“Are you working?” I asked the young mother of two whose husband was purchasing a life insurance policy for himself. She answered, “no, I’m a stay at home Mom.” The husband told me they had thought of purchasing a policy for her, but since life insurance is “income replacement,” they would wait until she went back to work before they would consider a policy for her.
I bluntly asked him, “if your wife were to pass away, what would it cost to replace her “services?” After looking at me with a “I can’t believe you asked that question look”, they started looking at how much it would cost to get a full-time child-care provider, a housekeeper (who cooks), a driver to drive the children to school (when they started) and doctor appointments, etc., etc. I told them the replacement cost of the average contribution a wife makes at home is worth about $45,000 a year (based on a recent survey done by Penn Mutual Insurance Company).
Was that amount worth protecting for them? After looking at that number, they decided to purchase a 20 year term life insurance policy with a death benefit of $500,000. As she was young (27) and healthy, that policy would only cost them about $19 a month. Where else can you purchase peace of mind for less than $20 a month?
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