Stay At Home Parents Need Life Insurance Too

Life Insurance

Did you know Stay at Home Mom’s work more hours than a CEO of a corporation does? They do not clock out at 5 pm. They have a 24 hour, 7 day a week schedule. Their job duties are the same as a CEO. They negotiate, strategically plan, oversee operations, and demonstrate leadership skills. The list could go on forever! They may not receive a paycheck at the end of the week; however, their contributions to the family are worth more than a paycheck.

I am seeing more Stay at Home Mom's life insurance applications coming across my desk. In the past month, I have also had Say at Home Dad's applying for life insurance. The thought process used to be that the breadwinner has to purchase a life insurance policy and the Stay at Home Mom needs the face amount of that policy when the breadwinner dies. Well, what happens when the Stay at Home Mom passes away first?

If the Mom passes away first, the children may have to go to daycare. In Massachusetts, the costs of daycare have skyrocketed to approximately $15,000 per year. A part time nanny (for before and after day care hours) can cost approximately $20.00 per hour. A weekly housekeeper can charge $20.00 per hour. If the breadwinner's job requires a lot of travel or time away from home, a live in nanny may be an option at a salary of $400-$600 per week.

If you are a Stay at Home Mom and are trying to figure out how much coverage you should obtain, your first step should be verifying the amount of coverage your spouse/partner already has. Perhaps it is time to re-look at their life insurance coverage as well to see if the amount is adequate. Our online tools can help you assess your needs.

About the author: Teri Costen has been in the life insurance business for over 20 years. She is a mother of three who enjoys working out, taking aerobic kickboxing classes, and making stained glass. Teri believes that finding the right life insurance policy helps protect your family and loved ones. You can contact Teri at 1-800-651-1953 or TCosten@Pivot.com.