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Stay-at-Home Moms Need Life Insurance Too

By Byron Udell | May 7, 2014

Stay-at-Home mothers need life insurance too. Think how much it could cost if you had to PAY for all her jobs. To hear more, read on.

How would you react to a job offer where you were expected to work 24/7 in different capacities—sometimes as a cook, sometimes a nanny, sometimes a nurse?  That’s exactly what was advertised recently and only 24 people applied for the post.  In the job interview, candidates were told their salary would be a whopping … zero!  That’s when everyone backed out.  But guess what?  There are millions already working in such positions.  One of them might be working in your home.  They’re better known as Mothers.

Stay-at-home moms daily and tirelessly manage and keep the home, care for children, and drive kids to school and soccer games. Some even take on the additional task of home-schooling their kids.  It is estimated by Salary.com that stay-at-home mothers work 100 hours a week and if all their services were added up in monetary terms, they should be earning an annual salary of $120,000.

So here’s something to think about: If the breadwinner should protect the family with life insurance, why shouldn’t the stay-at-home spouse also be protected?  Take a look at some of the jobs you would have to pay for if your spouse were no longer around: $9.00/hr for cooking, $14.00/hr for driving, $10.00/hr for housekeeping, $9.50/hr for child care, $22.50 for planning parties, $18.50 for coaching with homework, and $54.50/hr for being the CEO!

Term life insurance is extremely affordable right now and may work out to just a $1.00 a day.  Don’t put this off—average premiums for life insurance may increase next year and go up as a person ages.  There are health factors to consider too and the longer you wait, the more expensive it may be.  Find out how much a term life insurance policy would cost now.

One more thing to consider: Adding a long term care insurance rider on your mother’s life insurance policy would give her greater peace of mind, especially if she’s an older mother.  You can get more information on long-term care insurance here.

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