To say that moms “do a lot” is an understatement. A mom is a chef, a counselor, a teacher, a nurse and so much more. Because moms do so much in a family’s household, I am amazed when I think of the many moms who don’t have any life insurance coverage.
It’s very commonplace to see that a husband has more than enough life insurance coverage but the wife has nothing. If something were to happen to my wife, on top of being emotionally devastated, our family would feel a major financial impact, as well. Even though I’m the breadwinner of the household, she does so much with our kids that I’d have to find help to keep our household going. Without her I would be helpless!
In a recent study by Salary.com it’s estimated that stay-at-home moms work over 94 hours per week and are worth and equivalent salary of $112,962. Personally I think that report heavily discounts what a mom is truly worth. I’m sure many moms would agree with me on this one. 🙂
One thing that can be agreed upon based on the study is that moms are worth a lot and need to have some protection in case something happens to them. If you’re a mom and looking to buy life insurance here are some tips on making sure you get an affordable life insurance policy.
1. Moms already get a discount.
Women compared to men have a much longer life expectancy. Because of this, you can expect to pay less than what a typical male would pay. Women can expect to pay roughly 15-25% less than what a man would pay. For example, a 30 year $250,000 term policy for a man would cost $225 year vs. $190 for a woman. Getting affordable life insurance as a mom isn’t going to be difficult at all because it’s already less expensive than dad would have to pay.
2. Don’t wait too long.
Even though term life insurance is less expensive for a woman than a man it will continue to increase as you get older. If you procrastinate, you increase the risk of certain health conditions coming into play. I have seen countless examples where people procrastinate in buying their life insurance policy only to be diagnosed with some sort of health conditions such as high blood pressure, high cholesterol, or diabetes.
These conditions don’t make it impossible to buy life insurance but they will definitely increase the risk. An individual that is looking for high risk life insurance can expect to pay considerably more, sometimes 10 times as much that someone in good health would have to pay.
3. Be proactive before having kids.
After we were married, my wife and I both took out 30 year term policies. I purchased a $250,000 term policy on myself and $100,000 life insurance policy on my wife. This was well before we had kids. It’s amazing how your priorities change once that first child arrives. After having our first son, we immediately increased our life insurance coverage as we now have a little guy that we want to protect.
For the most part, applying for life insurance when you’re pregnant will not affect your rate. Unfortunately some of the consequences of pregnancy may. Many moms can have certain complications during pregnancy such as hypertension, preeclampsia, excessive weight gain and many of these conditions would then increase your life insurance premium. If you’ve just discovered that you’re getting ready to have your first child I would suggest buying your life insurance policy during the first trimester.
4. Shop around for the best price.
Before you commit to buying your life insurance policy, be sure to shop around. Yes, moms. You get to go shopping! Buying life insurance is quite simple nowadays because you can go shopping for term life insurance quotes from the convenience of your living room. All you need is a computer, the Internet, and a few minutes of time and you’ll soon have plenty of options to choose from. If you’re buying life insurance online be sure to choose an independent agent that has the ability to use multiple carriers.
If you’re a mom and don’t have life insurance yet, it’s time to stop procrastinating. Protect your family and get insured today.