Why Should A Homemaker Own Life Insurance Policy?
There's never any question as to whether or not the family breadwinner should have life insurance. Without their income, the financial consequences on the family could be disastrous. But often there's a question as to whether or not whether life insurance should be purchased on the life of a homemaker.
Child care costs average about $10 per hour. Hiring a maid would could about $8 per hour. Having someone prepare all of your meals for you, would cost about $12 per hour. Having a bookkeeper balance your check book and keep track of your finances would run about $12 per hour. And getting a chauffeur to drive the kids around would cost about $9 per hour.
Adding all of those costs together – because every homemaker performs a number of different tasks, all at the same time – gives you a total of $51 per hour. But, as we all know, the job of a homemaker is not one that begins at 9 a.m. and ends at 5 p.m. Being a homemaker is a 24-hour per day job. Put it all together, and the average homemaker is worth about $450,000 per year!
But insurance companies don't like to issue policies that have no real economic basis, so trying to buy a $4.5 million policy on a stay-at-home parent is an exercise in futility. That doesn't mean that you shouldn't get the most insurance you can, however. You should also secure your finances so that if something happens to you – or to your stay-at-home spouse – the family can continue to live in the lifestyle that you've chosen for yourself.
A good first step is paying off debt, so that no life insurance proceeds have to go to creditors when they should be going to your family. A next smart move is to put money away for retirement in both of your names. And, once the kids are old enough to be in school, consider finding part-time work, or starting your own small business. Once you've got some income to back up your request, you're more likely to get a larger amount of life insurance issued.v
At BeamaLife, we have the greatest respect for those that keeps the wheels of commerce turning, and for those who keep the family running like a well-oiled machine too. We're experts in life insurance for homemakers, and will help you find the very best coverage for the price you want to pay. Call a life insurance specialist at (877) 972-3262 or get a life insurance quotes online today!