When you give birth to your first child, the last thing you want to think about is not being around to see them grow up. But, what if something were to happen and that became your family’s reality? How would your family manage financially in the event of your death – or your partner’s death? That’s why it’s important to have the conversation about a Life Insurance policy.
Before transitioning to a stay-at-home mom/small business operator, I worked for a large Fortune 400 company which provided Life Insurance as part of our benefits package. I signed up for the maximum allowed (5 times my annual salary) and paid for it through weekly payroll deductions. The general rule of thumb is 8 – 10 times your annual salary. I didn’t realize that I was coming up short!
Now that I am a stay-at-home parent, I haven’t really thought about the financial impact my role has on our family. According to a recent survey by Salary.com, a stay-at-home parent’s salary is valued at $118,000. (Time to ask The Texan for a slight raise!). This means, that the minimum coverage we should consider for my policy alone is slightly under $1,000,000. Seems crazy, but true.
On Tuesday, September 16 at 1PM EST, I’m teaming up with @SavingsBankLife for a #LifeProtected Twitter Party where we’ll be debunking the myths of Life Insurance policies {and giving away 5 $50 VISA® gift cards to randomly selected winners, too!}. You can see the full party details and RSVP here:
At the party, we’ll be discussing the differences between Term Life (like renting a house) and Whole Life (like buying a house); how much insurance your family needs; the importance of reevaluating your life insurance needs annually; and so much more.
Want to learn a bit more about Life Insurance, check out this Life Insurance Quick Guide.
Tomorrow isn’t a guarantee. Consider your Life Insurance Needs today.
I absolutely love that stay-at-home mom earnings picture!
I was in the insurance business for nine years and it always amazed me how many people go without life insurance. It’s incredibly important.
what an eye opener this salary info-graphic is!
Wow, that is INSANE! I wish I made that kind of money for all that I do, ugh. Then I could do less of it! 😉
What a great post! We def have life insurance – I love that stay at home Mom breakdown too! Pinned!
That info graphic is amazing!!
One of the first things I did when I had my 21st birthday was take out a life insurance policy on myself. The last thing I want anyone worried about if something were to happen to me is money.