Agent, Rural Mutual Insurance Co., Union Grove, WI
This is a very good question, but one that is difficult to answer with a dollar amount. There are many things to consider when attempting to set this dollar amount. To best determine the amount that you would need you should meet with your local adgent and discuss your expectations if you were no longer here. Everyones situation and expectations of how the family will carry on are diffirent.
I agree with David. It depends. It depends on the family situation and financial condition in the event that the Stay at Home Mom would pass away and no longer be able to contribute to the family. Above and beyond the emotional/social value of the parent, there is an economic value that is considered.
You may have heard the term "Human Life Value" in relation to life insurance. As difficult as it is to do this, it is an attempt to place a monetary value on the contributions of the person who passes away. In the case of a Stay @ Home Mom, the income of the working spouse in addition to the family savings allows the mom to stay home and take care of the children. If she passed away, the surviving spouse would most likely have to pay for day care. So simply projecting out just the additional cost of daycare could be a starting point...
I hope that sheds some light on it, and hopefully that serves as a starting point to talk to a local professional who can help you and your spouse choose the best life insurance coverage for you!
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I agree with David. It depends. It depends on the family situation and financial condition in the event that the Stay at Home Mom would pass away and no longer be able to contribute to the family. Above and beyond the emotional/social value of the parent, there is an economic value that is considered.
You may have heard the term "Human Life Value" in relation to life insurance. As difficult as it is to do this, it is an attempt to place a monetary value on the contributions of the person who passes away. In the case of a Stay @ Home Mom, the income of the working spouse in addition to the family savings allows the mom to stay home and take care of the children. If she passed away, the surviving spouse would most likely have to pay for day care. So simply projecting out just the additional cost of daycare could be a starting point...
I hope that sheds some light on it, and hopefully that serves as a starting point to talk to a local professional who can help you and your spouse choose the best life insurance coverage for you!