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Insurance Education

Cover Each Other: Why Life Insurance for Both Parents is a Good Idea

June 16, 2017

All of the many ways that a dad takes care of his family are pretty special.

Maybe he puts on a suit in the morning. Maybe he puts on a hardhat. Maybe he puts on jeans, cooks breakfast, and gets ready for a day at home with his kids.

Whatever he’s doing, he’s working hard to protect the ones he loves, because that’s what dads do. But dads need to be protected too, and one way to do that is to make sure you BOTH have enough life insurance. Our Life Coveredcan help.

Raising children together requires patience. Respect. Flexibility. Compromise. A good sense of humor. An unwavering commitment to teamwork. An intimate understanding of the fact that life will be indefinitely beautiful, terrifying, fulfilling, exhausting, illuminating and a little bit absurd.

There are so many ways to be great parents and great partners…but taking care of your kids means taking care of each other, and life insurance means you can still do that, to some extent, even if something happens to one of you.

The times, they are a-changin’ (sort of).

Whether it’s deliberate, organic, or a little bit of both, moms and dads tend to fall into pretty specific roles and routines. Even as the modern family dynamic evolves, ceilings shatter, and stereotypes become a little more unwieldy for those still clinging to them.

The currents of history are strong, and they take us in directions that don’t always coincide with contemporary infrastructure.

Sometimes it’s small things. Maybe your guy always takes the trash out and you always do the laundry. Maybe he works full time and you stay home with the kids a couple of days a week. Maybe you do all the grocery shopping and he does all the yard work.

If you’re both doing what you want to do and what makes sense for your family, there’s nothing really wrong with traditional gender roles. But it’s important to acknowledge the balance and the VALUE of what you’re each doing.

Chances are, you’re both working pretty darn hard…and that means you both need pretty darn good life insurance.

Don’t fall into the gap.

Even though 60% of American households including children under 18 are dual income (compared to just 25% in 1960), there’s still a tendency to operate under the assumption that men (and particularly fathers) are the providers and women (especially mothers) are the caregivers. This may be true for your family. It may be just the opposite.

Chances are, the lines are a little blurry and the edges overlap. But what IS pretty clear is that women are noticeably underinsured.

Only 56% of American women have life insurance coverage as opposed to 62% of American men. That may not seem like as big a gap as you’d expect until you combine it with another comparison.

The average amount of coverage for male policy holders is $206,357…for women, only $160,782.

We (women) cite affordability as the biggest factor in NOT buying the coverage we know we need. But, here’s the thing (and you already know this, too): other than the peace of mind it provides (which is certainly no small thing) life insurance isn’t really FOR you. It’s a way for your love to stay behind with your family if you have to leave them too soon.

If you’re a mom who’s trying to save money by skimping on insurance, remind yourself of that.

Covering yourself means covering each other.

Losing a dad is devastating. You lose strong hugs and a soft heart. Someone who can occasionally be talked into ice cream for dinner. Someone who proudly wears the finger painted t-shirts and Spider-Man ties that he gets for Father’s Day. Someone whose bad jokes still make you laugh every time. Someone who will always do his best to fix things, even when he’s not sure how. Someone you can lean on, and someone you can count on.

You can’t ever replace that, but dads who have life insurance know that it’s a way to continue offering support even after they’re gone.

But if Dad is the one left behind, he’ll need support, too, and buying life insurance coverage for yourself means you get to keep working together, no matter what.

Your life insurance is for your children, of course, so that if something happens to you, the comforts and consistencies of their existence don’t disappear along with your presence. Of course there’s no amount of coverage that can bring your kiddos more time with their mom, but the right policy can help keep them from losing time with their dad.

Your life insurance is for your children’s father, so that if he should suddenly find himself lost without the partnership-based parenthood you built together, he will be able to focus on healing and helping your children to heal.

Financial security means that instead of working longer hours, those hours can be spent making blueberry pancakes, helping with science fair projects, going to soccer games, and making sure teeth are brushed and foreheads kissed every night. It means more time to be a dad.

If you’re not sure how much life insurance you need, this calculator can help you get started. Then you can head to ourlifecovered.com for a free quote and access to a team of experts who can help you make sure your family is taken care of.

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