This post was brought to you by Genworth as part of a campaign by the Brandfluential team. All opinions are my own.
I have been a stay-at-home mom since I was 21 years old, even before my first son was born. For the past 15 years, we’ve been a one income family. Just recently, I have started making money from this glorious blog but it’s not something I could use to support an entire family (YET! I have goals, though!).
My husband has a good job & we have life insurance for him through his work. It was just a given that we had to get him life insurance. If something was to ever happen to him, we would struggle so badly without it!
But what I never thought about was getting life insurance for me! I mean, I don’t bring in income to the family so why would I need life insurance? Would would the benefit be of a stay-at-home parent having life insurance?
After doing some research, reading some articles and looking around the Genworth Insurance website, I realized I really do need to get life insurance! Think about all that a stay-at-home parent does do for the household…raising the kids, cleaning, cooking, laundry, driving the kids all around, grocery shopping, errands…the list goes on & on. If something was to happen to the stay-at-home parent, chances are that the remaining parent would have to hire help to still be able to go to work and function as a family again. Help like that does NOT come cheap!
But how much life insurance do you need? I wouldn’t even have a clue what the jobs I do around here on a daily basis would be equal to. Jacob Gold, a retirement coach at ING, says that he & his wife took the amount of life insurance they purchased on the parent that works outside the home and then have the same amount of coverage for the stay-at-home parent. Their goal is that there would be enough income that the surviving parent could then be there for the kids for awhile, while making their career come in second. (source)
It’s not a topic any of us like to talk about, but it’s an important one to think about for the future of our families. I know I am talking to my husband this weekend about getting me life insurance!
Are you a stay-at-home parent that has life insurance?