This is one of the most overlooked coverage areas, and a very important one. Many people think only in terms of insuring the main breadwinner. But even if you are not currently earning money, it's important to recognize that a person maintaining a home and caring for a family has a financial value. If an individual takes care of children or another person in the home, such as an elderly parent, their death could create unexpected - and significant - caregiver expenses.
With your family suddenly be faced with childcare or adult daycare costs - or even assisted living expenses? Will they need a housekeeper to get the chores done, or a helper to run errands, drive carpools, or shop for groceries? These costs can run for years and really add up.
In-home caregivers represent an important financial consideration, and should have life insurance coverage to minimize any potential hardships.