Saving You Money For Life

Today, most households rely on dual incomes. So, why is it that many women still think that only men should have life insurance? And even more importantly, why aren’t more stay-at-home moms protected?

Check out some of the questions I recently received about life insurance from inquiring women.  I hope my answers provide you with the information you’re looking for in order to make the right financial decision for your family.

Do I need life insurance if I’m not the primary breadwinner? – Yes. Chances are you manage many of the household chores like cooking, cleaning, and driving your kids to soccer practice. All of these responsibilities would cost money if you weren’t around to do them. Having a life insurance policy would make sure that your family has the extra money to maintain the lifestyle they’re used to if you weren’t around.

As a single mom, I know I need life insurance to protect my child’s financial future – but how much? – Generally, the rule of thumb is to have a life insurance policy that is worth 10 to 15 times your annual salary. However, as a single parent, you may have more responsibilities so having a little more if you can afford it wouldn’t hurt. You should compare life insurance rates. I bet you’ll be surprised at how inexpensive it is.

My husband and I both make decent money. His life insurance policy would give our family financial security if he died. So why do I keep hearing that I should still have my own life insurance? – Remember, if you died, your husband and your family wouldn’t have your income to depend on. They would be living solely off his income. Keep in mind that your husband might also have to hire someone to take over some of the household chores you used to do, like cooking and cleaning. Proceeds from a life insurance policy can help fill that void.

I’m married, but I don’t have any children.  Should I have a life insurance policy? – Yes. If you were to become ill or unable to contribute to the marriage financially, a term life insurance policy could save your spouse the burden of paying outstanding medical expenses and funeral costs, which can often cost a family thousands of dollars.

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