Tuesday, June 19, 2012

Insurance For Stay At Home Parents

Since the kids are growing up, I'm thinking it might be time to actually get life insurance policies. Especially since there are three of them now, I want to be sure that they'll be taken care of financially should anything untoward happens to me and/or RF.

Yes, me too, not just breadwinner hubby. Though hubby might have a bigger policy as the one who brings home the bacon, it's still advisable for stay-at-home me to have even a cheap term policy. Expenses and losses are still incurred when the primary caregiver (Me) unexpectedly ups and goes, right? And it would mean a great deal for me to know that I would still be able to provide a little comfort to the family I left behind.

So what to do? Research! The following are a few things I covered while reading up on life insurance. 

1. What coverage is applicable or preferable for me and my husband highly depends on our current status, health and other life factors affecting your decision.

2. How much or how big the policy we should take out depends on various factors like our age, the kids' ages, monthly expenses and other long-term variables like a college fund for the kids. I was lucky enough to find a good insurance calculator that can help flesh out just how much we need. I was pleasantly surprised that there's a lot of these online!

3. Insurance companies consider health factors. Being young and healthy gives a better payout. Giving up smoking and living a healthy lifestyle can give better rates.

4. Compare rates and policies pay off! Different insurance companies give different policies and not all offer the same things or prices. Some insurance policies can accommodate smokers, for example. Comparing rates through free quotations will give one a good idea about managing your budget along with the monthlies.

5. Read as much tips and ask as much questions as you can until you feel confident enough to make a decision. After all, nobody's in too much of a hurry. Making the wrong decision is as costly as having no policy at all!

I'm still not done studying our options and after we're done talking about it, we'll most probably go with a good, solid company to get our insurance from. As parents, we'll do anything to ensure our family's future, whether as a breadwinner or as the stay-at-home parent!