Stay-at-hom-moms need life insurance too

Why you need life insurance no matter your income

Life insurance is considered by many to be solely and income-replacement tool for your financial portfolio. However, this is not the case.

While it is extremely important to have a life insurance policy if you are the breadwinner of the family, there are other reasons to have life insurance.

Why someone with no income still needs life insurance

Even a member of your household who doesn’t bring in an income should have a policy. The reason being, there are things they contribute or debts they accumulate that will need to be taken care of should they pass away.

For example, a stay-at-home mom watches the children and does housecleaning. If she were to pass away, the family will need a caretaker, housekeeper, etc. Or, a family member who is a student. They accumulate student debt.

And, in both of these examples, you’ll need to take care of their funeral and burial or cremation. The nationwide average for a funeral with burial is around $8,000.

If you plan ahead, a policy isn’t expensive

A fairly healthy 35-year-old who gets a $500,000 term policy for 30 years can expect to pay around $50 per month but where you live and health are major factors in premium.

You might think it’s crazy to buy a policy with that much coverage for someone who doesn’t bring in an income. But, if it’s a stay-at-home mom or dad that you are trying to calculate coverage for, Salary.com reported it would cost $112,962 a year to replace them.

Working with an agent to find the best price

To get the best price on a policy, an independent life insurance agent is going to be your best bet. Our agents at Expert insurance Team have access to multiple carriers so we can shop your policy to find the lowest premiums.