I was reminded today of how old I am getting by my own father. He reminded me that I would soon turn 39. It’s creeping up there at an alarming rate! I feel so unprepared. I don’t even have life insurance! These are all things that I started thinking more about lately. Jeremy and I have never taken these steps and I really think we need to start looking into it and figuring things out. It isn’t even really about our age. A long life is not guaranteed for anyone. I’ve had my close calls, I know how fragile it is.
It was easy to locate information to start educating myself with GENWORTH. They have a lot of resources on life insurance. How much to get, even a life insurance budget calculator.
I just read an article about Why stay-at-home parents need life insurance. It had some great information that I didn’t know. I always thought it was most important to have insurance for the breadwinner of the family and not really the stay at home parent. According to the article I read, I was wrong and so are many other people. Experts say this line of thinking is a major mistake. They say that families should consider purchasing life insurance to insure the stay-at-home parent and cover the cost of services he or she provides. I never even thought about that until I read this article.
Seriously, if you are a stay at home parent and you died tomorrow,(…sorry, morbid I know, But necessary to make the point.) would your family have the money to hire other people to do all of the things that you do? Not just short term, but on a day-to-day and then think even on a year-to-year basis? YIKES! I know that my family could never afford that!
Some of the services provided by stay at home parents include:
- Caring for the children
- Preparing meals for the family
- Cleaning the house.
- Being a chauffeur for the family
- Running errands
- Grocery shopping
This list could go on and on!
Salary.com estimates that a stay-at-home mom with one child who is pre-school age and another child who is school age would provide services worth a median salary of $112,963.
Yea, that is for one child. This makes me worry about my family…
Do you have life insurance?
This post is brought to you by Genworth on behalf of Brandfluential. All opinions are my own.