There has always been a big focus on men needing to have life insurance, but moms need life insurance too. Stay-at-home moms also need to be insured and are often overlooked when it comes to life insurance. The value of their contribution to the family is huge and would be costly to replace.
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WHY DO STAY-AT-HOME MOMS NEED LIFE INSURANCE?
There are very good reasons why mothers and especially stay-at-home moms need life insurance. Society has undervalued the work stay-at-home parents contribute to their households. If you were to add up the work they do it would be very costly to replace.
MANY STAY-AT-HOME MOMS HAVE SIDE JOBS
Most of the moms I know who don't work outside the home have some kind of side job. Some of them sell products from home or make crafts they sell on Etsy.
The list of creative ways that women make money from home is endless. These activities supplement the family income and if mom wasn't around to make this extra money it would be missed.
Small amounts of income make a difference to the budget. The remaining spouse would quickly realize that without life insurance, this extra income being lost would impact their ability to continue with the same budget.
Moms need to stop underestimating their financial contribution to the family. Remember, most of these side jobs will not offer any kind of group life insurance. Getting term life insurance quotes is a simple first step to obtaining life insurance for moms.
THINK ABOUT WHAT COSTS YOU ACTUALLY COVER
If you are staying home with young children and something happened to you…who would take care of the kids while your spouse worked? Chances are good that the kids would have to go into a daycare setting.
Daycare is EXPENSIVE. It would be a big addition to the family budget especially if more than one child needed to be cared for.
Having a life insurance policy payout would make this an easier financial transition for your spouse.
Another cost you cover is probably the cleaning and cooking you do for the family. Single parents know how hard it is to work full-time and do all the cooking and cleaning. Life insurance could help your spouse pay for a little extra help around the house so they can focus on helping the children adjust to their new reality.
FUNERAL & BEREAVEMENT EXPENSES
I know it isn't fun to think about not being around anymore, but as parents, we need to be prepared. If I were to pass away I want the security of knowing my husband will have insurance money to cover the cost of my funeral and any time he has to take off work due to my passing.
It is a comfort to know that the bills will be paid while he helps our children adjust to my loss. This would be very hard to do without life insurance. Most families don't have thousands of dollars sitting in an account to cover an unexpected death.
FUTURE EXPENSES
Sometimes the side jobs women do from home are done to help set up college savings accounts for their children. Other women put the money into retirement accounts for themselves. Maybe the family is saving money to buy or build a new home.
If we weren't around to contribute to these accounts, it can impact the family. This is one reason moms need life insurance…so the money can help with future expenses.
It is reassuring to know your family will still be able to reach financial goals after you are gone.
LEAVE A LEGACY
The last reason moms need life insurance is so they can leave their children a legacy. My husband and I have been working hard to build our retirement accounts so we have the freedom to retire the way we want to and also so we can leave something for our kids.
If I pass at a younger age it is still possible to leave my children a legacy via a life insurance policy. Remember you can set how you want to policy paid out and list children as full or partial beneficiaries of the policy.
A lump sum of money could help your child go to college, buy a home, adopt a child, or even set up a foundation in your name!
GET TERM LIFE INSURANCE QUOTES BEFORE IT IS TOO LATE
Getting term life insurance quotes is easy and there is no reason to put it off. Rates only go up as you age and you don't know what tomorrow holds. Parents who pass away when their children are still at home rarely have warnings…these things happen suddenly and unexpectedly.
I have known several people who wished they could go back and insure their spouses. The impact of not having life insurance has forced people to move into smaller homes, sell household goods and change their entire lifestyle. This is all due to the spouse not having life insurance.
These circumstances could have been avoided with some simple preplanning. Don't put off doing the right thing for your family.
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