Do Stay At Home Moms Need Life Insurance?
While it is often said that life insurance is purchased in order to replace a breadwinner’s income, the proceeds from these policies are also used for many other purposes as well, such as paying for final expenses, reducing estate taxes, and keeping a business afloat should an owner or partner pass away unexpectedly.
One area where life insurance is not always considered – but should be – is with non-working, stay at home spouses. Consider, for example, the many important jobs of a stay at home mom. These duties typically include cooking, cleaning, driving carpool to and from school, arranging other daily activities for the children, and taking charge of overall child care.
If you were to add up the cost of hiring outside help to take over all of these essential roles, the dollar figure would likely be substantial. View full post…