Most people realize that if the primary wage earner were to pass away that life insurance will help the rest of the family move forward despite their grief. However, having life insurance from The Smith Insurance Group Inc. for a stay-at-home parent is just as important. If you’re undecided about insuring a stay-at-home parent in Sandy, UT, these reasons might convince you that it’s important.

To Offset Funeral Costs

If the worst happens and a family loses their at-home parent, the costs for the deceased final arrangements must be provided for. An inexpensive burial can cost over $10,000, and even a low-cost cremation could still empty out a family’s emergency fund. A life insurance policy can help pay for the final expenses of the lost loved one, allowing the family to lay their mother or father to rest without worrying about how to pay for the final costs.

To Pay for Childcare Costs

Even if an at-home parent doesn’t earn money, he or she does provide a valuable service to the family by providing childcare. If the at-home parent is no longer around, the surviving parent will have to make other arrangements for the children’s care. Life insurance can help pay for these expenses.

To Allow Time for Grief

Grief is exhausting, devastating, and confusing. Those who lose a close loved one may not be mentally or physically capable of going back to work full time for several weeks. Life insurance can allow the surviving spouse to take time off of work for a few weeks to recover from the devastation of this loss. Additionally, the children may need extra attention and love, and the funds that life insurance provides can give the remaining spouse financial space to nurture little ones who can’t possibly understand why their family looks so different. 

To speak to an agent about life insurance in the Sandy, UT area, contact The Smith Insurance Group Inc. today!

 

Let’s start off with the acknowledgment that you need home insurance to cover losses on your home and property. It’s also important to protect yourself against liability for accidents that happen on your property. The better your Sandy, UT home coverage, the less you pay if you ever need to file a claim. You might even be required to carry a specific minimum coverage for your home loan. 

Coverage and Deductibles

In some cases, your lender decides how much coverage you need based on the amount of your outstanding mortgage. You should consider additional coverage if you are close to paying off your home. Ask our local agents at The Smith Insurance Group Inc. what coverage might be beneficial to you. In general, the amount of coverage in the policy for your house, furniture, and other property increases as premiums go up. If financially feasible, get at least enough insurance to cover your home and belongings.

The deductible is how much you pay out-of-pocket on each claim. It refers to coverage on your home and personal belongings. Although higher deductibles can bring cheaper rates, it is important to make sure you can afford to replace items up to the deductible amount in case of an emergency.

A good rule of thumb is to cover at least 80 percent of the value of your home.

Basic Coverages Available

Whether you own or rent in Sandy, UT, The Smith Insurance Group Inc. can help you understand the different policies available. Each package covers a number of events that can damage your home and belongings.

The three types are fire, windstorms, and protection against theft with medical, property damage, inability and additional living expenses covered as specified.

Yearly Review

Check with your The Smith Insurance Group Inc. insurance agency representative once a year to review your policy for any changes you may need to consider. Reach out to us to learn more.