Do Stay at Home Mothers Need Life Insurance?

Do Stay at Home Mothers Need Life Insurance?

In many families, the breadwinner is the only one who carries life insurance. However, the spouse who stays at home plays an important financial part! Think of how many jobs a stay at home mother has! She is a cook, she does the cleaning, she takes care of the children, does the shopping and other household chores. Imagine paying someone for every one of these tasks! The expenses will be over 20,000$ a month!A stay at home parent plays an important part in the household, both emotionally and economically! We tend to ignore the crucial financial role that they have in the family! Many husbands think that because they don’t earn any money, their spouses don’t work! In fact, a stay at home parent works a lot more than we think! The total annual salary for a stay at home mother would be over 100,000$. In other words, if something happens, her death will cost the family a huge sum of money!Child care is quite expensive Hiring someone for your children will cost you a lot of money. A life insurance policy can help you cover your children’s education! If something happens to you spouse, you can use the death benefit to pay for your children’s education.How much life insurance should a stay at home mother carry? Life insurance premiums are influenced by age, health, weight and habits like smoking, so if your spouse is younger and healthier than you, she will get a cheaper policy. This means that she can hold a higher coverage, for cheaper premiums.Someone who spends most of his or her day at home is not without the risk of dying. Furthermore, your spouse leaves the house too and this means that road accidents are a possibility! The risk of injury and death exists inside the house too. There are cases when people died by falling over the stairs, and do not forget about house fires. Although death is not a pleasant thing to think off, you can’t ignore the probability of such a thing happening!In conclusion, a stay at home parent is of a great financial importance to any family! He or she fills the role of a cook, cleaning lady, nanny and teacher! It is easy to overlook the financial importance of a stay at home mother, but keep in mind that even though you are the breadwinner, your spouse plays an important economical role in the household!