SourceYou’re probably already aware that a parent with a job outside the house most likely needs life insurance to protect their loved ones in case something were to happen. But it’s not just breadwinners who need coverage—stay-at-home parents do, too. Here are nine reasons why.

1. To replace the value of their labor. Stay-at-home parents are caretakers, tutors, cooks, housekeepers, chauffeurs, and so much more 365 days a year. And all that work comes with a price tag: Salary.com reports that stay-at-home-parents contribute the equivalent of a $162,581 annual salary to their households. If the unthinkable were to happen, a surviving partner would be on the hook for a slew of new expenses that the stay-at-home parent previously shouldered. Term life insurance is generally a quick and affordable way to get a substantial amount of coverage like this for a specific period of time, such as 10 or 20 years—often until you pay of your mortgage or the kids are grown and gone.

2. To factor in the contributions of any future income. Many stay-at-home parents return to the workforce once their kids are older. Life insurance could help bridge the gap that their future earnings would have contributed to the household.

3. To pay off any debt. From student loans to credit card debt to an informal loan from a family member, there are lots of ways to owe money. Life insurance can help settle any debts left behind so they don’t create stress for grieving loved ones.

4. To cover funeral expenses. Would you believe that the average funeral runs between $7,000 and $10,000, according to parting.com? And that may not cover the cost of the burial, headstone and other expenses. Many families want to honor a loved one’s memory, but have trouble finding the funds to cover all the costs. Fortunately, the payout from a life insurance policy can help cover final wishes.

5. To leave a legacy. If a stay-at-home spouse has a passion for a place of worship, an alma mater, or another nonprofit organization, life insurance proceeds can be used to leave a meaningful charitable gift.

6. To boost savings. Permanent life insurance, which offers lifelong protection as long as you pay your premiums, may offer additional living benefits such as the ability to build cash value. This can be used in the future for any purpose you wish, from making a down payment on a house to paying for college tuition. Keep in mind, though, that withdrawing or borrowing funds will reduce your policy’s cash value and death benefit if not repaid.

7. To guarantee insurability. Your health can change in an instant. Getting a permanent life insurance policy when you’re young and healthy means you’ll have lifelong coverage. Then you won’t have to worry if later on you develop a health condition that would make it hard or even impossible to get life insurance.

8. To receive tax-free benefits. Life insurance is one of the few ways to leave loved ones money that is generally income-tax free.

9. To give loved ones peace of mind. Losing a parent and partner before their time is already hard enough without having to worry about unsettled debts, childcare costs, funeral bills, and other expenses.

As you can see, life insurance for stay-at-home parents is just as important as it is for parents who work outside the home. Schedule a time to talk with an insurance professional in your community to learn about your options and get coverage that fits your lifestyle and budget.

If you have questions about Life Insurance or how to get started with a policy, click here to speak with one of our Insurance professionals.

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Source: https://lifehappens.org/blog/9-reasons-why-stay-at-home-parents-need-life-insurance-2/

Winter's first storms have already left a path of damage and power outages across the country. When a storm strikes, it is important to know what to do if your home is damaged or if you are involved in an automobile accident. The following are some from USA Mutual Insurance to help you deal with a property damage claim or automobile accident.  

What to Do if Damage Occurs to Your Home

• Call your insurance company or agent with your policy number and other relevant information as soon as possible. Cooperate fully with the insurance company, and ask what documents, forms and data you will need.
• Take photographs/video of the damage.
• Make the repairs necessary to prevent further damage to your property (i.e., cover broken windows, leaking roofs and damaged walls). Do not have permanent repairs made until your insurance company has inspected the property and you have reached an agreement on the cost of repairs.
• Save all receipts, including those from the temporary repairs covered by your insurance policy.
• If your home is damaged to the extent that you cannot live there, ask your insurance company if you have coverage for additional living expenses incurred while repairs are being made. Save all receipts to document these costs.

What Damage to Your Home is Covered?
Damage caused by wind, wind-driven rain, trees or other falling objects, and the collapse of a structure due to weight of ice or snow are all covered under most standard homeowners policies. Frozen pipes as the result of extreme cold might not be covered if the damage is due to negligence, such as failing to maintain an adequate temperature in the house when the ability to do so is there. As always check your specific policy or give USA Mutual Insurance a call if you need clarification or have specific questions.

What Damage to Your Home is Not Covered?
The following events are typically not covered by the standard homeowners insurance policy: Interior water damage from a storm, when there is no damage to the roof or walls of your home; damage as the result of a flood; removal of fallen trees (if the trees do not land on and damage your home); food spoilage due to a power outage; and water damage from backed-up drains or sewers. Some insurers offer endorsements (i.e., additional protection that may be purchased) for certain coverages not covered under the standard homeowner policy. As always check your specific policy or give USA Mutual Insurance a call if you need clarification or have specific questions.

What to Do if You Are in An Automobile Accident

• Call the police.
• Obtain the following information: The names, addresses, telephone numbers and driver's license numbers of all persons involved in the accident, and any witnesses.
• Record the time, date, location, road conditions, make and year of vehicles involved, apparent damages and injuries, and your version of what happened.
• Call your insurance agent or company to report the incident as soon as possible. Ask your agent what documents, forms and data you will need.
• Take notes each time you talk with your insurance company, agent, lawyers, police or others involved in the situation. Write down the dates, times, names and subjects you talked about, as well as any decisions or promises made.
• If you car is insured through USA Mutual Insurance, check with us to see if you have coverage for a rental vehicle if your car is not drivable. Save all receipts and bills, including those from renting a car or having your car towed and/or stowed.

If you have any additional questions regarding your insurance coverage or a claim, please click here to contact one of our insurance professionals. 

With the start of the new year, as a business owner, it's a good time to review your budget and ways to increase revenue and cut expenses. One way that your business can cut expenses is by shopping for cheaper employee benefits packages. A good start is by working with your current provider and try to re-negotiate your rates. The other option is to shop for a new provider. 

USA Mutual Insurance offers Group Health Insurance at competitive rates.  We can offer your business and employees coverage for dental, vision, life insurance, disability insurance, as well as other ancillary benefits for small and large businesses. 

In addition, we offer Workers Compensation Insurance and State Disability policies along with payroll services to ensure that this state-regulated coverage is seamless through administrative and structural changes, audits and renewals. 

For more information, click here to visit our website and to speak with one of our insurance professionals.