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Is Life Insurance for Mums a Waste of Money?

It’s a surprisingly common belief that life insurance for mums – specifically stay at some mums – is an unnecessary expense because it’s though that life insurance is only needed for the main income earner.

But imagine this. What if your child woke up tomorrow and you weren’t there for them from that day onwards.

What would happen to the family?

What would you want for your child’s future?

Not a nice question I know and by thinking about this (unlikely scenario), you’re actually in the 56% of parents I wrote about in last weeks article.

What would you want for your child’s future?

Here’s a few ideas to get your brain going:

  • The same decent home to live in with someone there to greet them when they come home from school?
  • The same education prospects, same books, same school trips, and money for new school uniform?
  • A parent that could be at home with them whenever they needed a shoulder to cry on?
  • The same decent food, decent clothes and the same opportunity to join friends and family on summer holidays?
  • The same opportunity to succeed, to go to university, and the same opportunity to get a good job and have a fulfilling career?
  • The same life without unnecessary worry, unnecessary hardship, unnecessary fear and unnecessary uncertainty?

What are all those guarantees worth to your child?

The REAL struggles to consider

Many life insurance advertising and materials talk about the statistics and figures around dying.

But here’s the problem.

Nobody really get’s a connection to the deeper need for doing something by looking at a bunch of statistics.

It’s not personal.

It doesn’t feel real.

What’s the consequences in REALITY?

Here’s some real true-to-life considerations of dying without a financial back up plan:

  • Would someone would have to give up their career or reduce their working hours considerably to look after your child?
  • Would the family home be unaffordable as a result?
  • Would the family have to move in with a relative or into a smaller, cheaper property?
  • When your child comes home from school, is the house empty because your partner has to take up working shifts to pay the bills?
  • Because they’ve moved home, have they had to say goodbye to a few very good friends and neighbors whom they’ll still miss?
  • Would the weekly shop now consist of cheap food?
  • Is there still any prospect of going on school trips with their school friends?
  • Would money now be a taboo subject at home?
  • Is there just as much prospect of them continuing school past their GCSE’s?
  • Can they afford to stay on and do their A level’s and go to university?
  • Do they feel that they’ll need to start making their own way in life as early as possible?
  • Do they feel worry and uncertainty?
  • Are they afraid at what exactly the future holds for them?

What is the value of avoiding this kind of life worth to your child?

It’s a thought you may have had before but if not don’t worry it’s not something that most parents want to consider – for obvious reasons thinking about our own mortality isn’t nice!

But surely as parents we need to think more closely about what would happen if we weren’t around.

Here’s some interesting facts about stay-at-home mums.

How Valuable is a Stay at Home Mum?

According to research the value of work undertaken by a mum is worth around £29,000 a year.

life insurance mums

And the cost of raising a child until the age of 18 is £184,000.

life insurance mums

And parents spend an average of £2,430 each year on regular activities, pocket money, entertainment and treats for their children.

life insurance mums

In all likelihood realistically if anything happened to a stay at home mum someone would need to give up their job in order to step into your shoes.

That’s the loss of an income and the pressure in that scenario would be unbelievable.

How much would it cost for a back up plan?

Life insurance is not expensive and is available from £5-£8 monthly.

The more cover you need the more expensive it is and if you want to add cover for serious illnesses like cancer, stroke, heart attack then the cover would be more expensive.

But having something is surely better than nothing – don’t you think?

So is life insurance a waste of money? No. I don’t think so.

What do you think?

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