While mothers are not the only demographic that need life insurance, they are often playing with more risk than they should by not carrying enough life insurance to protect their family. There are a few reasons behind this disparity. But the biggest one is a lack of understanding on what life insurance can provide and how much it costs.
Moms tend to be selfless when taking care of their families so it is a little confusing that so many moms lack sufficient life insurance coverage. Here are five reasons why you should rethink your life insurance right now.
To Prevent Burdening Your Family with Unanticipated End-of-Life Costs
If a modest funeral averages about $10k in the US. We are willing to bet that most moms do not have a generous savings account, and what they do have socked away should be for vital expenses, not your burial. Purchasing life insurance now means a little financial reprieve for your family in the event of your death.
To Leave a Little Something for your Kids
Assuming that your family is not so well off that you are already planning a major inheritance for your children, life insurance can give them a little something. Nobody wants to lose a parent, but if that is in the cards for your children, this money can help ease pain in other areas even though you may not be able to be there to help.
To Settle Your Debts
Do you have a financial plan in place for paying off your mortgage, credit card debts, and other liabilities if you die tomorrow? That is a scary thought. But if you do not, and the worst happens, your family could lose everything.
To Provide Essential Needs for Your Kids
When a mother dies while her kids are still at home, there is an immediate change in the family dynamics. These changes are more than grief, they often impact finances the most. For example, if the mother was the primary caregiver, the father may have to hire a babysitter or take a leave from work to care for the kids.
The money that life insurance provides can help steady the ship while everyone acclimates to their new normal. This means that life insurance can be imperative for needs as basic as putting food on the table.
To Provide Your Kids with a Brighter Future
Life insurance can be used in many different ways, ranging from the most immediate expenses to bigger costs that are years down the road. If you hope to send your kids to college, an ample life insurance policy can be a wonderful way to ensure the tuition bills are paid even if you are no longer here to write the checks.
Going to college means paying for tuition, fees, room and board for at least four years per child. And there are big differences between the cost of public and private schools, as well as those who pay in-state versus out-of-state tuition. Depending on your family goals, plan to budget between $100k and $250k per child for college expenses when purchasing life insurance.
The Takeaway on Life Insurance for Mom’s
Mothers are one of the most underrepresented groups in life insurance. Yet, they have one of the greatest needs–protecting their children’s futures. Every mother should have some level of coverage to pick up the tab for immediate funeral expenses and settle personal debts so that there is no additional financial burden passed on to her children. Call a friendly agent at PHP Agency to learn more about affordable coverage options today.