Life Insurance for Stay-at-Home Mom?
A stay-at-home mom is looking at life insurance plans.
QUESTION: Alisha is a stay-at-home-mom and asks Dave what he recommends in terms of life insurance. She has a whole life insurance policy right now but doesn’t like it.
ANSWER: Whole life insurance is a rip-off. Cancel that policy immediately.
When it comes to life insurance, term life is the best way to go. To figure up how much you need for a stay-at-home mom, roughly add up how much the work you do (cooking, cleaning, laundry, child-care) costs per year. Take that total and multiply it by 8 or 10. That's how much life insurance you need. If something were to happen to you, your husband could use that money to replace the all jobs you do.