Life insurance can be confusing, but after reading these 6 life insurance myths debunked, you should be able to navigate the industry with confidence.
Moms are equal parts friend, disciplinarian, psychiatrist and teacher. Forever treasured by their children; they are the people who make lunches, clean clothes, shuffle the kids to appointments and so much more.
When Mother's Day rolls around, many want to spoil the woman in their life with jewelry, flowers and breakfast in bed. These are all good instincts. However, a great gift may be the one you buy for yourself. A life insurance policy can be a meaningful present, and helpful in ensuring that your family will be financially protected no matter what life brings. We suggest that you consider life insurance for anyone who brings exceptional value to your family.
Who may need life insurance?
Dads: It may seem strange at first to buy yourself something for Mother's Day, but when you're a father, life insurance is one of many important ways to help provide for your family. Use this holiday to show your wife that you want to help ensure her future, and the future of your kids, from the uncertain.
Stay-At-Home Moms: As of 2012, 29% of mothers were stay-at-home moms raising 12.2 million children all together.* On average, these moms spend 18 hours a week providing childcare and 23 hours per week on housework. While a stay-at-home mom may not immediately seem like a good candidate for life insurance, the work that they do in the household has incredible value. If something were to happen, the financial impact of finding housecleaning and cooking services, as well as childcare, could be significant.**
Working Moms: On the flip side, 71% of mothers, as of 2012, were working outside of the home. Working moms not only bring income into the home, but they also still provide significant value as a caregiver. Working moms spend 14 hours on housework and 11 hours providing childcare each week. These women provide both income as well as non-monetary value to the household, and it's probable that their loss could cause financial strain to their family.**
Grandmas Too: Do you rely on your kids' grandma for childcare? If your mother or mother-in-law is watching your children while you and your spouse work, she is providing a value to the family that is financially significant. Finding day care services to supplement her care, should something happen to her, could cause strain. Use this Mother's Day to show her she's a valued part of your family, and discuss a life insurance policy for her.
How can life insurance help?
The Everyday Expenses: With the loss of a spouse, specifically a mother, life insurance can be very helpful covering everyday expenses like mortgages, utility and grocery bills as well as childcare. These expenses can become overwhelming in a single income household, and life insurance can ease some of this stress.
Final Costs: When a death occurs, families may be overwhelmed by medical bills and funeral costs. With the help of life insurance, these costs may be covered allowing a grieving family to focus on what matters.
Your Children's Futures: If a spouse passes, it's not unlikely that many of the household resources would be diverted to paying the bills. Keeping your home and buying groceries might take precedent over continuing to fund a college account for your children. With the help of life insurance, you may be able to maintain the financial picture that you and your spouse had originally planned.
Good mothers know that preparation is key to a happy and healthy home. Purchasing life insurance for both mom and dad can be an important step to helping to secure the future of your family. If you're interested in learning more about life insurance for this Mother's Day, get started by requesting a quote.
*https://www.bls.gov/opub/mlr/2014/beyond-bls/pdf/stay-at-home-mothers-through-the-years.pdf
**http://www.pewsocialtrends.org/2014/04/08/chapter-3-how-do-mothers-spend-their-time-at-home/
