Most stay-at-home mums sometimes believe that they don’t need life insurance just because they are not contributing anything to the family’s finances. If you belong to this school of thought, you cannot be more further from the truth. In this article, we have given reasons why a stay-at-home mum needs life insurance.
To pay for household expenses
Stay-at-home mums are regarded as everything in one. As a stay-at-home mum, you are responsible for the day-to-day running of a household which includes cooking, laundering, driving, teaching, managing, care giving, among others. If something negative were to happen to you, your partner would need to get outside help to carry out your different tasks. And the additional bill can add a huge weight to your family’s finances. However, a life insurance policy can ensure that your family has the capability to hire outside help.
To pay for education
Kids’ education is widely regarded as one of the biggest expenses a family can undertake. The cost of schooling from daycare to college level can put your family in long-term debt especially if only one parent is responsible for bringing in income. Fortunately, a life insurance policy can prevent that from happening. Even if your life insurance will not cover all the expenses of your children’s education, it can keep your loved ones from drowning in debt.
To pay for funeral
Life is unpredictable; you can be here today and gone tomorrow. If you were to die today, your family would have to bear the cost of organizing your funeral. And according to the National Funeral Directors Association, an average funeral in 2017 costs $6,260. You would agree that most families would find it difficult to afford such an amount. But when you have a life insurance plan, your family will be able to give you a befitting burial without suffering any financial setback.
To leave an inheritance for the children
Contrary to popular beliefs, an inheritance does not have to run into millions. So, if you want to leave something behind for your kids, get a life insurance plan. The little dollars you put in a life insurance policy every month can grow into a sizable sum that can help your kids start a new life.