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Today, several news sites routinely mention the continued rise of two-income homes, where both parents work and leave their children in daycare or with extended relatives, actually, in recent years.
Today, numerous news sites routinely report the rising prevalence of two-income households where parents work and leave their children in daycare or with relatives. In recent years, there has been an increase in the number of moms who remain at home to care for their children.
In 2012, almost 30% of moms remained at home with their children, compared to only 23% in 1999. The number of stay-at-home daddies is also on the rise. In 2014, 16% of fathers reported remaining at home, compared to 6% in the 1970s.
Whether you are a stay-at-home spouse, you may wonder if you need life insurance. Life insurance is typically purchased to replace income when there is no income. Nonetheless, your payment was worthwhile. Big. Time. Value. In 2019, the average yearly estimated value of a stay-at-home spouse or mother was $178,201. Bestow recognizes these contributions (even when society does not) and is pleased to defend stay-at-home spouses who do not file a formal income report. Your spouse and children will unquestionably feel the financial effects of your passing, and a life insurance policy from Bestow may help provide them financial protection.
Why Should Stay-at-Home Mothers Obtain Life Insurance?
As many stay-at-home parents know, you do not spend your days lounging around the house doing nothing. It would help if you exerted significant effort to care for the children and keep the family functioning.
When purchasing a life insurance policy, women, particularly stay-at-home mothers, lag behind men. According to research conducted by the Life Insurance and Marketing Research Association (LMRA), just 52% of women have insurance, compared to 62% of males. In addition, female life insurance plans provide 31% less coverage than male policies.
This gendered zone is mostly due to workplace advantages like group life insurance. Males are more likely to work for an employer that provides group life insurance. In addition, since team life is often related to pay (and women continue to earn less than men), women who receive insurance coverage still have less than men.
There is a fallacy that non-income earners, such as stay-at-home mothers, do not need life insurance. Also, in 1891, the head of women's life insurance, Bina West Miller, acknowledged this as a fallacy.
In other words, women are uninsured or underinsured, leaving their families financially vulnerable should anything happen to mom (you!).
Life insurance for stay-at-home moms is affordable.
Life Insurance Can Pay For A Housewife's Obligations
A life insurance policy may pay for more than just funeral expenses. Consider all of the key tasks that you do in 24 hours. With appropriate planning, you may leave behind a cash gift that can be used to pay for all of these and more. Paying for Childcare Expenses
Life insurance may assist with childcare costs. While it is true that stay-at-home moms may not create much income, you cover a crucial family budget expense: child care.
The average cost of child care in the United States is $11,666 per kid. Many families struggle to save more than $500 for an emergency; expecting your spouse to find an additional $12,000 a year in the budget to pay for childcare in the event of your demise is somewhat optimistic.
Utilizing Assistance to Maintaining Your Home
Even while caring for children is a full-time job in and of itself, homemakers often do other tasks. Many stay-at-home parents are responsible for laundry, housekeeping, food shopping, and cooking. These are not simple assignments.
Consider what would happen if you were to die today: Your spouse and children would have a lot to cope with, both psychologically and logistically. Not only that, but your family members will want a great lot of aid to manage the home's day-to-day operations as they mourn.
Hiring someone to do the laundry and ordering takeout or daily meals may quickly become expensive. Eating at a diner or ordering delivery is up to five times more costly than preparing dinner at home.
With a life insurance policy, the premium may help cover these increased expenditures and more as your family develops.
Arrangements for Future Expenses
As your family grows, so do your expectations. Will your children be involved in extracurricular activities? Do they intend to attend college?
You are now a stay-at-home mom, but you may want to return to the workforce when your children are older (and also more pricey). What would your real property and income look like in 10 years?
A life insurance approach may ensure that your family can take advantage of every opportunity you planned for them, whether now or decades from now.
Parents, who stay at home need how much life insurance?
There are several factors to consider when determining the amount of life insurance you must acquire if you are a stay-at-home parent or are planning to become one soon. This is the amount (the death benefit) you would leave to your family in the event of your passing. It may also vary depending on factors such as your family's cost savings, household income, and current and prospective costs.
You may leave only enough to meet last and burial expenditures, keep your family comfortable for a few years, or a gift to cover future needs, such as college tuition. It is a personal decision that only you and your family can decide. If you need assistance, a (commission-free) financial planner may help you determine the optimal amount of life insurance for your case.
The labor of stay-at-home mothers is extremely difficult. Even though you do not get a wage, it does not mean that your effort does not provide value to the family. Ensure your family's financial future with a life insurance policy, and protect what you've built in your home.