Women play a powerful role in household finances. When we die, our absence leaves not just an emotional scar, but a financial one, as well. Fortunately, we have the power to lessen the blow to our family and loved ones by doing something as simple as purchasing a life insurance policy.
Why Life Insurance is Important for Working Mothers
In 69% of American households, mothers work. Forty-nine percent of those families have two parents working full-time, seventeen percent have the mother working part-time while the father works full-time and six percent have the mother as the primary or sole income earner.
That’s a lot of mothers working. And that’s a lot of income lost should something happen to you. You need life insurance to hedge against the chance that you will be lost, and with you, your income. You’ll also need to remember that funerals aren’t cheap, so factor that into the equation when you’re figuring out how much coverage you need.
Why Life Insurance is Important for Stay-At-Home Moms
I bought my first non-work sponsored life insurance policy when my eldest was born. I was doing the stay-at-home mom thing and taking classes at night. I had just started building my blog, but at the time my income was about $0.
Life insurance was still important to me, though. I knew that in a few years I’d be the primary breadwinner in our household and that if I were lost, the time we had invested into my education would be lost, as well. It would also be a lot harder for my husband to return to school if he were a single dad.
I wanted life insurance to buy him that time, if needed. To buy him the best child care the Burgh had to offer so he could return to school and then work again. To replace the income I was supposed to be earning a couple of years down the line. To make life easier.
Are you a stay-at-home mom who plans on never returning to the workplace? You are valuable, too. And I’m not just talking about the touchy-feely-mom-can-never-be-replaced kind of valuable.
Your death would be a massive economic blow to your family.
The child rearing you do? Your partner is going to have to pay someone to do that, and you don’t want them going with the cheap option.
The cleaning? Unless they develop a way to be in two places at once, they’re going to have to hire someone to do that, too.
Managing the bills and driving to doctor’s appointments and scheduling lives?
You get the idea. Your life is valuable to your family in a very numerical way. According to Salary.com’s 16th Annual Mom Salary Survey, your work is valued at $143,102/year. Insure yourself accordingly.
Why Life Insurance is Important for Single Women
Don’t have kids? That doesn’t mean your life isn’t worth insuring. In fact, in retrospect I realize I should have bought my first policy long before my first child came along. Funeral costs alone would have been a major burden on the nuclear family that raised me.
On top of funeral costs, women have a tendency to take care of others regardless of their marital or motherhood status. There are 65 million people in this country taking care of their elderly parents or other family members, and 66% of them are women. Of those women, 63% are not caring for children 18 or under in their home. That means that they either don’t have kids or their children are grown.
Want to know what the cost of family caregiver services are? $375 billion/year across the US.
Life insurance can provide your loved ones with the support they will need as they get older if you aren’t there to take care of them.
How do I get life insurance?
My policy required me to take a blood test and go through some other medical examinations with a nurse in my home. Not all of them do. You will need to disclose if you smoke or have any other health-related problems, though.
As with all insurance products, some companies will charge you higher or lower premiums for identical coverage.
Term life insurance is my favorite kind of policy, as it comes with a flat premium rate for a set death benefit and doesn’t market itself as an investment.
You should never buy the first policy you see; you want to make sure you’re getting a good deal. A good place to get started with smart comparison shopping is SelectQuote, where you’ll be able to see which insurance providers are providing the best coverage at the best price.
However you go about purchasing a policy, do it. You are valuable, and you want to know that your loved ones will be provided for should the unthinkable ever happen.
This article was sponsored by SelectQuote, but all thoughts and opinions are my own.