Archive for September 14, 2012

Life Insurance for Working Women

wage slavery

I’m not sure why, but my wife and I have never really talked about needing life insurance for her. Of course she reminded me year after year that I needed to get life insurance in case I died, something I finally did last year.

But what about her? She’s a working wife and her income, though nearly half what I make, is an important part of our household economy and our current path to financial freedom. My salary alone is enough to pay the bills and put food on the table, but we wouldn’t be able to save as aggressively for retirement without my wife’s contribution.

Shouldn’t we have a plan in case she dies?

Thanks to my brother, who recently became certified to sell life insurance, we have a sizable policy on my wife. She has more coverage than I do.

I’m not sure, but I suspect that a lot of people only think about insuring the spouse who makes the most money. In many households it is the woman (or women). Culturally, it has been the prevailing trend that men are the breadwinners. We have even seen evidence that men are paid more for the same work as women, though equal pay legislation has turned this trend around.

Recently, Jeff Rose led a “Life Insurance Movement” to call attention to the need for most families with children to have life insurance. He shared some startling statistics about the percentage of people who lack coverage. Perhaps I shouldn’t be so surprised, because up until last year I was one of them (not counting the 1x salary I get free through work).

In my post as part of the Life Insurance Movement, I confessed that I’d had two kids for 2 years before I got insured. I also confessed that I have a fear of hypodermic needles, which has caused me to have to buy a no-exam policy that costs more than I should be paying.

There is almost no excuse not to have life insurance, because it’s dirt cheap (unless you are a smoker, than it’s a bit more than dirt cheap, but hey, you are poisoning yourself slowly so what’s a few extra bucks a month?) For $25 a year (give or take), a healthy adult can get around $250,000 in coverage. That’s a small price to pay for something that can mean the difference between two vastly different lives post-tragedy.

The truth is, getting life insurance is about becoming a real adult and thinking about our own mortality, pondering the reality that life will go on after we die if we die prematurely.

The question is, what kind of life do you want that to be for your family?

 

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