Affordable Life Insurance

Yes, life insurance can be very affordable.

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Affordable Life Insurance - Affordable Term Life Insurance Information for Moms

life insurance for stay at home moms
Affordable life insurance is quite possible for most families today.

Don't get in the habit of thinking researching this information is not appropriate for stay at home moms.

Every family should have life insurance.

People don't want to let go.

They think everything is going to last forever, but sadly, it doesn't.

Many people put off getting life insurance because it is unpleasant to think about the possibility of death, but it is something that really needs to be addressed in case of the unexpected.

Now-a-days, affordable life insurance is easy to get.

Life Insurance for Stay at Home Moms

Stay at home moms are considered a very low risk as they are generally young healthy women who are unlikely to engage in high risk behavior.

They typically need about 1/4 the amount of insurance that would be recommended for the principal wage-earner.

Even if you don't have an income as a stay at home mom, you have to consider what expenses your surviving family members would encounter if you died.

Learning this now could help your family out in a time when it is needed the most.

Let's think for a moment about the worst case scenario: your death.

Aside from the cost of a funeral and burial expenses, your husband may have to put the children in daycare or hire a nanny in order for him to continue to work and support them.

He may also need to hire help for other aspects of your role in the family's life, such as cleaning, food shopping, cooking, etc.

As a mother, you may also wish to provide for your children's future, such as college expenses or money to start a business.

While it is never pleasant to consider your own death, surely you would want your family to be adequately cared for?

Principle Wage Earner

The reverse is also a consideration; what if something were to happen to your spouse? As morbid as it may be to think about, your husband needs affordable life insurance too.

That way if anything were to happen to him, you as a stay at home mom, and your children will be all right. Financially, it would take 5-10 times his annual salary to have enough money to pay off your house, provide for the children's education, and offer enough to live on or pay for quality childcare should you choose to go to work. Credit card debt, student loans, and vehicle liens should also be considered.

Life Insurance Options - Qualification

It's time to learn about affordable term life insurance information. Cheap policies are normally available through an employer if your husband is employed by a company, and neither of you will probably have to undergo a medical evaluations to qualify for this type of insurance.

If this option doesn't exist through your husband's place of employment, other companies may require you to do several things in order to qualify for their coverage. You will probably have to undergo a physical to rule out any health concerns that might cut short a natural lifespan.

This process would normally include filling out a questionnaire and submitting to blood and urine samples and possibly a nicotine test. If you are over 40, are obese, or are applying for an unusually high amount of insurance, a treadmill test and EKG might also be part of the medical screening. Every company is different so it's important to find out as much as you can about affordable term life insurance information from the insurance company you are most interested in using.

Different Types of Life Insurance

So what do you need to know as a stay at home mom about getting affordable term life insurance information? There are three main options. These are known as term life, whole life, and variable life insurance policies.

Term Life Insurance
Pick a company. Learn about what kind of affordable term life insurance information they offer and get a quote. Compare it to the rates of other types of life insurance.

Often term will be much more affordable than other types, and will offer adequate coverage in case the unexpected happens. You can buy policies in increments of 5 to 30 years and make monthly payments. Term life pays out a lump sum to the designated beneficiary in event of your death, and does not build cash value.

What is Whole Life Insurance?
What is whole life insurance? Whole life insurance covers the insured for life, and can be cashed in since a portion of the payments belong to the policyholder. You can make monthly payments, or arrange for the policy to be paid off in ten or twenty years.

It will provide coverage until your death. The policy also earns interest in stocks, bonds or mutual funds as the principal grows. This adds value to the policy and offsets the portion of monies paid in that go towards the cost of the insurance.

Variable Life Insurance
Variable life insurance is similar to whole life insurance, but you as the investor decide how the principal should be invested. This allows you to participate in investments with a higher rate of return, and earn higher interest on your principle.

The cost of variable life insurance is higher, and is not recommended as one of the affordable life insurance options for stay at home moms who typically are buying coverage for unexpected situations and not as an investment.

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How Cheap is Life Insurance?

Here is an example of affordable life insurance at work. Of course, each situation is different, and everyone's life insurance options will vary.
Consider a stay at home mom who is in good health and does not smoke, drink or have any major health problems. A term life insurance policy in the amount of 200,000 with a policy length of 10 years could cost as little as $10 per month.

As long as the premiums are paid on time each month, the insurance will be in force. In fact, $1200 would pay for the policy for the ten year period, and could be a sensible safeguard if you have the money to pay the total premium up front.
Stay at home moms should consider their children's future, making plans to provide for them in the case of a fatal accident, terminal illness or other unforeseen tragedy.

Affordable life insurance can ensure they will be financially taken care of in the event of your death.

Moms! Do you have life insurance for yourself and your husband? Why or why not?

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Related Pages

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  • Save on Medical Expenses
  • Shopping for Auto Insurance
  • Homeowner's or Renter's Insurance
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