Life Insurance – What Mom’s Need to Know
May 3, 2017Building Your Future
A Mom is someone we depend on for many things. Because we depend on her so much, it’s important for her to have life insurance. Typically, men own more life insurance than women. This is due to a common misconception around the roles that women play and also because they may not be the primary income earner. This thinking often prevents Mom from getting the coverage she needs to have whether she’s in a two-income family, a single parent or a stay-at-home mom.
Married Moms in a two-income family
Many families rely on two incomes, yet working moms are not as likely to have life insurance coverage as are their husbands.
Consider this – if you died suddenly, would your family be able to maintain their standard of living on your husband’s income alone?
Remember – life insurance makes child-care and household help/management possible so that your plans for your family don’t die if you do.
As the primary breadwinner and caregiver, you have a lot resting on your shoulders. One in three single moms do not have any life insurance and/or they don’t have enough coverage.
Consider this – if you weren’t living, how would your extended family or others care for your children in the manner they are accustomed to?
Remember – it is critical for single parents to have enough life insurance for child-care and to protect their children’s financial future.
Even though you don’t earn a salary, you are still making a big financial contribution to your family each and every day.
Consider this – childcare, cleaning, cooking, and household management are all important and much-needed contributions to your family’s well-being. The value of these services has been estimated by salary.com at a yearly cost of $45,697 if you were to be compensated for a 40-hour work week, and at a whopping $134,121 if you accounted for all of the overtime.
Remember – there would be a huge replacement cost if you were not there to manage these responsibilities. It could be very difficult for your husband to pay for these services or to take them upon himself while working full-time.
The gift of a hug and some flowers will put a smile on a mom’s face but the gift of life insurance will deliver peace of mind – allowing Mom to know that her family’s quality of life would be maintained if something happened to her.
Mother’s make our world a great place to be with hugs when we’re scared and with wisdom when we don’t know what to do. Share this important information with other moms you know today, because life insurance is really about “living” without wasting a single moment on unnecessary worries about your family’s financial future.
To learn more about the various life insurance options available, contact a Financial Representative today, they will be happy to provide you with a complete financial review.