A Caregiving Cost Worksheet for Your Life Insurance Review

A paycheck is only one contribution a family may lose when a parent or caregiver dies. School transportation, meal preparation, childcare, and help for an older relative can also require replacement. A simple worksheet helps Johnson County households discuss those responsibilities without assigning every family the same coverage amount.

Describe one ordinary week

Write down the recurring work each adult performs. Include paid work separately from unpaid care. For a Bargersville family, the list might include school pickup, after-school supervision, appointments in Greenwood, grocery trips, and household administration. Record how often each task happens and who depends on it.

American Family’s life insurance guidance for new parents recognizes that a stay-at-home parent’s contribution may need to be replaced. Your worksheet should describe your own household rather than relying on a national salary estimate.

Separate immediate help from longer needs

Create columns for the task, likely replacement arrangement, estimated cost, and expected duration. Obtain current local estimates where practical, and label guesses as guesses. Temporary help after a death may differ from care needed for several years. A surviving adult might also need time away from paid work; record that as a separate scenario rather than quietly adding it twice.

• Which care tasks would require paid help?
• What assistance could relatives realistically provide, and for how long?
• Would work hours, transportation, or housing need to change?
• Which responsibilities end when children reach a particular age?
• What savings or existing benefits are already available?

Keep the worksheet separate from a coverage recommendation

Add mortgage or other debts, existing life policy amounts, and employer benefits on another page. A worksheet organizes questions; it does not establish eligibility, a premium, or a guaranteed benefit. An agent can discuss how the timing of responsibilities relates to available coverage types and terms, subject to underwriting and policy conditions.

Avoid counting the same savings or expense twice. For example, money set aside for childcare may also appear in the household emergency-fund total. Identify whether those dollars are already committed elsewhere before treating them as available resources for survivors.

Review the plan when care changes

Revisit the worksheet when a child starts school, an older relative needs more help, or an adult changes work hours. Keep policy ownership, beneficiaries, and payment information organized separately. Our beneficiary checklist can help with those records.

Bring the worksheet to Jennifer Dammeier along with existing policies. Discuss the responsibilities and budget openly, without canceling existing coverage based on an application alone. Any replacement decision deserves a review of approval, effective dates, costs, and policy terms.

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The Jennifer Dammeier Agency serves Bargersville and nearby Johnson County communities. Contact Jennifer Dammeier American Family Insurance with your current policy and the details of your situation to discuss available options.

This article provides general educational information, not individualized insurance, legal, or tax advice. Coverage, availability, limits, exclusions, and claims depend on the policy and insurer. Review your documents with a licensed agent and consult other qualified advisors as needed.