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Stay-At-Home Moms and Term Life Insurance

Stay-At-Home Moms and Term Life Insurance

Family structures vary – especially these days. When a family includes a stay-at-home mom (or dad!) , she is typically the glue who holds the family together. The work full-time moms do, and the day-to-day support they provide, creates value that can’t be measured in dollars.

A misconception about life insurance is that only the household breadwinner needs to purchase a policy for the family. This isn’t the case. Term life insurance policies can be equally as important for full-time parents.

The Work Done By Moms Is Valuable

While stay-at-home moms aren’t salary earners, they do contribute to a family’s finances. In fact, a recent infographic comparing the work done by more than 6,000 full-time moms to those of full-time workers found that the average salary for moms, if they were paid hourly, would be an estimated $118,905.

Consider if your spouse was earning a six-figure salary, and then you lost him or her. You would need a financial cushion to cover that contribution, which a term life insurance plan can offer. That cushion isn’t any less important for a full-time mom.

Stay-At-Home Moms Reduce Child Care and Household Costs

Raising children and maintaining a household is a full-time job and would be costly to seek additional help for. First on that list is childcare, which can quickly add up. Depending on where you live, parents can spend up to $16,000 a year for full-time care — often the single largest household expense. Even once a child starts school, after-school care can be up to $11,000 annually per child.

Then, we’re on to household chores. Housekeeping, grocery shopping, transportation for the kids, cooking, cleaning and more are not only time-intensive tasks, but they would also be expensive to hire full-time help for. Many single, working parents can’t cover all of these activities and the costs associated with them alone, especially in the wake of losing their spouse.

It’s important to take into account these expenses, particularly if you have more than one child and they’re young, and the potential need to financially protect your family with a term life insurance policy.

Moms Matter

The reality is that no amount of money can ever replace a full-time mother. But a term life insurance policy can help ensure that, at the very least, her loved ones can avoid a financial strain in the event of a tragedy.