- Why life insurance is beneficial for stay-at-home moms
- January 20, 2014
Many women are behind in purchasing life insurance. Nearly one-third of women have not purchased a life insurance policy and two-thirds of women who own a life insurance policy believe they have not purchased sufficient coverage, according to the Money Times.
According to Society of Actuaries, more women retiring today are more financially independent than their mothers were. However, many have faced an intermittent work history and part-time employment due to taking time off when raising a family. Their accumulations of savings can often be lower than men.
Women, even stay-at-home moms, should consider purchasing a life insurance policy if their families depend on their income, whether in part or in full. It is always best to plan for the worst in order to prevent a financial hardship in the event of a sudden death.
Homemakers shouldn’t dismiss the idea of purchasing a life insurance policy, either. Women who stay at home with their children save their families thousands of dollars each year on childcare. In the event of a death, the primary breadwinner would face an additional financial burden in childcare costs which can easily cost 2,000 to 3,000 a month and that also includes home cleaning maintenance besides just childcare.
Many women who purchase life insurance are married or raising a family, but single homeowners may consider taking out a policy as well. If divorced, you will want to change your policy and beneficiary. All you need to do is contact an insurance specialist who can make the appropriate changes.
Being a single parent is another reason to have a policy in place. A sudden death can transfer financial responsibility or debt to other family. Also, the children may have to relocate which will also be a cost factor to those that will be taking care of the dependents. Life insurance benefits would relieve families of these unnecessary burdens as well as offer other benefits, like providing future college financing.
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