Why would you spend money to buy life insurance for your husband if all he does is stay at home and take care of the kids? We’ve all seen “Mr. Mom” with Michael Keaton in the 1980’s where he plays a recently laid off dad who has an advertising executive wife who happens to be very successful. If you haven’t seen the movie, you should, it’s really funny!
In the movie Keaton portrays a mid-level worker who gets laid off and decides to stay home with the kids and let his wife go to work–classic role reversal. he makes the mistake of saying “it’s easy, I’ll handle to kids, no problem”. We all know where that goes…
Anyway, needless to say he has no idea how much things cost and how difficult the life of a stay at home parent truly is. he ends up loving his new role, but not until he makes every “guy mistake” on the planet first.
So, what’ s “Mr. Mom” have to do with life insurance? Plenty! you may be wanting to save a little bit of money on your life insurance premium and just forgo insuring your spouse–big mistake. Take a look at this summary of costs.
Aside from being pretty funny, you can see that kids cost A LOT of money to raise! What would happen if your spouse were gone and you needed to pay for all of the items he did for the family? In my area of Silicon Valley, the price of a full time nanny excess $75,000 per year and more-staggering! So you can see that “a million dollars just doesn’t go as far as it used to”! By that i mean that if you took a million dollars and invested it you could replace your non-working spouse for about 15 years. If you have young kids, that’s something to think about.
The price of cheap term insurance is so low that, if you’re in good health and 35 year old male, a 20 year term policy would cost roughly $650-$800 per year. A comparable policy for a women would cost about 30% less. That’s a very small price to pay for the peace of mind that comes from knowing you don’t need to worry about paying for the nanny or even taking a year or two off work to be with the kids in case something bad happens.
Life insurance simply provide options. It’s that simple. Do you want to worry about all the expenses that will pile up, or do you want to be able to relax with your family knowing you’ve been a responsible parent? I know what I chose and recommend to all of my young clients.
If you want to see just how cheap the term insurance can be, go here and start by looking at the numbers. Please call us if you’d like to discuss your insurance needs in detail. We’ve been in business for over 30 years and we know we can help you. If we can’t we’ll point you in the right direction! Get your term insurance quotes here!