Choosing to stay at home rather than working outside of the home is a difficult choice for many mothers, and in today’s world, fathers. However, CBS reported in 2004 that more and more mothers were choosing to stay at home—even those with professional careers. And according to the Census Bureau, the increase of stay-at-home moms from 1994 to 2004 was 15%. Because so many moms are choosing to take this route, families are having to consider whether or not life insurance for the stay-at-home parent is a good option.
If you’re trying to prepare your family for the future, it is. Most families think about getting life insurance for the working spouse. In fact, in families where only one parent works, the working spouse is often the focus of all the financial attention—investments, health insurance, and even the occasional visit to the Bureau of Labor Statistics in order to gauge the possibility of a promotion. With all this going on in a suffering economy, we’re forgetting value of a stay-at-home mom.
And according to MSN Money, most people figure the worth of homemaker at around $30,000 a year. But the worth of a stay-at-home parent is generally much more. According to MSN Money, you can do a simple calculation to figure out how much the homemaker in your family is worth. Just take a visit to the Bureau of Labor Statistics, calculate the average salary for everything the homemaker in your family does—cleaning, cooking, taking kids to and from school, tutoring—and multiply that by the number of days per year that he or she does it. Your number could be much more than $100,000.
For all of that, your stay-at-home mom deserves a prize. In addition, you should take this moment to think about what would happen if mom passed away and was suddenly unable to perform these duties. Although sometimes friends and family members can pick up the slack, it’s likely that a one parent household would be forced to eventually hire professionals to clean, cook, and even take the kids to school.
A life insurance policy for the homemaker in your life can help offset the financial burden that loosing your spouse would create. Life insurance policies can not only cover the cost of a funeral and any outstanding debts, but they can also provide funds for professional homemaking services in the future. In addition, if you’re considering a life insurance policy for the stay-at-home mom in your life, don’t forget about potential. Many stay-at-home parents decide to go back to work once their children are teens or pre-teens to supplement the family income or provide money for college. Life insurance policies can provide the money for these necessities in the event of unexpected death.
When you’re determining how you should buy life insurance for your family, don’t forget about the stay-at-home mom in your life. The services she provides are valuable, and with life insurance to protect your family, she can help you prepare for your family’s future.
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