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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. 

 

6 Reasons Homeschooling Families Need Life Insurance Protection

To all the homeschooling families out there, I applaud you. You are making an investment in your children that is invaluable. When we made the decision to homeschool our family, we knew it would be a rewarding adventure - one that required careful planning and flexibility. Homeschooling families are cut from the same cloth; a fabric that is high-functioning, creative and responsible. 

Let's focus on one of the character traits of homeschooling families: responsibility. Because you have made an important decision to homeschool your children, it's imperative to have a back-up plan should something happen to you. As a fellow homeschooling family, I know the passion and importance you have placed on that choice. Protecting your homeschooling strategy can be accomplished through life insurance. The good news is it's cheaper than you think. 

People with no life insurance overestimate its cost by three times. And even those who have coverage, overestimate its cost by two times. A latte costs $4 per day while life insurance can cost about $1 per day.
— Life Happens: True Cost of Life Insurance, 2015

Life insurance creates a contingency plan. Consider the following reasons why homeschooling families need life insurance. Policy proceeds can be used to purchase:

1. Online courses

2. Private tutor

3. Homeschool co-op costs and tuition

4. Private school

5. Curriculum 

6. Extra-curricular lessons (i.e. piano or snowboarding)

If it's important to you to continue homeschooling, regardless of what life brings, life insurance provides options. Consider it a safety-deposit on one of your most important assets - your children's education. 

To get started with a free no-obligation quote, click here. Insurance Happens specializes in helping homeschooling families obtain appropriate life insurance protection.