Insurance is shifting the risk to someone or something that is more likely to be able to handle the catastrophic event. People often insure their life through life insurance, their income through disability insurance, their business through business overhead insurance, etc.
I believe that the life insurance industry, and probably people in general, completely undervalue a stay at home mother or father when it comes the appropriate amount of insurance. It is pretty easy to blame the industry insofar as it only takes a bit of not-so outside the box thinking to come to the conclusion that despite not earning income there is an insurable interest. The Bare Minimum Amount of Life Insurance for a Stay at Home Parent Imagine you just lost a parent, what would be the next worst thing that could happen to a child? I would guess having to [...]