This got me thinking since my husband is currently overseas and has (in my hyperchondriac mind) an enormous chance of dying before he returns home safely. Let's not address the emotional fallout for the minute, but just the (loose, castle-in-the-air) math.
We don't have a huge mortgage or debt load.
I have my own business, I own my car, I have a ridiculously full wardrobe and more shoes than I can wear out. Audrey has doting grandparents (three sets) and if I ever NEED to buy that child a thing it will be a miracle. So surely if my darling husband failed to return from his latest sojourn abroad we would be fine.
Except: I'd need to hire a chef. (It's been 36 hours since the incumbent chef left; I refuse to disclose the quantity of ciabatta and peanut butter that's been consumed thus far.)
I'd need daycare. But not actual daycare, just a few hours every evening and nappies on the weekend daycare. The kind you really can't buy.
I'd need someone to put the bins out and keep my computer online. Ok, I can totally do those things myself, but why would I when someone else has it down to a fine art?
Basically I'd need a wife to support my 'lifestyle' (part-time self-employed, part-time SAHM) What's the going rate?
Doesn't matter. I couldn't afford to pay one. Neither could hubby, should I happen to be hit by a bus tomorrow. Neither of us bothered to insure our lives. According to stats based on IFF/AIST formulae, the average death cover is only $189K, but the average required is $431K. That's a lot of extra violin lessons I won't have time to teach without a husband, and a heck of a lot of app sales and research papers hubby will try to write while bouncing/feeding/changing a teething baby.
So I followed the call to action (this is the part where I say you too should go visit the life insurance calculator from Life Insurance Finder and then compare life insurance plans to find the right option for you) and I have a new topic to bring to the dinner table... why we need life insurance.
- I am participating in the LIFE Awareness campaign. I received a VISA gift card for this post courtesy of Life Insurance Finder via Digital Parents Collective. I am also in the running to win an iPad3. As always, all opinions are purely my own.