Being able to stay at home with your children in their early years is a beautiful thing, something that is getting more and more difficult to do. The cost of living keeps rising, which means most parents both have to work outside the home.
A lot of parents who stay home wonder if it is worth the cost of a term life insurance policy for them…. after all you’re not bringing in a traditional paycheque.
I am one of those lucky Mums who was able to stay home with my sons..for over nine years. So, I get you and exactly how busy your days are. I know how much work it is, and how tiring and never-ending it can be. However, being paid with hugs and kisses and rewarded with big, gap toothed smiles is priceless….no amount of money can compete with that. I wouldn’t have changed it for the world.
While a stay-at-home parent isn’t compensated for her work … it would be expensive to replace all those things she does. That means, yes, you definitely should be getting covered with a term life insurance policy.
It is a little trickier deciding on the amount to be covered for. Typically, it is recommended to be insured for 10 times your yearly salary. But you don’t have a salary, so you have to consider others things. Think about how much it would cost to replace you with child care, someone perhaps to help run the house. Having insurance proceeds to pay for your funeral and final expenses, to have money there for therapy for the children should they need it. Having a bit of inheritance for the kids would be a wonderful thing. Maybe specify to your partner that you would like part of the payout to be saved for the kids to buy them a car when they are old enough. Something fun like that. One last gift from Mum. Or to be saved for school.
Thinking about our mortality and life insurance isn’t a fun topic to plan for, but hey, a lot of things about being an adult and parent aren’t fun things. It’s not all sunshine and rainbows every day. This is necessary and the peace of mind that comes along with it are irreplaceable, just like your little darlings.
The best time to apply is now! Seriously, the longer you wait, the more expensive it will be. Term life insurance from dropdead is surprisingly affordable. For example, a 30-year-old nonsmoking woman can purchase a 20-year plan for $450,000 of coverage at an easy $23.63 a month! Check out the instant quote calculator for yourself https://dropdeadlifeinsurance.ca/get-quote/. It’s simple, easy and quick to apply for. Take 15 minutes while the kids are napping, and you’re done!
Don’t wait till it’s too late. dropdead term life insurance is the best and cheapest life insurance solution you could wish for.