A parent does not need a paycheck to give valuable help. If that parent died, the family might need to pay for childcare or help at home. Another adult might need time off work. Life insurance can help with those costs if the policy pays the claim.
Use the free care-cost worksheetStart with a normal week.
List the jobs the parent handles: caring for children, school runs, preparing meals, cleaning, and keeping the household organized. Which jobs would need paid help? Which could trusted people realistically take on?
Ask local care providers what that help would cost. A national pay estimate cannot tell you what your family would spend.
PRIVATE PLANNING TOOL
What might replacement care cost?
Enter the extra help you would pay for each month, using today’s prices. Count each cost once. Leave a box blank if there is no cost; it will count as zero.
Your entries stay on this page. They are not sent to Timmy or saved by this tool. Download your notes if you want to keep them; reloading clears the worksheet.
Your care-cost estimate
- Monthly total
- One year
- Selected period
This adds your monthly estimates, multiplies by 12, then by your selected years. It assumes costs stay the same. It does not count rising prices, money earned from investments, taxes, lost income, debts, final bills, savings, or insurance you already have.
This estimates care costs. It does not suggest how much insurance to buy or what a policy would cost. Use it when you review your family’s whole plan. If you add it to another worksheet, check that you have not already counted these costs.
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Then look at the whole household.
Care costs are one part of the plan. Think about debts, other bills, savings, and insurance you already have. Check what insurance payment you can keep making. Our family needs calculator helps organize the wider picture.
Ask how the coverage period fits the years your family would need help. Compare term and permanent life insurance, including their costs and conditions. The insurance company decides which plans and amounts it can offer.
Source: NAIC: Assessing needs, policy types, and affordability.
Questions families ask
Should both parents' coverage be reviewed?
Consider both the income and the care your household relies on. The same amount may not fit both parents. Look at the help each person gives and the money and care the family would still have.
Source: Guardian: Planning for both parents.
Does the worksheet tell me which policy to buy?
No. It adds the care costs you choose to explore. It does not tell you if you qualify, approve coverage, choose a plan, or set a price.
What if we already have life insurance?
Use the existing-policy checkup to see what questions need answers. Keep your policy while you compare options. Before ending it, confirm that any new policy is active and check its start date.
Source: NAIC: Reviewing current coverage.
About this guide
Published by Legacy Financial Group with AI-assisted drafting and linked insurer and regulator resources. The worksheet adds up the numbers you enter to help you plan. It is not a personalized recommendation or promise of coverage. Policy and state rules control.
Timmy helps families in WV, OH, KY, PA, SC, GA, and ME. Find resources for your state.