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Why Moms Need Life Insurance

May 6, 2019Financial Fitness

By Marta LoFranco

In 2011, Starbucks CEO Howard Schultz challenged his team to create a coffee blend for their 40th anniversary. It had to be unlike anything Starbucks had ever offered, and he said, “Make it unique. Make it speak to our heritage. Make it encapsulate everything we stand for.” His team took the challenge – blending Aged Sumatra, sundried Ethiopian and coffees from Colombia and Papua New Guinea to create the Starbucks Tribute™ blend.

The other day as I sipped my Cinnamon Dolce latte at Starbucks, I noticed the expertly designed bags of coffee with the word Tribute on them. As I read the slogan, “A coffee like no other. Loved like no other.” I wondered what was special about this coffee and I started to think about the people in my life who I’d like to pay tribute to. I thought about my mother, my aunts who “mothered” me and about what a privilege it is for me to be a mother of four. As I sat there, I realized that our love for mothers is always with us – often coming to the surface at the most unexpected times.

Just like the Starbucks Tribute™ blend, Mothers are a unique blend – combining love, joy, laughter, encouragement, service and sacrifice. They are usually the first to sacrifice their own needs for those of their children, by losing sleep when babies are hungry or sick, giving up sanity to keep teenagers at home with their hungry friends, and setting aside serenity to babysit their adorable grandchildren. In Matthew chapter 23:37, Jesus paints a picture of His love for Jerusalem with the analogy of a mother hen that gathers and protects her chicks. He says, “…how often I wanted to gather your children together, as a hen gathers her brood under her wings…

Because “Mom” is someone we depend on for so many things it’s important for her to have the right amount of 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 breadwinner. This thinking often prevents Moms from getting the coverage they need to have whether they are married, single or a stay-at-home parent.

Married Moms in a Two-Income Family

Many families rely on two incomes, yet only 56% of women have life insurance coverage compared to 62% of men according to the Life Insurance Marketing and Research Association (LIMRA)1. Consider this, if you died suddenly, would your family be able to maintain their standard of living on your spouse’s income alone? Remember—life insurance makes childcare and household help/management possible so that your plans for your family don’t change if something unexpected happens to you.

Single Moms

As the primary breadwinner and caregiver, Moms have a lot resting on their shoulders. 69% of single-parent households2 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 childcare and to protect their children’s well-being and financial future.

Stay-at-Home Moms

Even though you may not 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 $67,742 if you were to be compensated for a 40-hour work week. And at a whopping $162,581 if you accounted for all of the overtime moms put in.

Remember Moms, there would be a huge replacement cost if you were not there to manage these responsibilities. It could be very difficult for your spouse to pay for these services 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.


1 Johnson, E. (2018, November 19). 5 Reasons Women Need Life Insurance More Than Men Do.
2Johnson, E. (2018, May 3). Affordable Life Insurance for Moms.