Cover for the stay-at-home parent.

You should never underestimate the cost of a stay at home parent.

In many cases, when considering life cover families will think to ensure the breadwinner. But don’t forget about the parent who stays at home – just because they’re not bringing home the bacon, doesn’t mean they’re not worth their weight in household gold.

The true value of a stay-at-home mum or parent (SAHM/SAHP, thanks to popular parenting blog Mumsnet) is often undervalued. The huge range of tasks and responsibilities, combined with the sheer number of hours put in, would make a real-life Mary Poppins very expensive.

Let’s think about all of the jobs that a SAHP does in a day. Not just a nanny, the average SAHP is responsible for childcare, household maintenance and other personal expenses. Even just the basics make a pretty impressive list:

• Cook
• Driver
• Cleaner
• Laundrette Worker
• Personal Carer
• Nurse
• Teacher
• Counsellor

US jobs website, Salary.com looks at what a stay at home parent is worth every year. In 2014, it estimated that a SAHP juggles 96.5 hours work a week, incorporating all these roles, and more.

Marvin Feldman, president and CEO of the LIFE Foundation said to Business Insider, "Just because someone doesn't earn a salary doesn't mean that they don't make significant contributions to the family that could be costly to replace.

"You must think about whether your spouse could afford to pay someone else to provide these services in your absence."

In the UK, childcare costs have risen by 27% since 2009. A 2015 report from The Family and Childcare Trust says that full-time childcare costs for a family with a two-year-old and a five-year-old child are estimated at £11,700 a year.

By covering the SAHP in your family, you are ensuring your family’s financial security. When you suffer a loss, priorities change; the family’s working parent may want to take a career break and spend time with the children. There is both economical and personal value attached to everything a SAHP does.

One option might be a level-term policy that would last for 15-20 years, until young children are grown. You can never replace a mother’s love, but you can help bereavement by ensuring your family’s financial security. Talk to an advisor today about what would best suit you.