How $64 Can Net $2 Million in Life Insurance Coverage! #SHGenworth

Disclosure: Information for this post is sourced from Genworth Financial but feature my own thoughts and opinions.

Every November we have Annual Enrollment for my husband’s insurance policy, which includes our health, dental, and life insurance.  Until last year, we hadn’t considered life insurance for me.  I mean I am a stay-at-home mom so I don’t really have an income that would devaste my family to be without, or do I?  I am a cook, a chauffeur to all the kids activities, a maid, a caregiver, a nurse, and the list could go on as to all the roles I play in our household.  Without me, my husband would have to put our kids in daycare, probably hire a maid because there is no way he could handle his job, three kids and still have time to clean the house every night, and they’d probably eat out more.  I do not even know how single parents do it, I struggle and I am fortunate to have my husband to lean on and help out.

Recently I read an article entitled “Why Stay-At-Home Parents Need Life Insurance” and it says that a stay-at-home mom with two small children would provide services worth a median salary of $112,963.  Wow, wouldn’t it be nice if the government actually helped out stay-at-home moms!  So last year we did end up adding life insurance on me to provide for my family if I was gone, but it was the bare minimum offered.  This year I am thinking we should up the amount, especailly after reading that article.  I plan to sit down with my husband before November, yes that’s why I am thinking of it now since Novemeber will be here before I know it, and work out an amount.  What amount of money would he need to cover everything I do?  It is such a sad and scary thing to think about but it unfortunately is something that needs to be thought about.

Genworth Financial has created a Life Insurance Budget Calculator that works out how you can afford life insurance and stretch your budget.  It puts everyday expenses into consideration, such as Taking a premium channel off your monthly cable bill to save a possible $12 per month and so forth.  It’s crazy to see how something so little can save you money in the long run.  It showed me that I can’t use the excuse “We don’t have the money for that” when I can look at the Genworth calculator and see how saving money on movie rentals, getting one less latte a week and eating leftovers one more day a week can save me enough money each month to add about $2 million dollars worth of coverage to my life insurance policy!  So basically it shows how $64 can net $2 million in life insurance coverage!  Now of course this is just an estimate and examples but it is a good starting point to see how little purchases add up and by avoiding them you have money that can help out your future and your families.