Information for this post is sourced from Genworth Financial. All thoughts are my own.
One thing is certain — the hardest job in the world belongs to the stay at home parent. The hours are never ending, your boss can be a real brat, and the amount of bodily fluids you encounter on a daily basis is enough to warrant a HAZMAT suit.
Up until 7 months ago, I had been a stay at home mom for 6 years. The day my oldest daughter, Emma, came home from the hospital, I was laid off from my job as a student loan consolidation rep. I wasn’t planning on being a stay at home parent, but it was kind of thrust upon me in the most sudden way possible — hey, you have a kid now, and you had absolutely ZERO time to plan for the loss of an income, GOOD LUCK!
Thankfully, we made it work. I wonder often, though, what would have happened if something were to happen to me, what Andrew would have done. He obviously would have to continue to work to support the kids, but then, who would look after our babies? We went on to have three children in all, and if I weren’t around to care for them, the childcare costs would have been astronomical — that’s part of the reason I stayed at home in the first place.
For this reason, it’s absolutely critical that stay at home parents have life insurance. It’s obviously not something your employer will offer — I don’t think your preschool has his act together enough to put a bennies package together for you — but that doesn’t mean you should go without.
But how much life insurance do I need?
Genworth Financial has put together a life insurance calculator to help you assess how much life insurance you should have. Still not convinced that you need to make the purchase? Read this article: Why Stay At Home Parents Need Life Insurance.