Buying life insurance is not the most exciting activity you’re going to do today, but it probably will be the most meaningful and important activity you do this month or even this year. Over the years you have put off buying life insurance and made a dozen different excuses as to why buying life insurance can be done another day. Well, today is the day you buy term life insurance from dropdead term life insurance. You heard the name right… dropdead term life insurance. What a great name and they are cheap, simple and affordable. You can have a chuckle and save your loved ones from financial ruin on one easy platform: dropdeadlifeinsurance.ca
Let’s do some myth busting on life insurance before we answer the question of whether stay at home spouses need life insurance.
Myth #1: Term Life insurance is complicated. It’s not, it’s amazingly simple. All term life insurance is identical. Different companies have different prices but the product is the same. So buy the cheapest. Why is a bottle of water a dollar at a gas station but you can buy 12 bottles at Costco for a buck? It’s the same with term life insurance… same product different price. No need to waste money, just buy the cheapest term life insurance in Canada from dropdead.
Myth #2: You need to speak to a life insurance broker. You most certainly do NOT have to speak to a life insurance broker. In fact, if you go through your entire life and never speak to a life insurance broker, that would be a good thing. The general rule of thumb is 10 times your salary so if you make $50,000 a year then you would need $500,000 of coverage for 20 years. Or if you want to be more precise go online to Online Life Insurance Calculator | Ontario | dropdead insurance (dropdeadlifeinsurance.ca) and you can calculate the amount of term life insurance you need. Save yourself from the agony of dealing with a broker that only wants to make a commission on you and do it yourself.
That was fun. Now we can dive into the question at hand.
Let’s paint a pretty picture. You’re a typical Canadian family with one parent being the major financial contributor and one parent staying at home looking after the kids and the home… a domestic diva!
It’s obvious that the main bread winner needs life insurance. Why is it obvious? Life insurance provides income replacement for the living people. If the main bread winner is pushing up daisies, the survivors need money.
So why do stay at home parents need life insurance if they are not directly contributing dollars and cents to the financial well-being of the family? Good question. The thing is they ARE contributing hugely to the financial well-being of the family.
1.) Childcare: The main bread winner needs to focus on making money. With the stay-at-home parent dead, the bread winner has to take tons of time off to take care of the kids. You know how it is; driving kids to activities, drop offs and pick-ups, making meals, buying clothes, and a million other tasks we do for our precious little munchkins. The main bread winner cannot juggle work and all of that. They will need help and they will have to pay for that help. The average nanny salary in Canada is $30,000 per year. Let’s say you need a nanny for 10 years… that’s $300,000. A lot of money!!
2.) Someone to talk to: One parent is dead. That’s a huge blow for anyone at any stage in their life, let alone a child. You as the survivor are devastated at losing your soul mate. Not only do you have to cope and keep the family going, you also have to make sure your kids are not going to go off the deep end. With money, you can all go to a family therapist and work on your grief and get the counselling your family so desperately needs. So how much does this cost?
A decent therapist is about $20,000 a year for you and your loved ones. How many years you go to therapy is anyone’s guess… just do it so you and your kids don’t implode.
3.) Housekeeping: All the work the stay-at-home parent has to do cannot be overstated. To replace your domestic diva there will certainly be a cost per year. Some nannies do cook and clean but for the real housekeeping you will need a proper cleaner so that you can continue to focus on making money. Let’s say a house keeper is $10,000 a year. If you need them for 10 years that is another $100,000.
4.) Death Wish: The beautiful soul that left this mortal coil may have wanted to leave behind a legacy. It’s common for people to want to leave behind cash for university, money for a car or even cash to start a business or put a down payment on a property. Let’s say the death wish is $100,000. So that’s a really cheap house or a pretty expensive car. Either way you get my point.
I hope this has helped you see how incredibly valuable the home maker is. A bit of math and we can quantify exactly how valuable: $500,000 to be fairly conservative would be the number.
So, if you have loved ones, a house, pets, debts or anything that you care about, you need life insurance. Basically, if you’re a human that cares about anyone else but yourself you need life insurance.
Thankfully there is now an online platform that does not need anything but 10 minutes of your time. No broker, no blood and no bullshit. Just cheap, simple and fast term life insurance. dropdead is the best and cheapest term life insurance option in Canada.
Don’t wait until it’s too late. Be a responsible adult and buy life insurance from a provider you can trust.
Why dropdead is the best:
- You get the cheapest price
- You’re insured by 117-year-old Canadian company – Assumption Life
- You get a FREE Will
We are the cheapest, simplest and fastest life insurance option in Canada and you get a FREE Will. That’s a win, win, win for YOU!
You’re welcome Canada.
Colin Hegarty is a content writer for BreezeMaxWeb that helps businesses showcase their brand through enticing copy. When he’s not working, you can find him playing net in a local beer league or biking around the city.