Married couples share nearly everything. They also often share the responsibility of bringing home a paycheck. In fact, nearly half of married-couple families were made up of two employed partners, according to the Current Population Survey from the Bureau of Labor Statistics.
If your family depends on two paychecks to make ends meet, it’s important to make sure that both parents have a life insurance policy — not just the primary breadwinner.
Stay-at-home parents are another important consideration. They fulfill a number of roles — caregiver, teacher, nurse, chef, driver, psychologist, and activities director, to name a few. If the stay-at-home parent passed away, you would likely need to source paid help to take over those services.
As an example, let’s say that your significant other watches your baby at home while you’re at work. If he or she passed away, you might need to make arrangements for your child to go to daycare. The average cost of daycare for infants ranged from $6,615 in Arizona to $19,805 in Washington, D.C., according to member data from Care.com. Life insurance can help to cover those unexpected expenses, lessening the financial burden during an already emotionally difficult time.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.