3. Child or Dependent Care
Do you have a child or parent that you’re paying to receive care? We’re talking about daycare or in-home care like home health aides. If so, then you’re probably aware of how much it costs.
Childcare alone can cost thousands of dollars per month. If you’re taking care of a sick loved one, then the cost can be even higher. These are costs that you can’t avoid since some loved ones need around the clock care.
It’s also not possible to have a child sit at home if you and your spouse are working all day long. Someone has to watch your child or take care of your loved one, and that’s not cheap.
You can offset the costs of this draining type of care with life insurance. If you die, these costs are covered. Your spouse won’t have to decide to quit work to be with your children or continue on with daycare.
Your loved ones won’t have to do without the healthcare that they need during this crucial time of their life. These are two areas that most people overlook, but end up causing the most significant hardships due to time constraints and the high cost of care.