Why Stay at Home Mom’s Need Life Insurance
Stay at home moms need life insurance too. Their work is more valuable than some people think. Just because someone or your family doesn’t depend on your income, it doesn’t mean that you do not need life insurance.
A survey from Salary.com, stay-at-home moms could be charging all of the work they do for $120,000 a year. That is valuable work. The survey took the value from the duties they perform on a regular basis. Stay-at-home moms are basically CEO’s of their home.
We don’t like thinking about the day that one will pass, but if something did happen to you, having a life insurance policy would provide financial support to your family during a very difficult time.
As a general rule of thumb, and depending on your age, you should multiply your income by anywhere from three to 15 times to arrive at the amount of life insurance you should consider buying. So, if you’re a 40-year-old woman making $50,000 per year at your job, you will want to look at buying a policy that’s worth about $750,000.
So what type of plan should you buy? If you are a nonsmoker, healthy, active woman, you will have a plethora of options.
When it comes to the different types of life insurance you can choose from, it’s the same as men. You can select a term life policy at a cheaper premium for a specific amount of time, or you can select a permanent plan that will last the rest of your life and provide you with additional financial planning options. Maybe a no medical exam policy is the way to go for you. The type of insurance you choose and the amount you purchase depends on what your goals, needs, budget and family situation are.
The contemporary life insurance market is way more extensive than a source of income for beneficiaries when catastrophe strikes. With a plethora of options, these plans offer you and your entire family peace of mind, and often give your money investment opportunity to allow you to enjoy the money invested during your lifetime.
Choosing the perfect life insurance plan depends as much on your financial needs as it does on your health class rating. We will assess all factors and guide you through every option until we find the perfect plan for you.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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