3 Top Reasons Homemakers Need Life Insurance

Raising a Family

Ever been told that life insurance is only needed for the “breadwinner” of the house? Shame on anyone who ever said that! Do we only value the worth of a human being by the amount of money they make, or the “potential” benefit they can on a utilitarian level provide to society as a whole?  In my opinion, a huge common mistake often found in many households today is the underinsuring or “un-insuring” of a vital piece of the family pie, namely the homemaker.

I reflected for a while on the nature of the loss my own family would suffer if my wife was to pass away and I had followed suit with the person mentioned above. I came up with five simple reasons as to why I have life insurance on my wife who is at home:

  1. WORK! - Just because there is no income generated that would need to be replaced if she passed away tomorrow, there is still A LOT of work that a homemaker has to complete to keep the household running when the breadwinner is at work. Who will assist the children with the basic needs of life: preparing & providing meals, helping with homework and other school activities, running errands and doing chores? It is very difficult to put an insurance coverage amount on all those tasks, but it needs to be done. What would it cost to hire someone to have to do all of that work every day?
  2. Respect - Do not take for granted all the efforts behind the scenes that homemakers do. Getting a life insurance policy on them shows that you appreciate all the work they do and that they are VERY VALUABLE members of the working family. I would suggest that there are more ways to show appreciation than dinner and chocolates, and that insuring them shows their importance.
  3. Example - By insuring the ones we love, we show others that we take them seriously…we take life seriously! Life is too short as the old expression often states, but how much truer that is when a tragedy hits home with an unexpected death. Children will learn different qualities from their parents. Being an income provider is obviously very important, but that is an “occupation” and is not what your children will respect most about you. Being a good spouse and parent is a “vocation” and the time you spend with them is what they will respect and remember the most. When they see that you took an active role in making sure your family was protected, they will be more than likely willing to model that and do the same for your grandchildren!

Insure your spouse or significant other today before it is too late. Their life at home is worth more than we might think! 

About the author: Kyle McDonald holds FIC, FICF, FSCP® & CLTC designations. His viewpoint on life insurance is simple, “Anyone with a family must have life insurance. In the end, life insurance is for others you care about, not you.” He is ready to help you and your family get the best option available. Contact Kyle today at   1-800-651-1953 or KMcDonald@Pivot.com.