Disclosure: This post is presented by Genworth Financial where you can learn more about mortgages and planning ahead for your family’s future.
All thoughts & opinions are 100% my own.
Google the “stay at home moms salary” and you’ll find an array of articles and news stories estimating what we’re “worth.” The number will range anywhere from $90, 000 to $130,000 a year. Wow, I wish I could start getting paid yesterday! Part of the formula for creating this figure includes all the tasks stay at home moms (and dads) do. It was something I had to consider when I estimated how much life insurance I needed. Have you ever wondered what it would be like if stay at home moms got paid a salary?
As A.J.’s primary caretaker, if I died my husband would not only have to cover my funeral expenses, but he’d need to pay someone for all the things I do without a salary.
Consider these expenses:
- Full-time nanny search & salary
- On call babysitter for last minute needs & nanny vacations
- Preschool tuition
- Family therapy
- Home cleaning service
- Personal shopper
- Replacing my part-time income
Once I did some mental calculating, I realized my current life insurance policy may only be enough to cover one year of those expenses.
The same hold true for moms who work full- time because they earn a salary and in most cases, do as much as stay at home moms.
How do you calculate how much life insurance you’ll need?
Do you think you’re under-insured over- insured?