Mike and Stacy have been married for ten years, and for most of that time, Mike has been lucky enough to stay home with the kids while Stacy has been the primary breadwinner. While Stacy earns a good living, she would struggle to cover the cost of a nanny or other childcare provider if something were to happen to Mike.
Mike provides a variety of services to the family. He takes care of childcare, transportation, managing the household and their finances. He also deals with repairs and maintenance for their home. Mike also earns a small income doing handyman services around the neighbourhood.
They decide that in the event something happened to Mike, a life insurance policy would ensure that Stacy would have enough money to hire the necessary help or take a few years off to stay at home as the family learns to cope with the loss.
Sarah purchases a 20-year term policy with a death benefit of $750,000 that will give her the financial means to replace the services Mike provided for the family as well as cover the cost of sending the kids to college.
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