Have you ever imagined what a stay at home Parent’s salary would be? I have a friend who has the privilege of having this job, but recently she has felt completely overwhelmed with her weekly duties. Which had me thinking what exactly would the amount be if she were paid a salary for all the things she does in a week. Stay at home parents are often faced with the daily challenge of multi-tasking… Housekeeper, cook, daycare provider, teacher, chauffeur – to name just a few. (This is definately not a complete list.)
According to salary.com (Mom Salary Wizard). A “Typical” stay at home Mom works 98.9 hours per week. Wow! This 98.9 total is added up from only 10 job descriptions. I know 10 or more jobs descriptions could easily be added to the stay at home parents weekly accomplishments. But that may put the work week total through the roof, so we we’ll stick with the 98.9 hours per week. (feel free to play around with this Salary Wizard yourself to see customized totals for yourself)
All these hours work out to be a substantial salary according to the Mom Salary Wizard… the National U.S. Range works out to be: 65,973 (low) – 117,850 (median) – 171,755 (high) in my zip code area. With these totals I think most households would feel a significant impact with even the LOW compensation Range if this were to be paid.
Which brings me to the BIG question… Would you be able to PAY someone to do all the things the stay at home parent does if you needed to? As we can see from the Mom Salary Wizard dollar amounts, replacing the contributions of the stay at home parent would be very expensive to do. Consider the amount of years it takes to raise a family and this number grows substantially. When we see the whole picture it becomes clear, and makes perfect sense to consider Life Insurance for the stay at home parent. Life Insurance ensures that your family will have the money to take care of these costs and would greatly benefit everyone going through a difficult time of adjustment with the loss of a parent.
Next question: How much Life Insurance does a stay at home spouse need? Thinking about the services performed by this person is a good start. These may include nanny, chauffeur, housekeeper, cook, tutor, bookkeeper, event planner and nurse. Don’t forget about other services such as laundry, house cleaning and lawn mowing. In addition this is the time to ask yourself if money is needed for final expenses (funeral costs), credit card debt, mortgage/car payoff or an educational fund.
Maybe you have not given much thought to the potential consequences of not covering the stay at home parent with life insurance. But, as you can see, life insurance coverage for the parent who works in the home is equally important as the wage earner having life insurance. Realizing the lose of a parent and spouse is difficult enough without adding financial hardship at this critical time, is step one. Next step: talk with your financial advisor / insurance representative about your family needs/options and plan accordingly. Insuring your spouse, will not be forced to work long hours or take a second job to pay the bills – Allowing their focus to be on the children during a difficult time in their lives – will be one of the Greatest Gifts you could ever give.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
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