Q: If I'm a stay-at-home mom, do I need to buy life insurance?
A: Women often overlook the value of buying life insurance for themselves, particularly if they do not work outside of the home. Whether you are a working mother or a stay-at-home mom, adequate life insurance can ensure your family’s financial future is secure, after you die. This money can help put your children through college, provide for your spouse’s retirement, and pay off debts.
Life insurance is surprisingly affordable. Extensive coverage can be available for only a few hundreds of dollars a year. But rates are based on your age and health. So, it’s important for you to get insured as soon as possible. Here are 3 steps to help you get started.
1. Research life insurance policies. Several different types of life insurance are available, including term life, whole life, and universal life insurance.
2. Shop around for the best policy. Many employers offer life insurance. But even if you do get insurance at work, it may not be enough to meet your family’s financial needs.
3. Understand insurance costs. Keep in mind that major factors can affect your life insurance costs. Pre-existing conditions, such as cancer and heart disease, can impact the cost of your premium. Poor health habits, smoking, dangerous hobbies, bad driving records or even your place of residence can also influence your life insurance costs.