Stay-at-home moms still go outside, walk across the street and drive a car. They are subject to the same day to day risks of any person, but many do not consider that anything could ever happen to them.
You don’t like to think about dying and leaving your family behind, but the possibility always exists that an unexpected event can cut your life short. In the case of tragedy, you know that your loved ones will struggle. Making sure they do not have financial worries on top of their grief is the only responsible thing to do.
Term life insurance is so inexpensive that there is never a reason to leave your family unprotected. A policy for yourself and your husband can cost as little as $20-30 per month for a policy as large as $200,000, and can bring enormous peace of mind.
In the event that one of you is killed in an accident or succumbs to unexpected illness, the surviving spouse will have to raise the children and cope with the finances alone. They will also have to deal with the ever rising cost of funeral arrangements and burial.
Term life insurance pays out a lump sum to the designated beneficiary upon the death of the insured, and most funeral homes and banks will extend credit for burial and living expenses on receipt of confirmation that such a policy was in force.
Your husband would be able to take time off from his job to grieve and care for your children, and afford good childcare for when he had to return to work. He might also be able to hire help for the things you usually took care of, such as household matters such as cleaning and cooking.
Term life insurance for stay-at-home moms is generally inexpensive, as they are usually fairly young and healthy, and not prone to high risk activities. If insurance is available through the husband’s job, it will be even cheaper.
The wage earner should typically be insured for 5-10 times the annual salary, and a stay-at home mom for about a quarter that amount. If you can afford more and expect the employment with the particular company to last, purchase as much as possible. Group insurance is the cheapest you can find.
If employment is subject to change without notice, consider purchasing additional term life insurance from another source. This is a good use for a portion of your income tax refund if you receive one, as you can pay off the policy in full and be covered for 10 or more years without having to worry about monthly premiums.
Once you have purchased term life insurance, make duplicate copies of all paperwork and place one set where it will be easy to hand in case the worst happens. You don’t want to be searching for it if you end up needing it. Place the other copy in a safe deposit box in case of fire or other incident that could destroy the first copy.
Life insurance is an unpleasant necessity, but it is immeasurably better to have it and not need it than to meet with tragedy and leave your loved ones struggling to make ends meet.