Why on earth do *I* need life insurance, when I’ve been a stay home mom for just about 8 years now? I haven’t been a source of income for our family, so why would life insurance be something we need? Thanks to my Ambassadorship with Genworth, who sponsors this series of posts, I’ve been learning more and more about important financial issues (long term care, mortgage insurance, caregivers, women and finances and more), I’ve learned that just because I haven’t been a “breadwinner” in our family doesn’t mean I should not have a life insurance policy.
This is another one of the conversations that we need to have with our loved ones that isn’t going to be full of warm fuzzies, fun, or necessarily comfortable to have. There are many articles that speak specifically about having stay at home parents carry life insurance policies. I won’t lie, I had no idea. Obviously I am well aware of the contributions made by the parent who stays home full time. I’ve been that parent. But it never occurred to me that those contributions, when gone, would have such a huge impact.
If something were to happen to me, all of the things I do would be left for my husband to do- which means more time doing things, more stress, for HIM. It would also mean he’d have even less time to be with our children. Obviously, in the likelihood that something did happen to me, there would be grief and shock and mourning for my husband and all three of the kids- which to us, is what he’d want to be focusing on- trying to help the kids learn to live with the changes in their lives, and to learn to be a family of four without me there. It’s not pretty to think about. It’s not fun. I get very anxious when I think about it- but that’s why it’s important to have plans made and life insurance in place. Then the costs of a funeral, childcare, housekeeping, etc. are at least in part taken care of so that it’s not an additional burden on what will likely be a very overstressed family.
As a mom, I feel like my job is to work myself out of a job (paraphrased by a very wise mom named Laurie I know)…if I do my mom job right, I’ll get my kids to be strong, independent adults who can function without me by their side. Part of that “job” has to be to take care of everything that I’m able to do- and that does include the not fun parts of life. The sad, the scary. The unknown. Be prepared, and hopefully never use the life insurance. The alternative scares me because I’ll be leaving my family unprepared. Now that I know how important my contributions are on a financial level, I feel like it’s my responsibility to have that life insurance in place to cover those contributions so I don’t leave my family in a mess.
Do you have life insurance? Do you agree that stay home parent should have life insurance as well?
This post is brought to you by our friends at Genworth. Opinions are my own.