With buying a new home I find myself thinking more and more about the future. We are very lucky in that if anything were to happen to my husband, the kids and myself would be taken care of. Between insurance through work and pension plans we could continue to live in this house if I chose to and not see a major change in our quality of life.
But what about if something were to happen to me?
That brings about a whole new set of issues. It is easy to overlook insurance for the stay at home mom but I believe it to be one of the most important conversations a family needs to have. But all the tasks that a mom does in a day can also make it one of the most confusing conversations. Finding helpful information about life insurance is a must.
If something were to happen to me, my husband would not be losing another income, but he would be losing the backbone of our family.
In 2006 it was recommend that a $300,000 to $400,000 policy would help make up for the work mom does in the home. But that was 7 years ago. Prices have increased. Latest figures show that parents with financially dependent children are more likely to need an amount of life insurance equal to 10 times their income.
I am not only the chef but also the shopper and meal planner. I am mom to a two year old and a seven year old and we also home school. So you will need to add teacher to the list. I do all the laundry, the cleaning, the kissing of boo boo’s, the tucking in and bedtime story reading. The list goes on and on.
And I don’t get sick days, vacation days or even time off in a day. I am on call 24 hours a day, 7 days a week. That sounds pretty irreplaceable to me.
15% of husbands and 28% of wives in America have no life insurance.
With all the information out there it can be hard to come up with a dollar amount to put on someones life. And it can seem pretty morbid. But the older I get, the more I realize that a good life insurance policy on me is just good sense.
Do you have a life insurance policy on yourself?