Do Stay At Home Moms Need Life Insurance?
Are you a stay at home mom? (Or perhaps a stay at home dad?) Are you wondering if you really need life insurance? Stay at home moms definitely need life insurance. Even though they do not earn an income for the family, it is crucial that there is life insurance in the event that a tragedy were to happen. Here are five reasons why stay-at-home mothers should purchase life insurance.
Reason Why Stay-At-Home Moms Need Life Insurance #1: Your spouse will have extra bills to pay should you die.
While you do not earn an income now, your services to the family are priceless. Should you tragically die, your spouse will then need to pay for child care. Child care alone can run hundreds of dollars a month. Even when you children become school age, they will probably need some sort of care in the summer and on holidays.
Also, if you provided most of the cleaning for the home, your husband may become overwhelmed upon your death and need to hire some help. That too, could mean hundreds of dollars a year.
There are additional costs that could arise as well, such as running errands, etc. In addition, if you have a talent for budgeting and coupon clipping, your spouse might not be able to keep up with your frugal living skills, therefore causing an increase in the family budget.
Reason Why Stay-At-Home Moms Need Life Insurance #2:Your spouse could become disabled.
Let’s say you died in a car accident. And, your husband was in the car with you. He did not die, but became severely disabled where he cannot work. Even if he does have some disability insurance, it might not be enough to live at the same lifestyle as before. If you have life insurance, the money could be invested into a trust fund for the family to help with the cost of living. It is also possible, although rare, that your spouse could become disabled after your death.
Reason Why Stay-At-Home Moms Need Life Insurance #3:Life insurance can make up for income you would have earned later in life.
The majority of stay-at-home moms do not stay at home forever. Many return to work when their children are older, or leave for college. Their income can then help pay for retirement, kids college expenses, repairs on the house and more. If you become deceased, your family will lose that possible future income. Purchasing life insurance could mean the difference between your child going to a good college or not, and whether your spouse will be financially secure for retirement.
Reason Why Stay-At-Home Moms Need Life Insurance #4:Life insurance could also pay for additional expenses that result from your death.
Your children and your spouse might have a very difficult time coping with your death. They might need extensive grief therapy / counseling. Most insurance plans do not cover mental health treatment, or if they do, it doesn’t cover alot. This could mean thousands of dollars a year for the family.
In addition, funerals are not cheap. They can cost $7500 or more. If you’re a stay at home mom, there’s a good chance that you don’t just have $7500 laying around that won’t hurt the family budget. Purchasing life insurance will help pay for your funeral and burial expenses.
Reason Why Stay-At-Home Moms Need Life Insurance #5: Life insurance can help out your future grandchildren and great-children.
Do you see yourself as a Grandmother who never forgets a birthday or Christmas present? Would you like to give your grandchildren a nice wedding gift? You spouse might not be able to afford it, if he is retired and living on a fixed income. Your life insurance could be put into a trust fund to help out your future grandchildren with college expenses and such.
These are just five reasons why stay at home moms (and dads) need life insurance. For more details on life insurance, please read “Reasons to Get Life Insurance: Why You Should Buy Life Insurance Now.” Hopefully your life insurance will never be needed or used. But it can offer peace of mind and is a necessity for stay at home moms.
In conclusion as a stay-at-home mother you do need life insurance as well. You can look for life insurance providers uk to know what companies are offering you and what is your best option among them.
