UPDATED: Feb 25, 2020
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Term life insurance is exactly what every mom wants for Mother’s Day, isn’t it?
In 2006, we published a blog titled ‘Life Insurance for the ‘Non-Working’ Spouse.’ Of course, we knew then as we do now, the term ‘Non-Working’ as it relates to a stay-at-home parent is hardly accurate and quite misleading. Anyone who currently is, has been, or knows a stay-at-home parent will tell you it is one of the most challenging roles a person can take on.
And we can tell you from experience that life insurance for a stay-at-home parent is just as important as it is for the family’s primary income earner. Imagine having to replace the work she/he does while continuing your career and raising the children on your own. Not a pleasant thought.
How Much is Mom’s/Dad’s Work Worth
But alas, QuickQuote and Salary.com are here to help! Salary.com’s Mom Salary Wizard is an excellent tool for helping evaluate the work a stay-at-home mom performs and estimating an annual salary for that work (stay-at-home dads can use the wizard also). The results will amaze you!
The average stay-at-home mom salary for 2010 as calculated by Salary.com is $117,867. The average ‘at-home’ salary for working moms is estimated at $71,868 (not counting their workplace earnings). These values are determined by analyzing the time spent performing ten typical job functions. The wizard allows you to enter hours for several different job functions and takes into account regional wages. Some examples include:
- Day Care Teacher
- Van Driver
- Event Planner
- Laundry Machine Operator
The wizard can be a fun way to estimate the value of mom’s work, but we all know the true value cannot be monetized. For life insurance, you will want to put pen to paper and try to arrive at an annual amount you would need to hire out that portion of the work she does which you would not be able to complete yourself.
Our licensed Insurance Professionals can help you find a life insurance company that is stay-at-home ‘parent’ friendly.
Happy Mother’s Day to all moms, whether you work at home, away from home or both!