If the fog of new motherhood and 3 a.m. feedings has worn off enough that you have time and energy to read this post—congratulations.
As much as everyone tells you that life changes when a baby arrives, it’s not until you’re in the middle of it that you realize how true it is. Do we really need that many diapers? Yep! Does it really take an hour to get organized and out the door for a trip to the grocery store? Affirmative! There are so many details to take care of with a growing family that we hate to add one more for you to think about, but this is important: life insurance.
There is someone who now depends on you 100% for every need. And while no one ever likes to think about it, what would happen to your little one if something were to happen to you? Think of the million-and-one tasks that you perform for your baby and family each day. Who would take care of all of that if you were to die prematurely?
If you don’t currently have life insurance, or if you have some but haven’t taken stock of what kind and how much in a while, then it’s a good idea to make it a priority… and that goes for stay-at-home moms as well as those who are headed back to work. Here’s why.
If you tried to replace everything a stay-at-home mom does with professionals doing the work—from cook, to van driver, to daycare teacher—it would cost $65,522.65 a year, according to data from the Bureau of Labor Statistics collected by Insure.com.1 A Pew Research Center analysis finds that the number of stay-at-home mothers is on the rise. And this trend will likely continue.2
Even if your partner or extended family took over some of the responsibilities in your absence, there would still be a gap. The proceeds from life insurance could go a long way to getting your family’s day-to-day needs met.
If you’re returning to work, thinking about life insurance is more straightforward. It could replace your income, if something were to happen to you. If you already have a policy, great. But is it the right kind? The right amount? Besides helping your family with regular bills, life insurance can cover additional child care and even college tuition if something were to happen to you. If you only have coverage at work, you also may want to consider getting an individual policy. If you change jobs or your workplace decides to scale back on benefits, you could find yourself without life insurance.
All this may seem overwhelming, but an insurance professional can walk you through the steps and help you get the right type and amount of life insurance coverage.
… And enjoy these early days with your baby because, as people keep telling you, they go incredibly fast.
1”Mom for president: A Mother’s Day appreciation poll,” Jennifer Shelton, Insure.com, April 30, 2016
2 “For First Time in Modern Era, Living With Parents Edges Out Other Living Arrangements for 18- to 34-year-olds,” Pew Research Center, 2016
Smart financial planning today can leave your family with a debt of gratitude.
Marriage, buying a house, the arrival of a new baby... these are events that change the very fabric of our lives.
Be honest. Do you procrastinate when it comes to things that you know you should do? Join the club!