Like many these days, I rarely talk on my phone anymore, but today I talked on it for eighty-three minutes. It is the longest phone call I have had in years. What kept me on the phone so long? Life-insurance.
My husband and I have been leading a group through Dave Ramsey’s Financial Peace University curriculum, and our last lesson discussed the benefits and the scams behind some insurance policies. As soon as our group left our house, I pulled out our life insurance remind myself what we had purchased years ago.
Fortunately, we bought the type of insurance recommended by Dave Ramsey. As I looked over the policies, I discovered my policy would lapse prior to my youngest entering into college. The next morning, I asked for quotes on a new or second policy to last her all the way through her college years.
Typically life insurance is secured to assist a family transition financially without a deceased loved one’s income. Currently, my income is very minimal, as my main focus at this stage in life is staying at home with my kids. In theory, because we currently survive on one income, my husband and kids could survive without the financial assistance of a life insurance policy on myself.
The first time we secured life-insurance policies, we only had one child. Now we have three and are beginning to realize how expensive it can be to raise kids. My husband and I have realized that although I put very little in the bank, there is immense savings because I stay home. We eat out less, we do not pay for daycare and have very few babysitter expenses. If I were not around, my husband would have to hire help in order to continue to work and provide for our kids. If something happened while my youngest is in high school and more independent, I still want the security of knowing there would be financial help.
So for 83 minutes today, I sat on the phone and answered question after question. Many questions I had already answered online, and I will likely answer them again through the process. It is unlikely that something will happen to me before my kids grow up, but it is a reality many sadly face. I have had three friends that lost their mother’s before they turned 20, and my own mother almost died when I was four-years old.
Stay at home mommas, if you have not taken the moment to explore life insurance, find a moment this week. Protect your family in case the worst happens. Life insurance can ensure that your spouse has the finances to properly care for your kids or maybe provide the opportunity for your spouse to take a more flexible job to be more present with your kids. Depending on your health, the cost can be very inexpensive.
Writer Bio: Summer Bolte
I spend most of my time and days with my three kids, husband and dog. My kids frequently play near me as I garden, cook, DIY and volunteer. My most unusual paying job has to be feeding fruit flies in a research lab, and my most fulfilling job was being an oncology nurse for seven years.