While no one likes to think about dying, have you considered what type of financial strain you may be leaving your family if you were to die today? This isn’t something I’d ever thought of, especially considering I’m a stay-at-home mom, but after some research I discovered it’s something I really NEED to consider. And the more I think about it, the more appealing a life insurance plan becomes. The truth about death bills of the stay-at-home mom is eye opening.
~This is a sponsored post with Jenny Life Insurance and BraVoMark. All opinions are mine.~
Let me hit with you a shocking fact – Americans die with an average debt of $62,000 (source). Thinking about your own debt, do you meet this average? Is your debt less than this? Or is your debt more than this? For me personally, I have $90,000+ in school loan debt alone and not all education loans are discharged when one dies. That doesn’t even take into consideration anything else and this is one scenario where I don’t particularly strive to be above average.
Even as a stay-at-home mom with no tangible income stream, I still have my own debt and would be costing my family a lot if I were to pass away today, or even in the next several years for that matter. I’d be leaving behind not only my school loan debt, but my credit card debt as well.
On top of that, the actual cost of a funeral continues to rise and as of 2017 the median cost was $7,360 (source). My family doesn’t even have that much in savings right now, so what would happen to me if I did die today?
And it doesn’t stop there. I have three small children that I care for day in and day out. I AM a stay-at-home mom after all. If I were taken out of the picture, my boyfriend would most certainly incur childcare costs. Want to know how much that is? In my state (NJ), the average cost of a childcare center is more than $22,000 (source) and I have 2 kids who would require childcare during the day! My oldest is in school, but even for an after school program it would cost more than $10,000 per year. Add it all up and my family would spend $54,000 annually in childcare alone. That’s an entire person’s income and THIS is the prime reason I’m a stay-at-home mom in the first place.
Add to all of this a stay-at-home mom’s value to the family in terms of cooking, housekeeping, chauffeuring, doctoring, teaching, etc. I’m already upwards of $250,000.
So let me ask you, stay-at-home mom, still don’t think you need a life insurance policy? A life insurance plan will help cover the cost of your debt, help cover the cost of a funeral, and help cover the cost of childcare.
Life insurance goes even further than that and will help cover the cost of the your children’s education. I’ve already told you my own school loan debt exceeds $90,000 for a master’s degree and just like everything else, the cost of college is continuously on the rise. By the time my kids are old enough for college, they’ll incur costs much higher than mine were. Why not leave your children some financial assistance to put towards an education?