Jacinda Ardern’s announcement of her pregnancy was accompanied by her statement that “I’ll be Prime Minister AND a mum, and Clarke will be ‘first man of fishing’ and stay-at-home dad.” These days, more New Zealanders than ever before have opted to divide the chores. A ‘stay-at-home dad’ or ‘stay-at-home mum’ plays a vital role in family yet, from an insurance perspective, many don’t see it that way.

If the worst should happen to the stay-at-home parent, this would obviously have a profound effect on family life. Maintaining child-care, the home, and providing transport, all these would create some serious personal, financial and logistical challenges. Just consider some of the many important roles the stay-at-home parent may fulfil: cook, cleaner, driver, round-the-clock care for children including when they’re ill, gardener, errand-runner and many more.

What would happen if that person suffered a serious illness or died? While many families believe that the ‘breadwinner’ has adequate life insurance, the other partner is too often overlooked. We believe it’s essential to consider insurance cover for the spouse or partner who keeps the household running smoothly. An insurance benefit payment may help take care of debts, or it could help pay for some of those vital services that a stay-at-home parent performs for the family.

If you’re in this situation with one of you heading to work while the other stays at home to run the household, please be sure to get in touch with your AdviceFirst Adviser as soon as possible. They can discuss options to put together the right plan for you, and your family.

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AdviceFirst is a Financial Advice Provider (FSP23242).