Can you imagine what the total cost would be to have your own personal chef, nurse practitioner, consultant, accountant, designer, driver, housekeeper?
It would cost a ton!
If you are a mom, you probably realized that I have listed some (certainly not all) of your daily duties of being a mother.
It is very common in many households where the breadwinner has bought a lot of insurance to cover them, but that stay at home mom who makes many of the above tasks on a daily basis?
The fact remains that many moms either do not have adequate coverage for life insurance on them, or worse, do not have a life insurance coverage at all!
Believe me when I say this : most dad would not survive a day without you. My wife is the CEO of our home and without her children would not get fed, homework is not done, and I would be a complete wreck.
Salary.com published a recent study estimates that stay at home moms work an average 94 hours per week and are worth a salary of $ 113,000.
Personally, if I told my wife that it was all she was worth, I'm pretty sure I would get a rather disgusted look.
And that's just for stay at home moms. What about moms who have joined the work force?
Now that we have agreed that moms need life insurance, here are some other considerations that you should have before purchasing your policy.
How Life Insurance Do you need to buy?
There are many basic rules that you can follow when purchasing life insurance. The trick is to adapt these basic rules to your own personal situation
Rules of thumb to consider :.
- 10 times earnings
- 20 times earnings
- The sum of all your debts
The main thing that matters to determine how much you need is how much you can afford.
do not become poor life insurance!
Basically, this means that you should not break the bank just to be able to your means your life insurance premiums.
the good side is that the rate of women regarding life insurance is sometimes 10% to 20% less than men.
True story.
women are generally healthier than men and their rate on life insurance premiums represent.
If you are not exactly how much life insurance to buy, there are very practical calculators on the web that can help you determine how much you actually need.
What types of life insurance If you consider?
debate between whether to buy term or permanent insurance otherwise known as whole life.
look at the long-term life of differences against the whole life to see that we could make sense to you.
temporary life insurance will cover you for the duration that you have purchased. For example, if you buy a long-term policy for 20 years, then you will be covered for this 20-year period and expire after. the term life insurance is the most affordable type of life insurance you can buy.
whole life insurance does not expire and gives you coverage for your "whole life" or as long as you continue to pay for the premium. All life also offers a cash value component which means that, after years of paying into it, you can earn money you might be able to borrow out of the use of preferences.
The biggest drawback of the whole life cost. You can expect to pay 10-20 times more for whole life insurance for the same coverage you get with term.
If you're budget is tight, I would stick with a cheap term life insurance policy.
shopping for life insurance
Your safest bet is to go with an independent agent that is capable of using multiple media.
Be careful about the term independent although sometimes it gets misused. Preferably, you want an independent agent who can use several different media.
Why a free agent? Because if you have some kind of medical condition, an independent agent can shop with several carriers on your behalf.
What is the monetary value of the tasks performed by the mom in your family and what assurance do you use to protect it?
photo credit: ~ PhotograTree via photopin cc
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