Disclosure :: This post was written and sponsored by Amy Galliano of AEG Insurance.
Does a Young Mom Need Life Insurance?
After assisting a terrific new client with her health insurance renewal, we grabbed lunch together during which she began to ask about my work. She already knew I sold health insurance but I added that life insurance is just important. She laughed and said the words that I hear so often “I’m a stay at home parent, I do not need life insurance.” Sigh, the achilles heel of my professional life. Intrigued, I asked a few more questions, starting with “Do you have most of the childcare responsibilities? Taking them to school, the doctor, staying home when they are sick?” She agreed. “Who takes care of your home and family needs? The dishes, laundry, running errands, cooking meals?” She confirmed it was herself.
I continued on, “I hate to imagine this scenario, but if something happens to you, who takes care of those responsibilities in your absence?” This client, who I had never met face to face before this morning, gave me a look that I have seen many times’ the one that showed she had never considered this and found it scary. The truth is, that non-working parents contribute to the functioning of their household and family as a whole. Just because the contribution is not financial does not make it any less impactful and finding individuals who can serve these needs in case of disability or death will have substantial monetary costs. In the event of death, a life insurance policy for this parent would very much assist with this transition of the lives of their family.
You can assess a family’s needs regarding life insurance anytime, but certain milestone life events should serve as a motivation for starting the conversation. Here are a few to consider:
- Getting married – You are starting your life together. Protect your spouse if anything were to happen to you.
- Purchasing your first home – A home is a huge investment and major change on your family’s finances. Consider the implications if either spouse were to pass away but the mortgage still needs to be paid.
- Becoming a parent for the first time – Nothing is more exciting than becoming a new parent. Your bundle of joy will need much support from you in many ways. Life insurance can help protect the life that you wish for your child in your absence.
- Starting a business – Many people have life insurance provided to them through their employment but what happens when you are the boss? A good life insurance plan can protect your family and your business.
- Considering retirement – This is another exciting time for many of us but life generally looks much different so needs are different too. Long term care is a major concern as we age as well as establishing a legacy for grandchildren.
The phrase “young and healthy” is common in life insurance. It generally means that a policy is less expensive and easier to obtain because the client is healthy but that might not always be the case. Many clients are quite surprised at the affordable cost of their life insurance and many applications are available online which simplifies the process. So many parents, like mine (and now myself as a parent), have even purchased life insurance for our own children to lock in their own insurability in the future.
I know it may not always be the most comfortable conversation to have. Let’s face it, no one wants to think about these things, but planning ahead is a great way to show your love and care for families.
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