Life Insurance for the Today's Mom

Do you remember your dad going off to work while mom stayed home to manage the household and take care of the kids?

While times have changed — women now make up 49 percent of the workforce (an all-time high) — many women still stay at home to care for children and run the house.

While we can't put a dollar value on what a mom means to her family, the value of her work is definitely measurable.

In today's dollars, the estimated cost of all the services stay-at-home moms provide is more than $118,000 a year.

The bottom line: Whether she's a stay-at-home mom and wife, or brings home a large share of her family's income, the reasons women need life insurance are the same as those for men.

Stay-at-Home Moms Are Providers, Too

Stay-at-home moms may not be breadwinners, but they're providers who make significant contributions to their families' well-being.

If a stay-at-home mother dies, her husband might need to hire someone to help with household responsibilities including: taking care of kids, helping with homework, paying bills, doing yard work and many other responsibilities.

And child care is a significant expense. Costs fluctuate across the country and among children's ages and care types (day care center, in-home care, etc.), but the national average annual cost of child care for a youngster under 5 years old is about $9,300.

Life Insurance Can Help Working Moms Replace Incomes

Today, many working moms are either the sole or primary source of income for their families. If a family depends on a woman's paycheck, life insurance can help replace that income if she dies during her working years.

It's easy to see why couples with children may need insurance, but it can also apply to couples without children if the wife's passing would be financially difficult for the husband.

Many Women Could Use More — or Even Some — Life Insurance

Women have some catching up to do with men when it comes to life insurance coverage. Statistically speaking, fewer women than men have life insurance, and women have insurance policies with lower dollar coverage than men. And 43 percent of women have no life insurance coverage at all.

Working and stay-at-home moms alike could use life insurance to:

• Pay final expenses — Life insurance can help pay funeral and burial costs, debts and medical expenses not covered by health insurance.
• Create an inheritance — If a woman has no other assets, she can create an inheritance by buying a life insurance policy and naming loved ones as beneficiaries.
• Pay federal and state "death" taxes — Life insurance benefits can help pay estate taxes, so a husband or children will not have to liquidate other assets or take a smaller inheritance.
• Create a source of savings — Some types of life insurance create a cash value that can be borrowed against or withdrawn at the owner's request.

For more information on the right coverage for you contact me by email to learn more.

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