If you’re a stay-at-home mom and you’re not the member in the family who brings in the majority of the income, that doesn’t make your contribution any less valuable. In fact, according to several studies, the work that a stay-at-home mom does is equivalent to a six-figure salary. Therefore, since so much of what you do each day helps to keep your home running smoothly, Money Expert says, you must have things like life insurance coverage in order to (further) protect your family should you happen to pass.–It’s not the most pleasant topic, but regardless it is something that all of us need to take into consideration. As years have passed, life insurance has become one of the most developed niches today. You can find a plan that can suit you and your family, allowing you to keep everything you can under control.
If this sounds like something you would like to learn more about, here are five shopping tips that can lead you to the kind of policy that is just right for you.
Do some thorough research.
If every life insurance company on the market offered the exact same kind of coverage for the exact same price, there wouldn’t be so many different ones to choose from. But the reality is that each one comes with its own advantages and disadvantages. That’s why it’s important to do thorough research before choosing a particular company. One website that has a list of some of the best life insurance companies is MSN Money. Just go to the site and put “best life insurance” in the search field.
Decide what kind of insurance you need.
When deciding between whole life insurance or term life insurance, it’s important to consider your budget and how much flexibility you’d like to have when it comes to modifying the policy itself. For the record, term life insurance is cheaper; however, whole life insurance typically offers bigger payouts. You can read more about the pros and cons of both policies by going to Forbes and putting “whole vs. term life insurance” in the search field.
Talk to the insurance agent about how much coverage to get.
If you’re trying to decide how much coverage you should get, according to several different life insurance experts, it’s best to get somewhere between $100,000-$250,000. If you’re wondering how much that will cost you, life insurance for a stay-at-mom mom is typically pretty cheap. In fact, with most insurance companies, you should be able to pay a monthly premium of no more than around $15 per month.
Do some comparison shopping.
Say that you’re trying to decide between an insurance company like MetLife and InsureChance. One thing that you definitely should compare are the rates. For instance, if MetLife is offering you coverage with a $30 premium and InsureChance is offering the same kind for less, you should probably go with InsureChance. However, if there are some extra benefits with MetLife that you like, you might want to tell them how much InsureChance is charging. Insurance companies want your business; therefore, they might be willing to match the price.
Don’t procrastinate in getting coverage.
Out of all of the shopping tips that have been shared, perhaps the biggest one is that you shouldn’t wait to get coverage. In most cases, death is something no one can predict. For this reason, you want to make sure that you provide your loved ones with the confidence that their needs will be met, just in case.