insurance

Life Insurance Calculator for Stay At Home Moms (SAHMs)

How do you measure the value of, or place a dollar amount on, the contributions of a Stay-At-Home Mom (SAHM) to her family? SAHMs work for "free". For parents in the workforce, the process is pretty straightforward. Most insurance experts recommend, in general, you multiply your annual salary by 10. What if you don't earn a salary?

First off, let's acknowledge the necessity of life insurance for Stay at Home Moms. Even though you're not paid for the tireless work you do, your value is immense. You can never be replaced. However, if something were to happen to you, the financial impact to your family could be devastating. In fact, in their most recent report (2014), salary.com concluded that a Stay-At-Home Mom works, on average, 94 hours per week and has the earning potential of $118,905.

Fortunately, calculators exist to help you decide on a dollar amount for a life insurance policy. Life Happens, a nonprofit life insurance awareness company, provides a free calculator. It's easy to use and works even if you aren't a wage-earner in your family. You can find the calculator here. Remember these tips for filling it out:

1. Don't use commas when filling in dollar amounts. 

2. You will be able to fill in your spouse's (or partner's) income. 

3. There is also a space for total family income, in case there are additional sources of income. 

4. Some questions are specific, such as your tax bracket. It's okay to leave it at the assumed value if you are not sure. 

5. Remember, the calculator exists to provide you a general idea of how much insurance you should get. Ultimately, you should decide an amount you feel comfortable with. 

Finally, it's important to know that life insurance premiums (monthly or annual cost) are cheaper than you think. 

Many people believe coverage is more expensive than it is. On average, consumers estimate the cost of life insurance twice as high as the actual price. (source: LIMRA 2015) 

For about a dollar a day, a healthy 30 year old mom, can receive $500,000 in coverage. That's a fraction of the cost of a daily latte! 

To get started on an application, or to learn more about our process, click here

Moms and Dads - Compelling Events Remind Us To Get Life Insurance

Maybe it's something exciting, like flying somewhere for a family vacation. Possibly it's something difficult, like the loss of a loved one. We think about life insurance when compelling events happen in our lives. For many, the thought is fleeting because we don't like to think about something scary, like death. 

Let's say a coworker passes away unexpectedly. You are reminded of how precious life is and how we're never guaranteed another day. It's unnerving. Thoughts of mortality typically make us uncomfortable and paralyze us from taking action - to plan for the unknown and protect our loved ones.  

What if you could rise above those fears and take action? Challenge yourself to tackle those yucky, uncomfortable feelings about loss of life. 

Life is precious and invaluable. No dollar amount can be placed on a human life. Yet, loved ones rely on your financial means. Understanding the financial value of your life will allow you to determine how much life insurance you need. Fortunately, there are resources that make the process simple and informative. 

Life Happens, a nonprofit life insurance awareness organization, created a "human life value calculator". The calculator analyzes items such as your age, occupation, income and the number of people that depend on you financially, to determine the proper amount of insurance coverage. 

Ultimately, it's important to work with an agent who will make the steps to obtaining life insurance easy and straight-forward. To get started with a free no obligation quote, click here

"Tell me, what is it you plan to do with your one wild and precious life?" - Mary Oliver