Due to the recent death of my mother I have thought a lot about what would happen to our family if I were to pass away in the next 10 years. As a homeschooling mother I don't bring in any income that would have to be replaced, but I provide child care and educational supervision that by a rough estimate would cost over $55,000 a year to replace. And in the unlikely event Tim was deployed again it would cost even more for full time care. The $500,000 policy I purchased cost about $28 a month and covers the children as well.
I highly recommend all homeschooling mothers to ask about and consider life insurance for themselves. If nothing else, it provides peace of mind when thinking, "what if?"
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5 comments:
I'm in the process of doing this myself.
Some surprising things:
I cannot have more life insurance than my husband, because he has income and I do not.
Some companies will only insure SAHMS for a max of $250,000 (stretch that among 7 kids' education over 18 years!)
Some companies will increase the SAHM max *if* you've been with them a while.
Where'd you get your $28 a month deal? I want in! LOL
USAA insurance is for military families and is one of the best deals out there. They are also helpful, friendly, and ethical. If you are eligible I highly recommend them.
I went for a 10 year term policy because I specifically wanted something to cover our expenses if I died while Tim is still active duty or working after retirement, not to cover college costs. The agent was surprised, but worked with me to get a good deal. I also got the select rate since I have no medical issues and in good shape.
I feel it is better to be slightly overinsured than the opposite, paying for 5 kid is bound to be even more expensive in the future, especially when they start using Saxon math books and eating like teens!
You are very right about this; thanks for bringing this up! My husband works in life insurance and we have always had insurance on me as well, even though I've never brought in any significant income. The current amount is based on our best estimate year by year for the school he'd most likely use if I wasn't around, along with extra meal and housekeeping costs. It really does add up!
I have the same level of life insurance as my husband does. I'm sure he'd need time away from work if I died, and to restructure his work and their lives, so it made sense to me. If he died, I'd need time to figure out what job I could start, how soon, and also of course how to keep homeschooling. Thanks for bringing this up.
Thank you for a timely post. Unfortunately, my health issues, which make me really need/want this, also preclude me from getting it! (Or at least at a rate we can actually afford!)
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