Have you considered buying a life insurance policy for your working spouse?
I bet you haven’t and you probably think it would be just be a waste of money.
But, what would you do if something were to happen to them?
Sure, it’s really important that the primary breadwinner carry life insurance at least for the purpose of income replacement, but there are some good reasons why you might want to have a policy on the non working spouse.
Many parents elect to have at least one parent stay at home and raise the kids. And, these days it’s not just stay at homes moms, but it’s also dads as well.
More than likely the non working spouse will probably re-enter the work force once again somewhere down the road such as when the kids start school or maybe even later on.
Some families have twins, triplets that need a lot of looking after. And of course, just as you’re getting one of the kids ready to go and start school, along comes another bundle of joy which might be planned or unplanned. You never know do you?
Reason Why the Non Working Spouse Should Have Life Insurance
You have children. They need looking after. So, what does the non-working spouse contribute? You’d probably get a clout if you even asked them that question and you’d probably deserve it because they do plenty, and continue doing it long after your working day is even done.
We love our kids but they can be messy, and you can be assured that just cleaning up after them, let alone the regular house upkeep is a full time job in itself.
So, if something were to happen to your stay at home spouse, and where would that leave you and the children?
The average cost of daycare in the United States varies considerably depending on where you live. But, did you know that the average cost of daycare costs on average $11, 660 per year? That works out to $972.00 per month!
In some states, daycare runs as low as $3,582 per year or about $300 per month, but in other states it costs as much as $18, 723 or $1,562 per month. If your stay at home spouse were to tragically die, this is an expense you would have to incur to see that the kids were looked after while you went to work.
Could You Afford to Cover This Expense?
Running the House
Think about all the things that your non working spouse does during the day. Asides from keeping the house clean, doing the laundry, shopping, running errands, cooking the meals and preparing lunches for the kids, there’s also lots of other things that need to be done.
If the kids are getting a bit older they have to be taken to the doctor or dentist, and they have a whole range of other outside activities such as Little League, music or dance lessons and play dates with their friends. Who looks after all these things? That’s right – the non working spouse and believe me – she’s doing plenty of work that you probably don’t even give much thought about.
If this stay at home spouse is gone, are you going to be able to find the time to look after all these chores? And, if you can’t then that means you will have to hire someone to do it for you. How much will that cost? It could be up to another $500 – $1000 per month to find a cleaning service and other folks that you have to hire to ensure that all this is done.
Now, when all is said is done you have might have to come up with between $800 – $3000 per month to make sure that everything runs smoothly for you and the children just like what the stay at home spouse was doing.
This is what you may end having to spend after you make the mortgage/rent payment, the utilities, the groceries, credit card payments, personal loans, insurance and clothes and pay for the lessons for the kids.
Still think it’s not worthwhile to get a life insurance policy for the ‘non-working’ spouse? The thing to remember is that a term life insurance policy might only cost you about $20 or even less per month to cover these costs.
Consider the alternative of not having a life insurance policy on your non-working spouse. Is a $20 per month investment worth some peace of mind – you bet it is!
Where Can I Find an Affordable Term Life Insurance Policy for My Non Working Spouse?
You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. We can give you valuable advice and help you to find a policy that suits you.
Whatever your needs or questions then please call me direct at 877 – 966 – 9383.