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Life Insurance For Stay-At-Home Mom/Parent

stay at home mom life insurance

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

Table of Contents

Life insurance is typically reserved for working parents, but it can also be useful to have for stay-at-home mothers as well.

No one wants to think about a parent dying, especially not when that individual has young children, but life insurance is an important part of providing security for your family.

Even though a stay-at-home mother does not have an income, their everyday tasks certainly have significant value. Before deciding how much life insurance coverage to seek, you must ask yourself what the economic value of a stay-at-home parent really is.

As a stay-at-home parent, you might be confused about if you should get life insurance or how much insurance you’ll need.

If you’re a stay-at-home parent you might be wondering how much insurance protection that you should buy, or even if you need it. It will also look at the different ways that you can get cheaper life insurance to ensure that you’re not breaking your bank to protect your family.

How Much Would Childcare Cost?

Life Insurance for a Stay at Home Mom

If a mother is staying home taking care of her children, just how much would it cost to replace her care with outside services? Could another relative help until the children are at an age where they will no longer need care?

If not, it could be necessary to hire a nanny or pay for daycare. Quality full-time care can be extremely expensive.

If a mother passes away while her children are young, the father could have to pay for care for many years.

Aside from general care, there is also the question of homeschooling. If a stay-at-home mother home-schools her children, it could be necessary to hire someone else to home-school them in the event of a mother’s death.

Private schooling is another option, but that comes with its own set of costs.

Can Dad Handle Working And Taking Care Of The Home?

If mom does the majority of the cleaning and cooking at home, it may be difficult for a dad with a full-time job to take care of all of these duties alone. This is especially true if he is trying to deal with caring for his children by himself.

It may be necessary to hire someone to clean the house and help cook meals. The family may also end up eating more dinners out instead of cooking at home because of dad’s busy schedule.

Only having one parent adds dozens and dozens of new challenges, and those new roadblocks are going to add up to thousands of dollars.

Would Dad Work Less Hours?

If you lost your wife, chances are you would want to cut back your work hours and spend more time with the kids. Working part-time can give a father and children who have just lost wife and mother time to grieve and come to terms with their new living situation.

When a child loses a parent, it is extremely important for them to have someone to talk to about their feelings. If dad can’t be around enough for children to grieve properly, there may be even more bills to pay, namely a child psychologist.

Future Expenses

You can’t predict the future, but there are some bills that you know that your family is going to run into in the future. Life insurance can help your family in the future as well.

Your household will only have one source of income, which can make it difficult to cover those expenses.

One of the biggest bills that they will run into is college tuition. If you have a child, more than likely, they are going to further their education.

Paying for college can easily cost hundreds of thousands of dollars, especially if you have more than one child. That can be stressful for a single parent to pay for, but that’s where your life insurance coverage comes in.

Getting Affordable Life Insurance As A Stay-At-Home Parent

If you’re dreading the premiums on your life insurance, don’t fear. There are a couple of suggestions we tell our clients before they apply for life insurance.

We tell all of our clients the same thing, quit smoking! We don’t care how much you like your smoke breaks at work.

Those little cigarettes are making your life insurance double. Most insurance companies require you to be smoke-free for at least a year before you can secure the non-smoker’s premiums. 

Hopefully you’re already going to the gym and not eating junk food late at night, but if you are, it’s time to do a 180 turn. When you take the medical exam, the nurse is going to bring a scale.

The numbers that pop up on the scale are going to directly influence how much you pay. Lower numbers mean lower rates.

After you’ve bought your plan, how do you know you got the best deal? Before you sign those papers to get coverage, we also suggest getting about a dozen quotes.

Just because two companies have the same plan doesn’t mean the prices are the same. Two plans which seem identical be hundreds of dollars apart.

Sure, you could take the time to hunt for the perfect plan. Or you can let us manage all the dirty work. We already have a relationship with the insurance companies and can bring the quotes directly to you.

How Much Life Insurance Coverage Does A Stay-at-Home Mom Need?

There is no concrete answer for this. Consider the questions above, as well as what a funeral may cost.

Remember that when it comes to things like childcare, your life insurance policy would likely have to cover many years of those services.

There is some good news, though. Planning ahead by purchasing term life insurance can be extremely affordable.

Prices will vary slightly depending on your medical history, age and a few other factors, but term policies are affordable across the board.

You can compare rates for various term policies right on our website.

Call us today for a quote at 1-800-712-8519.

Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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