Aug
21
2007
Should a stay at home mom have term life insurance?
Author: Byron UdellThe loss of a spouse (husband or wife) can take a toll on your family not only emotionally but also financially. I think any reputable financial planner will agree that it is critical for stay-at-home spouses with dependents to be covered with a life insurance policy so that surviving family members can continue their lives as best as they possibly can.
Just think about all the stuff that a stay at home mom provides for her children and the household. The value of services performed by the stay-at-home spouse, including carpooling, laundry, grocery shopping, cooking, and taking children to appointments, can add up to a surprisingly hefty cost. And, don’t forget about childcare, which can be as high as $8800 a year, depending on where you live.
So, if you’re wondering whether or not your stay at home spouse should be insured, the answer is absolutely! Term life insurance is so inexpensive, there’s no reason not to take out a policy.
August 21st, 2007 at 9:46 am
thank you for data
August 21st, 2007 at 9:28 pm
Of course. If she dies prematurely, the breadwinner will have to take time off to handle matters with the children (emotional support, carpools, school meetings, etc.) and as such, will likely have an effect on his earnings for many years. In addition, he may need to hire a nanny which can be quite costly these days. The total financial loss of a non-working spouse is much greater than most people think.
August 21st, 2007 at 9:45 pm
In a college economics class (many moons ago), our professor had us calculate out the costs of the services provided by a stay-at-home parent. We then discussed them as a group, and discovered how many vital services and costs had been overlooked in our calculations! I can’t recall the numbers right off hand, but it was this type of thing that would lead me to immediately respect the work of stay-at-home parents a lot more. With that in mind, life insurance for someone who works inside the home makes a world of sense…