Life Insurance for Moms

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Everyone should love their moms. They brought us into the world and raised us, for the most part, for the first 18 years of our lives. Our moms taught us good from bad, supported us with encouragement and provided us with nourishing meals and loving kindness.

Since 1908, the second Sunday in May has been set aside as Mother’s Day in his country. That’s the official day where we give thanks to all that our mothers have done for us over the years.

In recent years, people have been questioning the monetary value of that care and hard work our mother’s provide. The answer is shocking and eye-opening to most people.

The numbers vary widely. A recent Pew study stated that 19 percent of mothers do no work outside the home .That’s an increase of 6 percent increase since 1999. The salary equivalent for those stay-at-home moms, according to Salary.com’s most recent survey of 15,000 moms, was pegged at $118, 905.

This figure is an estimate of what stay-at-home mothers would make if they were paid an annual salary based on the various chores they do and the hours they work.
It’s a common principle of sound family planning that the primary breadwinner of the household should have life insurance. That’s true, based on the outdated idea that the primary breadwinner is male and the supportive wife has no need to carry life insurance. The fact is that even though as a mother who contributes zero income to the family, your loss would cause a tremendous hardship to your husband and children both emotionally and financially.

According to Genworth Financial, 43% of married mothers have no life insurance. For unmarried mothers, 59% have no life insurance.

Why Stay-at-Home Mothers Should Have Life Insurance

The answer is obvious when you look at the salary-equivalent numbers stated above. Without a lump-sum, tax-free life insurance pay off in the event of the mother’s death, dad could find himself mired in a financial struggle trying to replace all of her contributions in running the family.

Looking at the family structure from a strictly financial position, it’s obvious that a mother’s role is as important as dad the breadwinner. Life insurance for the mother, working or not, should be at the core of any family plan.

The Working Mom’s Need for Life Insurance

The death of a working mother means the loss of her income contribution to the family. In many cases in our society, it takes two incomes to support the lifestyle the family has risen to.

A job lost by the mother can be replaces. Her life can’t. The death of a working mother means income replacement for the husband. A life insurance policy valued at some factor of yearly income allows the surviving husband to carry on without financial disruption.

The Single Mom’s Need for Life Insurance

Single mothers should deffinitely have life insurance. Married couples can plan their insurance needs knowing that one spouse will remain to care for the children. Single mothers don’t have this luxury and have to plan accordingly. As they are their children’s only mean of survival, single mothers need to have a policy that funds the children’s upbringing by providing money for the person or persons who will raise them and hopefully contribute toward their education after high school.

Types of Insurance for Mothers

Term life insurance is ideal for all mothers. It’s less expensive than whole life which translates to a higher face value during the years the policy is most important. The critical years of life insurance coverage are from birth to age 18 for the children. Once they’ve reached the age of maturity, the death of the mother no longer has a financial impact on the family.

Term rates are cheap. For instance, if you are healthy woman 30 year of age, the average cost of a 20-year term policy with a face value of $250,000 is as little as $13 per month. In other words, for only $156 per year for 20 years, your children’s financial well-being will be protected by a $250,000 tax-free umbrella through adulthood.

It should be apparent by now that life insurance coverage for mothers of children under 18 is critical in sound family planning. No one likes to think of ever losing the mother, but life doesn’t always play fair. With an insurance payout to help keep the family on a steady course, a mother’s love continuous on after death.

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