09/10/2026
Common belief #2 “ I don’t need insurance as a stay at home parent”
I’ve heard this one a lot in my career and not only is it untrue, but it really undervalues the efforts of stay at home parents.
It’s important to remember what insurance is actually used for - To pay off debt, and replace income.
While stay at home parents may not be making an income, they handle a lot of tasks that would cost a lot of money to have someone else do them if they were no longer around.
If that parent was to pass away without any coverage in place, the surviving spouse would now be responsible for everything they do as well as their traditional duties.
Stay at home parents do a lot of things, but let’s just focus on the childcare for a moment. The cost of childcare in Ontario can range from $500-$1,600+ a month.
So now the surviving spouse, has the cost of the final expenses, day to day expenses and then childcare. That’s not even touching on the emotional component of loosing your spouse and then having the financial burden on top of it.
This is just one small example out of so many! So yes, insurance protection is important, not just for the parent working outside the home.
