At home, mom’s responsibilities can be more treacherous than any other workplace. And yes, it is work for the stay-at-home mom. Most studies show that moms truly enjoy taking care of the children (their number one responsibility). Climbing stools to remove children from unsafe places, swinging and sliding at the park as well as the role of daily household teacher and manager is priceless. What if something happens to mom?
“Stay-at-home moms have the need for life insurance because there are economic losses in the event of their death, in addition to the great emotional loss,” said Brian Ashe, treasurer of the LIFE Foundation, a nonprofit focused on educating the public about life insurance.
Just because stay-at-home moms are not receiving a paycheck does not mean they are not the most valuable commodity. Losing mom to daycare would not only be an emotionally dramatic experience but very expensive considering daycare costs can average about ten dollars an hour.
Working spouses should then consider a life insurance policy for their loved one. How much to purchase would depend on the size of your family. According to Child Care Aware of America, the cost of child care per year averages approximately 15,000 dollars per child annually.
Also, keep in mind that a life insurance policy can pay for the children’s education costs, including college. And you can leave an inheritance for your children to handle the unexpected that may occur in their own lives. As the remaining spouse, you can handle funeral expenses which can also cause a real set back to your own family finances. Generally, you have to estimate childcare and living expenses as well as the size of your family. A policy around 250,000-500,000 dollars is not unreasonable.
Term life is a good option because it is reasonable, especially for those that are young and in good health. Check with a life insurance agent today to protect your most special partner.