It is always important for wage earners to have comprehensive life insurance. It helps protect dependents if they unexpectedly die. However, for the person who does not work, it is still important to choose a life insurance policy. 
Are you a stay-at-home parent? Perhaps you do not work because your spouse does. Maybe a single income is all that you need in order to support yourself. Your life insurance policy should reflect your specific needs. Here are a few reasons why you should keep life insurance if you are not a wage earner.
You Are Contributing if You Care for Family
Some people do not work because they spend their days caring for others. You may be caring for your parents, children, a disabled child or someone else. This person relies on your care in order to live comfortably. If you are not there to provide this care, who will do so? This care provides value, even if it’s not in monetary form.
For example, if a parent has to put a child into daycare because the caregiver passed away, this can create a significant financial burden. It may be wise to consider investing in a life insurance policy to help cover these costs. How much would your family have to pay to provide this type of care? Ask yourself that question when you go on the search for coverage.
Consider the Cost of a Funeral
The cost of a funeral varies, but it is not uncommon for this charge to be as high as $10,000 or more.
Do you have a funeral fund set up? These funds can help to pay for your funeral should something happen to you. But, if you do not have the money, your unexpected death could be financially tasking to your loved ones. You can purchase funeral insurance coverage. However, it is also possible to purchase a smaller life insurance policy to cover the costs and provide a small death benefit to your family.
You Want to Leave Money Behind
Another reason to invest in life insurance as a non-wage earner is to be able to leave funds behind. You might want to pay for your child’s college education. Or, you might want the funds to pay down the debt on a home. Any of these benefits can provide a big relief to the now-single paycheck of your surviving spouse.
Discuss the benefits of life insurance with your agent. Talk about your contributions to the family and what your goals are. Most often, these are affordable policies. They can provide you with the ability to leave behind the funds your family needs to remain secure, even if you are not contributing financially today.