You don’t need an income to affect the outcome.
Stay-at-home mamas don’t give themselves enough credit. They also don’t buy themselves enough life insurance. Our Life CoveredSM wants to help fix both of those problems.
When a mother makes the decision to stay at home, we’re pretty quick as a society to dismiss her role as a provider. Anyone who’s ever been/closely observed/read a blog by a stay-at-home mom knows that it’s a lot of work.
But, because it’s a job without a paycheck, the financial significance is too often overlooked, which is one reason that so many women who stay home with their children don’t think they really need life insurance.
If your partner is the one with the income, they’re the only one who needs to be insured, right? Not right at all, if you think about it.
What a SAHM Really Brings to the Table
So let’s say the only “bacon” you’re bringing home is actual bacon. Maybe it’s turkey bacon if your family prefers a leaner option. Maybe it’s tempeh bacon if you’re vegetarians. But whatever the case…
- It’s bacon that you purchased after planning a menu, creating a shopping list, and going to the supermarket, most likely with one or more children in tow. While there, you also shopped for the 5,438 other things that are apparently needed to sustain a household.
- You’ll cook the bacon, along with eggs or pancakes or French toast or maybe all three if you’re accommodating picky eaters.
- You’ll wash the pan the bacon was cooked in, and the plates it was served on, and you’ll sweep up remnants of it from underneath the breakfast table.
- Once they’re fed, clothed, and reasonably presentable (and you’ve coated your scalp with dry shampoo and made sure you’re wearing shoes), you’ll drive your kids to school, or take them to the park, or bravely attempt a toddler yoga class, and somewhere along the way, you’ll notice bacon grease on someone’s shirt…
- So you’ll get home and add it to the growing pile of laundry that’s waiting for you to wash it, fold it, hang it, iron it, or ponder the mysterious disappearance of its counterpart.
- As you hunt for missing socks (and probably clean a toilet or two, wipe away a tear or two, pay a bill or two, make a dentist’s appointment or two, and take a deep breath or two), someone will inform you that either a.) there’s no more bacon and you need to go to the store for more; or b.) they no longer like bacon and you need to go to the store for muffins because that’s all they’ll be eating for breakfast from now on.
Sure, your partner is bringing home a paycheck…but if you weren’t around, who’d bring home the bacon?
Love Don’t Cost a Thing…But Everything Else Does
Even as a woman is logging the nearly 95 hours per week that the average SAHM works, she might have trouble acknowledging it as a financial contribution.
Maybe she’ll express how lucky she feels to be able to afford to stay home (even though with the cost of childcare and the unfortunate persistence of a gender-based wage gap, many moms can’t afford NOT to stay home).
Or maybe she’ll say cheerfully as she microwaves her coffee into oblivion, “Oh, you can’t put a price on the joy of spending time with your kids!” but that’s often as deep as the conversation about money gets.
But here’s the thing: being a stay-at-home parent IS a financial contribution. You’re not putting money into the bank account, but you’re certainly making sure that more of it stays there.
- Cooking/meal preparation
These are just a few of the services you probably provide as a SAHM. They would all cost money if anyone else were doing them…and if you weren’t around, someone else WOULD be doing them.
Much like the joy of motherhood, it’s tough to put a price tag on the value of staying home with your children, but salary.com did just that…and it’s $112,962. Of course that’s an estimate that will fluctuate with each family’s specific situation, but that number, give or take, is why life insurance for stay-at-home moms is so important.
Everything Else, Cont.
Once you make a list of all the services you provide as a stay-at-home parent, you can start to figure out roughly how much it would cost to hire other people to do them. But there’s more to consider.
The average funeral service costs around $7,000, so you’ll want to make sure that expense is covered by insurance so that your family doesn’t have to deplete their savings or go into debt to say goodbye to you.
We spend a lot of time thinking about our children’s future and how to secure it, so of course your policy should be designed to help with education costs, etc. But what about parents or other relatives who might rely on you for care at some point?
Factoring in all these variables will help you and the insurance experts at Our Life Covered decide how much coverage you need.
Your presence as a mother can never be replaced, but a good life insurance policy gives you the power to protect your family even after you’re gone.
Tuck your little ones in tonight, and while they’re under cozy covers, you can shop for quality coverage at ourlifecovered.com. We’d be honored to guide you in the right direction.