Do Both Spouses Need Life Insurance? The Short Answer is Likely Yes.
We think of Moms as friend, disciplinarian, psychiatrist and teacher. Mom is the often who makes lunches, clean clothes, and shuffles the kids to appointments. Mothers are changing too, with women postponing motherhood until later in life, and more women who've never married giving birth.¹
For Mother's Day the greatest gift may be the one that doesn't come in a traditional box or gift bag. A life insurance policy can be a unique and meaningful present, and helpful in ensuring that your family will be financially protected no matter what life brings. We suggest that you consider buying life insurance for anyone who brings exceptional value to your family.
Working Moms: The impact of working mothers has changed dramatically over the past few decades, with mothers the primary or only workers for 40% of households with kids under 18. That is more than 3x the rate since 1960. And women are not only working for others. Women own close to 10 million businesses, and women veterans often continue to work in government positions. For the 70% of mothers who are helping or solely providing financial support, it's probable that their loss could cause financial strain to their family.²
Stay-At-Home Moms: As of 2012, 29% of mothers were stay-at-home moms raising 12.2 million children all together.³ On average, these moms spend 18 hours a week providing childcare and 23 hours per week on housework.⁴ While a stay-at-home mom may not immediately seem like a good candidate for life insurance, the work that they do in the household has incredible value. If something were to happen, the financial impact of finding housecleaning and cooking services, as well as childcare, could be significant.
Caregivers: Women are caregivers not just to children, but often to other family members, such as parents, in-laws or spouses. With women making up 2/3 of caregivers, they are providing another valuable contribution to the entire family support system, and generally doing this on top of other work outside the home.⁵ Buying life insurance for the caregivers in your family may help secure the comfort and security of multiple generations.
Grandmas Too: Do you rely on your kids' grandma for childcare? If your mother or mother-in-law is watching your children while you and your spouse work, she is providing a value to the family that is financially significant. Replacing day care services, should something happen to her, could cause a strain on finances. Use this Mother's Day to show her she's a valued part of your family, and discuss a life insurance policy for her.
Dads: It may seem strange at first to buy yourself something for Mother's Day, but when you're a father, life insurance is one of many important ways to help provide for your family. Use this holiday to show your wife that you want to help ensure her future, and the future of your kids, from the uncertain.
The Everyday Expenses: With the loss of a spouse, specifically a mother, life insurance can be very helpful covering everyday expenses like mortgages, utility and grocery bills as well as childcare. These expenses can become overwhelming in a single income household, and life insurance can ease some of this stress.
Final Costs: When a death occurs, families may be overwhelmed by medical bills and funeral costs. With the help of life insurance, these costs may be covered allowing a grieving family to focus on what matters.
Your Children's Futures: If a spouse passes, it's not unlikely that many of the household resources would be diverted to paying the bills. Keeping your home and buying groceries might take precedent over continuing to fund a college account for your children. With the help of life insurance, you may be able to maintain the financial picture that you and your spouse had originally planned.
Many good mothers know that preparation is key to a happy and healthy home. Purchasing life insurance for both mom and dad can be an important step to helping to secure the future of your family. If you're interested in learning more about life insurance for this Mother's Day, get started by requesting a quote.