Can stay-at-home parents get life insurance?

Yes. This is an often overlooked part of financial planning. If you were to die, your partner may need to pay costs which aren't related to a direct income, such as household chores.

How much life insurance do you need?

This depends on how much you earn and how much you have to pay off.

When does a life insurance policy end?

It depends on the specific details of the policy you hold. We reviewed 10 providers and found the majority had a policy expiry age of 99. Medibank and ahm don't specify an expiry age – after 99, premiums stay the same assuming you keep up with your payments.

Should women consider taking out life insurance?

Yes. Women should consider taking out life insurance. Whether you're the main breadwinner or a stay at home parent, you have a lot of financial responsibilities and people relying on you; something life insurance can take care of when you die. You might consider life insurance if you are: Working . Life insurance can function as income replacement if you die while you're still working. If you work and have people depending on your income, even if it's not full-time, it's particularly important. A policy can pay off debts like your mortgage and car loan, as well as ensure that your family can enjoy the same standard of living if you're no longer there to pay for things like tuition fees, utilities and food. A single parent . If you're a single mum, life insurance can ensure you're still able to support your child financially. You can even tailor your policy so that your child is able to receive payments in increments over a number of years, rather than as one lump sum payment. A stay-at-home parent . If you're a stay-at-home parent and you die, your partner would need to hire someone to do all the essential day to day duties you currently do, including child care, housekeeping and transportation. So that they don't need to reduce their working hours, impacting their income, you need to think about getting a life insurance policy to cover the costs of all these essential household duties. Single . Even if you don't have others depending on your income, if you die, any debt you leave behind will be passed on to your family. To avoid burdening them with your finances during a particularly difficult time, you can take out a life insurance policy. It's also a good idea to take it out when you're younger as you can take advantage of cheap premiums. A business owner . If you own your own business, a life insurance policy can be used to pay for payroll, operating costs and more while your estate is being settled and ensure your business stays afloat.