Do Stay At Home Moms Need Life Insurance?

By Author: Steven Ward
Total Articles: 1
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True, not everyone needs life insurance. Should stay at home moms have it? It is a common misconception that only the breadwinner of the family needs life insurance. And even for heads of households, the common attitude is that life insurance is something that’s ‘nice to have’ rather than ‘need to have.’

You May Not Have A 9 To 5 Job, But What You Do Is Equally Important

Consider the things that homemakers do daily. From cleaning and cooking to doing the laundry or chauffeuring, it is difficult to replace the contributions of a stay at home mom. If something unfortunate should happen, who can replace a homemaker – for free? Imagine paying for childcare, hiring a cook, cleaner and laundry woman, while you come to terms with your loss and continue to work full time. Single parents know all about this struggle. Ask one.

How much insurance coverage does a stay at home mom need?

The accepted rule on life insurance for a breadwinner is that you need ten times the income to replace that person if they were to die. No, you can’t put a price on parenthood, but even if you tried to put a price ...
... on the jobs that stay at home moms do, they would earn approximately $115,000 a year. Yes, it is a six figure job. Multiplied by ten means you need a million dollar insurance policy, at the least.

But if you factor the number of years it actually takes to raise children, you'll see that a stay at home mom actually needs insurance coverage for far more! Don't forget to add in your total debt, college expenses and the overall health of your spouse to determine how much life insurance you need to purchase.

What are the things you should consider when choosing a life insurance for your stay at home spouse

Speak to an experienced insurance advisor to help you find affordable life insurance quotes. Some of the factors that you should look for include:

. Other members of the family. How many members does your insurance policy need to cover? Do you have children with special needs? With younger children, you would need the money to last a very long time.

. The length of time. How old are your children? How long will it be until you retire and share some of your spouse’s burden?

. Other benefits. Are you allowed to convert your term insurance into life insurance? Check with your advisor if you are allowed to add riders to the policy.

Author Bio : The author manages an insurance agency in Pittsburgh. He helps families find affordable life insurance quotes.