Monday, June 10, 2013

Life Insurance for Stay at Home Moms (Guest Post)

Monday - 6.10.2013

Liran Hirschkorn and his wife are expecting their second child this year. When he's not spending time with his growing family he works to pair people with the top rated life insurance companies. Below he argues why stay at home moms still need life insurance and details the cost associated with it.

The life insurance industry is filled with misconceptions and false information about every aspect, but one that is prevalent and leaves many families under-insured is the notion that stay at home moms (or dads) do not need it because they do not bring home a paycheck. Now nobody likes to think about it, but if mom were to pass away the emotional hardship would be heightened by the financial toll these kind of tragedies have on a family. As Alice told me, she has been the beneficiary of a life insurance policy that helped maintain her lifestyle, and now she has her own policy even though she’s a stay at home mom.

A Job in Every Sense of the Word

I’m sure I’m preaching to the choir hear, but stay at home moms do an immense amount of work that would have to be replaced with financial means if the stay at home parent passed. Nannies may have to be hired or day care paid for, higher foods costs can easily be expected if take out and convenience foods are going to be purchased, not to mention the extra burden and possible costs on the surviving parent who suddenly finds themselves trying to manage every task. Life insurance can even pay for a child’s schooling which is doubly important if you homeschool your kids; life insurance could help to pay tuition for your favorite private school if your spouse couldn't continue home schooling. All in all, once the numbers were broken down it was found that stay at home moms should be making over $100,000 a year in 2011.

More Affordable Than You Think

Another common misconception is that life insurance costs an arm and a leg for a gamble, but this really isn't the case once you break down the numbers. In fact, most women will find that a life insurance policy that offers decent coverage will end up costing them less per month than whatever cable/internet/phone plan they’re shelling out for a month. The trick is going with a term life insurance plan that covers you for a set number of time; usually ending whenever you feel your children will be largely self-supported. Term policies are much, much cheaper than whole life insurance due to the less risk taken on by the companies. Here are the numbers broken down for 30, 40, and 50 year old women looking for $250,000 worth of coverage at the Preferred Plus and Standard rates for a 20 year term. Keep in mind these numbers are an average and can vary depending on providers and other lifestyle factors.

Age 30: Preferred Plus Rate - $12.50 a month. Standard Rate - $21.20 a month.
Age 40: Preferred Plus Rate - $16.20 a month. Standard Rate - $31.30 a month.
Age 50: Preferred Plus Rate - $33.20 a month. Standard Rate - $61.70 a month

In 2008, the average age to have a first child was 25 years old. This means if you’re shopping for life insurance at a younger age (20s – 30s) you’ll have a much lower rate just based on age, and you’re more likely to be healthy. Term life insurance payments stay constant as well, which means if you got ill your premiums would not increase and you’d stay with paying the rate you were quoted.

Just because you may not bring home a paycheck doesn't mean you do not need coverage. This mindset leaves families ill protected and life insurance is a great way to protect yourselves if you do not have the finances in place to cover a death otherwise.

To contact Liran Hirschkorn please email him at or follow him on Facebook or Twitter.

Disclaimer: This post was not written by me, Alice Kingsleigh, however I do believe strongly in the thoughts being conveyed. Thank you Liran Hirschkorn for your informative post.

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  1. I guess life insurances should still be considered with a pro and contra approach. There are situations where a life insurance is extremely necessary, but in others it might be more sensible to build up a savings account instead of buying a risk life insurance, or chose a universal insurance that also doubles as a private retirement option.

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