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Forum
-> Interesting Discussions
amother
Maroon
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Tue, Mar 15 2016, 2:00 pm
So I'm looking at another thread it seems several sahm felt that they needed a high life insurance policy because essentially from a financial standpoint, they were offsetting many expenses such as housekeeper, babysitter, tutor, cook, errands, ect. I'm wondering what is the actual dollar amount a sahm feels they contribute so that when calculating a life insurance policy we can get an accurate value.
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cnc
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Tue, Mar 15 2016, 2:02 pm
amother wrote: | So I'm looking at another thread it seems several sahm felt that they needed a high life insurance policy because essentially from a financial standpoint, they were offsetting many expenses such as housekeeper, babysitter, tutor, cook, errands, ect. I'm wondering what is the actual dollar amount a sahm feels they contribute so that when calculating a life insurance policy we can get an accurate value. |
Each person, family and circumstances are different.
It also depends on how much life insurance you can afford.
My life insurance agent helped us calculate the appropriate amount necessary.
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Maya
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Tue, Mar 15 2016, 2:15 pm
amother wrote: | So I'm looking at another thread it seems several sahm felt that they needed a high life insurance policy because essentially from a financial standpoint, they were offsetting many expenses such as housekeeper, babysitter, tutor, cook, errands, ect. I'm wondering what is the actual dollar amount a sahm feels they contribute so that when calculating a life insurance policy we can get an accurate value. |
I think it's just the cost of a full time housekeeper who would also cook, run errands, and do whatever it is you do. You can't put a price on love and dedication and whatever else a mother and wife offers, so it boils down to the dollar amount of an all-around housekeeper.
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Raisin
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Tue, Mar 15 2016, 2:44 pm
Lets see, in my house we would need:
Housekeeper/cleaner - probably a minimum of 4 hours a day.
cook - 2 hours a day
childcare (either fulltime or part time if kids are school age) - right now that would be full time since I have a toddler - 10 hours a day at least
someone to do homework with kids - 1-2 hours a day
Some of these could be combined possibly - one person could cook and clean. One person could do childcare and homework.
So thats about $200 a day right there. Not counting all the extra time the father would have to spend buying clothes, appointments, household management, etc.
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mha3484
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Tue, Mar 15 2016, 2:53 pm
DH and I did the math a few years ago when we were making some job changes and general life style changes.
40 hours a week of childcare for our two children would be in the $1500 range if we both worked out of the home or chas v shalom one of us were a single parent.
An additional $500 of expenses like cleaning help, take out and convenience foods. DH is a capable cook so I cant see why he would need to hire someone. Dinner wont be fancy but I dont make fancy dinner either.
Add to that the costs of mental health for children who have experienced a trauma.
My kids are 5 and 1 so we are not at the homework and tutoring parsha but that can easily add a few extra hundred dollars.
An extra two or three thousand dollars a month sounds about right to me.
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jd1212
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Mon, Oct 02 2017, 7:51 am
Stay at home moms generally qualify for about half as much coverage their employed husbands qualify for based on their income (insurance companies have a formula where they multiply the income x a number of years based on the employed person's age).
I think it's wise to get that much if possible budget-wise because of all the risks above. No one ever says in a time of tragedy, G-d forbid, I wish I had less life insurance. I see this is an old post but happy to help if you want to pm me- I advise on life and disability insurance.
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