SAHMs Don't Need Life Insurance

Did the title grab your attention?

Here's the deal: No one needs to have life insurance. Life insurance isn't for you; it's for those that depend on you. SAHMs (stay-at-home moms) should want it. 

If you have loved ones who rely on you, and heaven-forbid, should something happen to you, the consequences would be devastating, of course. To even think about that is terrifying. Yet, don't let that stop you from making a plan. 

While life insurance can't touch the emotional impact of loss of life, what it can do is provide financial peace of mind. Even if you don't earn money, and you stay at home with your children, salary.com estimates that a SAHM's annual financial worth is over $100,000! SAHMs are difficult to afford and you should seriously consider insuring that worth. 

Here are 3 things you need know about life insurance:

1. Life insurance is surprisingly inexpensive. For a fraction of the cost of a daily latte, most can purchase appropriate term life coverage. 

86% say they haven’t bought life insurance because it’s too expensive, yet overestimate its true cost by more than 2x.
— LIMRA and Life Foundation

2. Life insurance doesn't have to be complicated. The insurance industry is notoriously confusing and has earned itself a bad reputation. Don't let that stop you. The simplest way to protect your family is to select a term policy for the duration of time family members are dependent on you. Here's an example:

SAHM Mom, 35 years old, children ages 10 and 12. Annual worth of $100,000.

Term policy for 10 years (until youngest child is out of the house) for $1,000,000 (10x your annual worth). 

Monthly cost of $18.60. 

3. Life insurance can help your family function. Consider the following things that life insurance proceeds can take care of:

  • Childcare
  • Outstanding debt (credit card, student loans)
  • Mortgage
  • College education for children
  • Household needs (cooking, cleaning, yard work)
  • Funeral costs

Life insurance is cheaper than you think, doesn't have to be complicated, and can provide for family essentials. You don't need it. You just might want it. 

Insurance Happens specializes in helping moms and dads find appropriate term coverage. The best way to get started with is with a no-obligation, free quote.