The insurance industry is one part of the economy that cares about valuing the work that parents put into household chores.
As Father’s Day approaches (it’s June 21), Insure.com, which bills itself as the most cited independent consumer-insurance site, calculated that a father’s household tasks, such as mowing the lawn, are worth almost $26,000 per year. That value is based on wages for different chores typically performed by dads, and how much time they spend on those tasks.
Why do insurers care about fairly valuing household work? They want to sell life insurance. Insure.com quoted its managing editor, Robert Beaupre, saying:
“The value of Dad’s contributions around the house and his annual salary are real figures that will need to be covered if something were to happen to him…If you can skip going out to eat at work a couple of times per month, you can probably set aside enough money to pay for a term life insurance policy and give your family that peace of mind.”
Here’s the site’s table showing how it calculated the value of fathers’ household work.