Why Would a Stay-At-Home Mother Need Life Insurance?
The real question is: without proper life insurance coverage, could a surviving spouse manage mortgage payments, utilities and maintenance costs without your help?
We have a big mortgage along with utility bills and other luxury services that my significant other pays 90% of on a monthly basis. In the event of my demise, he would not suffer any financial hardship or financial setback. He works 80 hours per week and, thankfully, has saved enough money to pay off the mortgage if he wants to.
However, to complicate matters, we have a 5 year old child who was diagnosed with autism at age 2 and requires constant care. If anything happens to me, my husband will need help taking care of our son. He doesn’t trust anyone outside of our inner circle, therefore family members would be the only option. My adult children would have to help out taking care of their little brother, just like they are doing right now, as well as my parents. To protect my family from any financial setback I did purchase a large 30 year level term life insurance policy for my children and a small permanent life insurance policy for my partner just in case I die unexpectedly. The life insurance policy I have (with my husband as the beneficiary) is small enough to supplement that 10% maintenance cost, final expenses and some left for him and our son. Knowing that my children will be okay financially after my passing, allows me the peace of mind to see the man whenever the time comes.
Now I just have to pre-arrange my funeral, pick out a head stone, decide the color of clothing I want to wear to look picture perfect, pick out the color and type of flowers I want or do I just want to be cremated and have my ashes spread over a calm sea?
No matter my last wishes, I know that my family will abide by them and will do so without worrying about where the money is going to come from to lay me to rest and to live the rest of their lives without worrying about finances. Just another great reason to purchase life insurance!