance is to replace your income so your family can function if something were to...
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We all know the Dutch like to be insured for every eventuality, but some sorts of insurance really are necessary. Take life insurance, for example. The key motive in many a murder mystery tv show, life insurance only pays out in the event of the death of the insured person within a certain time frame – often 30 years. The main purpose is to prevent a partner or children from getting into financial problems. There are multiple situations in which a life insurance (in Dutch: levensverzekering or overlijdensrisicoverzekering) could be a smart idea but here are the three most common: Most people who are going to buy a house also take out a mortgage, which involves a significant amount...
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Although it is not the most pleasant topic to contemplate, unexpected events could have a big impact on your life. You can take out different types of insurance to cover the damages in these cases. Before you take out an insurance policy of this kind, please make sure you understand the conditions for you to receive these benefits. It is therefore advisable to seek the advice of an insurance intermediary (tussenpartij) before making your decision. Life insurance If you take out a life insurance policy (levensverzekering), your surviving family members (partner and/or children) will be issued some percentage of your income in the event of your untimely death. If you buy a house and live...
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Home loan insurance can be beneficial both for the lender and the borrower. However, it’s critical make an informed decision factoring in your financial requirements. Buying a home, a place of your own, is a dream most of us strive to fulfil. That being said, if you have taken a home loan, you may have had to deal with lenders pushing some form of home loan protection plan at you at the time of loan approval. Although such home loan protection plans, commonly known as mortgage insurance or home loan insurance, are not mandated by any regulatory body, lenders insist that you get a home loan insurance so that they can protect themselves against credit or lending risks. This is not to say that...
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Does a stay-at-home parent need life insurance? Yes, both parents need life insurance. Whether you work outside or inside the home, life insurance is essential for families. When you think about the family provider, most people’s minds go to the parent that brings home the bacon. It’s obvious that this person needs to have life insurance. Term insurance is affordable and structured to provide income replacement if the loss of a provider happens unexpectedly. Without this provider, the family would struggle financially. An income is how one pays for a home, a car, bills, children’s school activities, food, and clothing. So, if a family has one parent working outside the home and one stay-at-...
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It was only when my husband and I took out a mortgage to buy our very first home that we realized we needed life insurance. When my boyfriend and I moved into our first apartment together, life insurance never crossed our minds. We both had decent-paying jobs and we were splitting the rent and expenses. Our only cares were whether we needed to go grocery shopping and whose turn it was to clean the bathroom. Fast-forward three years. Why do I need life insurance? It was only when that boyfriend became my husband and we bought our very first home in Toronto that we thought about life insurance again. All of a sudden I was 27 years old with a fluctuating income and a mortgage over my head. If...
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Compare Life Insurance Get peace of mind with life insurance that should you die your loved ones are financially secure. Why take out life insurance? If you have anyone that is financially dependent on you then life insurance is really important. If you do not need to protect anyone else, then life insurance is not needed. Although you yourself will not need money when you die your family, business or favourite charity might. There can be many different types of life insurance available. The most common way that life insurance works is that you pay a monthly or yearly premium for the duration of your life. When you die any beneficiary will receive a lump sum of money plus any bonuses...
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Thinking about the consequences should anything happen to the main breadwinner isn’t something any of us want to contemplate. However it is important when arranging your mortgage to take the time to protect you and your family should the unthinkable happen. Put simply protection products are policies that are arranged to provide you and your family with either a lump sum or a regular income should you become seriously ill, lose your job, or in the event of your death. We have listed some of the most popular types of insurance below: Life insurance, also known as term insurance or life assurance will provide a sum of money in the event of death during the term of the policy. This cash lump...
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Life Insurance For Stay At Home Parents Stay-at-home parents are heroes. On any given day, they act as housekeeper, cook and taxi driver for the whole family. Although their role is precious, it's hard to put a value on the work stay-at-home parents perform as they undertake so many roles, and that's why life insurance for stay at home mums and dads exists. Calculating your 'parent salary' If you're a stay-at-home mum or dad, it's easy to assume that your job doesn't have a monetary value. But in fact stay-at-home parents make a huge contribution that affects families financially. If you were suddenly unable to be taxi driver, homemaker and personal assistant to your kids and partner every...
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Injury and sickness are stressful at the best of times, but even more so if they prevent you from going to work. Most of us have some sick leave up our sleeves, but what if you were unable to work for several months or more? It may become challenging to keep up with your family’s increasing expenses like mortgage, rent, groceries etc. Below are some ways Income Protection can help you and your family through tough times. Help protect your savings and investments Don’t put all your eggs in one basket. Relying solely on savings to cover your loss of income can be a risky move. Eating away at your hard-earned nest egg or investments can set you back years, which could leave you and your...
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