Where to get life insurance for SAHM?

[Anonymous]

Hello. Do you have any recommendations for a life insurance policy? I'm 32 and have no major medical conditions. I just need a policy for a few years while I'm a SAHM, just in case... Thoughts? Thanks.

[Anonymous]

When my husband and I were consultants we went through a private insurance broker to help us find the right policies. I'm sure he'd be able to help you find a policy and get it set up. His name is Bill McNamara and his email is wjmack13 at comcast dot net
He's a really nice man, and we've been working with him for years.

[Anonymous]

Why dont you have life insurance at all?
We purchased when we married. Enough to cover the mortgage and funeral expenses.

[BigSofty]

Why do you need life insurance? It is used to replace an earner's labor income in the event of the earner's death. You have no labor income. Don't waste your money.

[Anonymous]

BigSofty wrote:Why do you need life insurance? It is used to replace an earner's labor income in the event of the earner's death. You have no labor income. Don't waste your money.

To cover child care costs?

[Anonymous]

Our financial planner recommends it for sahp. If the sahp dies, you would suddenly have major child care expenses as well as possible house cleaning, therapy for grieving children, etc.

[Anonymous]

If a SAHM dies, the surviving parent will need to pay for childcare.

OP, if you belong to any clubs (maybe your college or sorority's alumni club, or a service club like the junior league or rotary) you may be able to get it through them. Or see if your spouse can add you to his/her employer's group insurance during open enrollment. You may have to get a medical exam, but it's a pretty quick one--they take your blood pressure and weigh you or something--nothing invasive. Otherwise, a private broker can get you a policy.

[BigSofty]

Anonymous wrote:Our financial planner recommends it for sahp. If the sahp dies, you would suddenly have major child care expenses as well as possible house cleaning, therapy for grieving children, etc.

That is true, but there are other costs that will go down. For example, there is one less mouth to feed, fewer cars and clothes needed, and one less person to save for retirement. It's extremely unlikely that childcare costs exceed the full savings and consumption of the spouse. Morose, but true.

I admit that it may be useful to offset the net present value of the spouse's earnings if she indeed does plan to go back to work and the surviving family wants to maintain a lifestyle commensurate with two working parents. But there's also the prospect of the surviving spouse remarrying a wage earner, rendering this point somewhat moot.

[Anonymous]

I'm a SAHM and got a policy when I was pregnant with #1. The insurance agent told me it is a common occurrence for people to get one once they have a child or are pregnant. My policies are with Metropolitan Life and American General, 800K total, but definitely shop around and get a term life policy which is fairly inexpensive. You can shop around on the internet.

[Anonymous]

Just go online and get a quick quote. You are talking about a term policy. Seriously you should do it today. In most cases you can get $500K bound before medical.

[Anonymous]

Anonymous wrote:When my husband and I were consultants we went through a private insurance broker to help us find the right policies. I'm sure he'd be able to help you find a policy and get it set up. His name is Bill McNamara and his email is wjmack13 at comcast dot net
He's a really nice man, and we've been working with him for years.

+1. We also went through a private insurance broker. Highly recommend you get insurance on the SAHP. My SIL suddenly died unexpectedly in her early thirties and it is costing a fortune to replace her with a live-in nanny with experience and a college education plus separate weekend and holiday coverage. She also was able to tutor her children so now we have to hire tutors to cover that need. SIL also handled all the household management and bill paying so BIL could focus on his career and travel often for business. Big Softy is way off base here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:When my husband and I were consultants we went through a private insurance broker to help us find the right policies. I'm sure he'd be able to help you find a policy and get it set up. His name is Bill McNamara and his email is wjmack13 at comcast dot net
He's a really nice man, and we've been working with him for years.

+1. We also went through a private insurance broker. Highly recommend you get insurance on the SAHP. My SIL suddenly died unexpectedly in her early thirties and it is costing a fortune to replace her with a live-in nanny with experience and a college education plus separate weekend and holiday coverage. She also was able to tutor her children so now we have to hire tutors to cover that need. SIL also handled all the household management and bill paying so BIL could focus on his career and travel often for business. Big Softy is way off base here.

^^early forties, not thirties.

[Anonymous]

BigSofty wrote:Why do you need life insurance? It is used to replace an earner's labor income in the event of the earner's death. You have no labor income. Don't waste your money.

So dumb.
HA. If I died, DH would need AT LEAST 50K annually to pay for child care for 2 kids, and either have to come up with more to pay for eating out, cleaning, laundry, etc. or else DO IT ALL HIMSELF in addition to his job.
I'm glad I sorted this out before I had my first - I am a SAHM, DH makes 75k but I am insured for 750k. Got the policy in my 20s when I was working.

I'd say you can do without it IF AND ONLY IF you have a relative, in good health and sound mind, who is retired or doesn't have to work, who would be able and happy to provide free child care.

What would suck is if I didn't die, but became ill or injured and no longer able to care for my children. Then we would be up shit creek - and I can't get insurance for that.
I seriously think there needs to be an overhaul of Social Security to provide for this sort of scenario. Not everyone has relatives able to help.

[Anonymous]

BigSofty wrote:Why do you need life insurance? It is used to replace an earner's labor income in the event of the earner's death. You have no labor income. Don't waste your money.

OP might not always be a SAHM. Best rates for life insurance are when you are young so it makes sense to lock in the lower rates now for the next 20 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:When my husband and I were consultants we went through a private insurance broker to help us find the right policies. I'm sure he'd be able to help you find a policy and get it set up. His name is Bill McNamara and his email is wjmack13 at comcast dot net
He's a really nice man, and we've been working with him for years.

+1. We also went through a private insurance broker. Highly recommend you get insurance on the SAHP. My SIL suddenly died unexpectedly in her early thirties and it is costing a fortune to replace her with a live-in nanny with experience and a college education plus separate weekend and holiday coverage. She also was able to tutor her children so now we have to hire tutors to cover that need. SIL also handled all the household management and bill paying so BIL could focus on his career and travel often for business. Big Softy is way off base here.

If he is working and traveling that much he should be able to afford help. How sad for the kids that dad will not reduce his hours and kids are being raised by a nanny. I can't imagine how hard that must be on the kids.

We don't do life insurance. Child care is time limited. My husband would figure it out. We do have life insurance on him - private (he changes jobs every few years and we did not want a gap in coverage) and his employment.