Theres a popular belief that moms dont need life insurance, especially if they dont work. But given the many contributions (financial and otherwise) that most mothers make to their households, this couldnt be more false. In honor of Mothers Day, weve compiled four scenarios to demonstrate why all moms need life insurance – whether they have a full-time job, a part-time job, or no job at all.
- Youre a stay-at-home mom. Think stay-at-home moms dont need life insurance? Think again. Its been estimated that stay-at-home moms in the US would earn $122,732 a year for their many job responsibilities, which include childcare, financial management, catering, housekeeping, IT, and car service. A $300K-$400K life insurance policy would be necessary to cover the cost of hiring outside help to fulfill these many duties in the event that you were no longer around to perform them.
- Your spouse is the breadwinner, but you also have to work. Its a misconception that only breadwinners need life insurance. If youre a working mom, then chances are your family needs your paycheck to survive – even if youre not the primary earner. Should something happen to you, how would your spouse make up for that lost income? And how much would he need to hire someone to fulfill your share of the parental duties? You need enough life insurance to cover both – at least until the kids are out of the house.
- Youre married and you support your spouse. Gone are the days when all mothers were homemakers and all fathers brought home the bacon. If youre a working mom who also happens to be the breadwinner for your family, then the financial future of your spouse and children would be severely compromised if something happened to you. Not only do you need at least enough life insurance to support your kids until theyre old enough to take care of themselves, you need enough to provide for your spouse – potentially for the rest of his life.
- Youre a single mom. If youre a single mom supporting one or more children, then your paycheck is their sole means of survival. Should something happen to you, no more paychecks. Which is why you need enough life insurance to replace your income for as long as your children require your financial support (through their early to mid-twenties if you plan on sending them to college).
This Mothers Day, give yourself the greatest gift of all – the peace of mind that only life insurance can provide.