Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Interesting Discussions
S/O life insurance stay at home mom



Post new topic   Reply to topic View latest: 24h 48h 72h

amother
Maroon


 

Post Tue, Mar 15 2016, 5:00 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.
Back to top

cnc




 
 
    
 

Post Tue, Mar 15 2016, 5:02 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.
Back to top

Maya




 
 
    
 

Post Tue, Mar 15 2016, 5:15 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.
Back to top

Raisin




 
 
    
 

Post Tue, Mar 15 2016, 5:44 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.
Back to top

mha3484




 
 
    
 

Post Tue, Mar 15 2016, 5:53 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.
Back to top

jd1212




 
 
    
 

Post Mon, Oct 02 2017, 10:51 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.
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Interesting Discussions

Related Topics Replies Last Post
Gift for hardworking mom
by amother
9 Yesterday at 3:30 pm View last post
Emergency! Car insurance
by amother
17 Yesterday at 1:42 pm View last post
How much do you pay for home Insurance Brooklyn?
by amother
2 Yesterday at 10:15 am View last post
Working Mom Dinner Ideas 9 Wed, Mar 27 2024, 6:17 pm View last post
I’m bored 😂 I’m a mom of a SN child AMA
by amother
39 Fri, Mar 22 2024, 8:32 am View last post