This May will bring my thirteenth Mother’s Day as a mom and my fiftieth as a daughter celebrating her mom.
On both counts, time has breezed by.
Every year, my husband and daughter ask me what I’d like to have for Mother’s Day. I usually give them the same answer year after year: “I don’t know.”
Decisive, right? Bless their hearts, I sure don’t make it easy on them.
But honestly, as Mother’s Day rolls around every year I never think about getting anything. It might sound hokey, but I’m happy with just the simple acknowledgment that I’m doing a good job. I’m not a perfect mom, not by any stretch. But I do my best, and knowing my spouse and kiddo appreciate that is golden to me.
As I reflect on some of the things I’ve done and decisions I’ve made over the years, there’s one relevant to this blog that has given me peace of mind as a mother: I applied and was approved for a term life insurance policy to give my family some financial protection if anything were to happen to me.
With a mortgage to pay for another decade and college education costs on the horizon, I don’t want my family to struggle making ends meet if I’m not here to contribute my income. With my term life policy, I don’t have to worry so much about that.
Although that term life policy is ultimately for my husband and daughter, it’s also a sort of ongoing Mother’s Day gift for me. I feel a sense of relief and comfort knowing they’ll be secure financially if the unthinkable were to happen far too soon.
To all you other moms out there, I’d like to share some food for thought:
According to LIMRA, 30% of U.S. households have no life insurance. And a recent study by LIMRA and Life Happens indicates that 32% of women feel they don’t have enough life insurance coverage. That’s particularly disarming considering one third of Americans believe that within one month of losing their household’s primary wage earner’s income, they would feel a financial impact.
Even if you’re not the “primary wage earner,” your family could face hardship without the protection of life insurance or some other financial safety net. For example, the family of a stay-at-home mom who doesn’t get a paycheck could face some additional expenses if she isn’t there to contribute her time and effort. Her surviving spouse might need to pay for full-time day care services or part-time after school childcare. Plus, he might find himself taking unpaid leave to care for sick children or to tend to other family responsibilities.
I know. This kind of thing isn’t exactly roses and chocolates, but it’s important to consider when you’re looking out for those you love.
An Affordable Gift That Lasts
You might be surprised to find out that term life insurance (depending on the term length, coverage amount, and your rating by the life insurance company) could cost you less every month than eating dinner out at a nice restaurant. To get a ballpark idea of how much a policy premium might cost, you can quickly and easily get a term life insurance quote online.
Looking into term life may not be a traditional way to celebrate Mother’s Day, but it’s a step that could give you and your family the gift of long-term peace of mind.