This post was brought to you by J Women’s Network and Genworth. All opinions are my own.
Since I started working at home, I’ve relied on my husband’s insurance to cover me. When I had my first son in 2010, it became apparent that I needed life insurance, just in case something were to happen to me. I highly recommend that every mom – even those that stay at home with their children – insure themselves, as you never know what the future may bring.
Why Do Stay-at-Home Moms Need Life Insurance?
Take a minute or two to think about everything that you do for your family. You cook, clean, watch the children, play Mom Taxi, and do countless other things to provide for your family. Sure, your spouse is the one bringing home the bacon. However, consider how your contributions are saving the family money.
Because you stay at home, there is no need for childcare costs. There is less wear and tear on the vehicle since you aren’t having to commute five days a week. Some families in this situation choose to be a one-car household, allowing them to cut costs on auto repairs, gas, and maintenance.
Inside the home, a stay-at-home mom negates the need for a maid, a chef, or a babysitter. Moms that homeschool eliminate costs for school lunch, all of the supplies needed at the beginning of the school year, and the transportation necessary to get your child to and from school. Because you are home, you aren’t needing to spend money on business clothing or lunches out.
With all of these factors in mind, think about what your family would do if you were not there. Would your spouse be able to afford to pay for all of the duties you are currently providing? Without life insurance, it would be extremely tough to compensate for all of the money you save the family.
Now that it is more apparent that stay-at-home moms need to be covered with life insurance, the next question may be, how much should I buy? That number will be relative to your family’s income and budget, but Genworth Financial can help you decide on the best answer below.