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With the soon arrival of our second child, my wife and I have been revisiting how much life insurance we need. I recently just applied to increase my life insurance amount and with my wife’s new employer we were able to get her a fair amount on her that made us comfortable. We’re very fortunate in the sense that her parents live close to us and are willing to baby sit our children. Any parent can easily recognize what a great economic benefit that is, in addition to an emotional benefit. Some parents either need to stay at home to raise their children or they choose to. For those that do decide to be a stay at home parent, that doesn’t mean that life insurance is not needed for them.
Stay at home parents are often multi-taskers who cook, clean, do the laundry, pay the bills, go grocery shopping and more yet they are traditionally undervalued. Imagine how much money a stay at home parent would make if they were paid for their work. If my wife was a stay at home mom, I couldn’t pay her enough. According to a recent study by Salary.com, the average stay at home mother in the United States works 96 hours each week for 2009, on average, this is an annual compensation of $122,732. You can argue if this amount is really in the ballpark. Even half that amount would have a significant impact on many households.
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