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Being a stay-at-home parent is a truly rewarding experience. Apart from allowing us to take care of and spend time with our children, it’s also a great help financially by saving on childcare costs and the many other contributions to the family. In fact, studies estimate that the value of a stay-at-home parent can range from $70,000 to as much as $140,000 per year!
But what happens if we get ill or injured and can’t keep up with all the things we do?
Though none of us wants to believe it can happen to us, the reality is it can. According to government data I recently read, 1 in 4 people will suffer a disability that will make them unable to work before retirement age. I’ve often thought about where the money would come from to pay for childcare, transportation – all the stuff that I handle and provide for my family every day. That could certainly put a strain on our finances and more pressure on our family.
The good news is that Northwestern Mutual recognizes how much stay at home parents contribute to our families and is now offering us an option to protect the value of that economic contribution.
Disability insurance is often available to full-time employees through their employer. This type of insurance replaces a portion of income lost in the event of an illness or injury that interferes with the ability to work. Now Northwestern Mutual has extended this type of coverage to stay-at-home spouses and partners, even those that may work part-time or as a freelancer.
It’s a great relief to know that, in the event of the unthinkable, there could be a way to maintain the family’s lifestyle without draining our savings or cutting all possible corners.
*This is a sponsored post written by us on behalf of Northwestern Mutual.