3 Life Insurance Tips For Families That Homeschool

Homeschooling parents have made a significant and impressive decision in the lives of their families. It's no easy task to take your children's schooling into your own hands and requires careful planning, diligence and patience. The end result is an educational experience tailored to your child's talents and needs, one that provides an excellent opportunity for success in life. 

Home-educated students typically score above average on the SAT and ACT tests that colleges consider for admissions. Homeschool students are increasingly being actively recruited by colleges
— National Home Education Research Institute, 2015

 

If it's important to maintain a homeschooling status, no matter what life brings, careful planning is essential. Take action on the following three things to protect your family's homeschooling plan. 

1. Insure the working parent - For many homeschooling families, one parent works full-time while the other parent teaches full-time. Be sure to have appropriate life insurance coverage outside of the working parent's life insurance through their job. Typically, life insurance through an employer will only cover one or two years worth their annual salary. That's not enough coverage for most families and the policy disappears if you leave that employer. Generally, we recommend 10 times the amount of an annual salary, plus funds to pay off a mortgage. Free, instant quotes can be found here.

2. Insure the teaching parent - While it's common for parents homeschooling full-time to not have an income, their value is crucial. To continue homeschooling, or transition into another educational plan if something were to happen, funds would be necessary. For example, a life insurance policy could cover private school, online school, tutoring, curriculum, or a homeschool co-op. To read about the value of a Stay-At-Home Parent, check out this article from salary.com.

3. Get a will - Be sure to name guardians for your children. Knowing they will be in good hands, and that your life insurance policies will be handled effectively and appropriately, is priceless. Willing is an excellent online resource.

Chances are, you'll never need the life insurance policy. Be prepared anyways. Protect your children's education by making a plan. Your future self will pat you on the back for doing something super-responsible. Get started with Insurance Happens. We specialize in helping homeschooling families.