A stay-at-home mum (or dad) fulfils multiple roles
A stay-at-home parent is many, many things all rolled into 1; childminder, chef, teacher, nurse, cleaner, laundrette, taxi, gardener, dog walker, financial advisor, life coach,personal shopper…..the list goes on and on and on.
But, do you and your partner appreciate your value, both emotionally and financially?
Have a think about what your average day might look like:
- 3 hours cleaning and washing up
- 2 hours cooking
- 1.5 hour cleaning and ironing clothes
- 1.5 hour shopping
- 1-hour taxi service
- 30 mins gardening
- On call for the children all day.
It’s a horrible question to ask yourself, but have you ever wondered how these roles would be fulfilled if you were no longer around?
According to an article in the Mirror, drawing on initial research by Bidvine, a stay-at-home mum could be worth £80,000-a-year!
I don’t work, therefore I don’t need life insurance, (this is a myth!)
If you’re a stay-at-home parent and don’t earn a conventional salary, it’s easy to think that you don’t need any life cover.
You might think that life insurance is just to protect the household’s breadwinner?
After all, they earn the money to pay the mortgage, utility bills and living costs.
A stay-at-home parent makes a huge contribution and we believe should be protected with life cover too.
Any family would be massively impacted, both practically and financially if the stay-at-home parent was not around.
According to reports from The Money Charity, the average cost of raising a child, from 0 to 21, is now £30.23 a day.
Which equates to £11,034 a year, or an eye-watering £231,713 over 21 years.
And that is per child. What if you have 2, 3 or 4 children to provide for?
Take the cost of childcare and nursery fees
The Money Advice Service suggests that the average cost of full-time childcare is now £223.36 a week or £277.84 per week for those living in London.
That’s £11,615 or £14,448 a year, for 1 child under 2 years.
A life insurance policy probably costs less than you think?
Most of us can secure life insurance cover to protect our family for just a few pounds a week.
For the price of a Starbucks-coffee-a-day you and your family could be comprehensively protected, should the worst happen.
No one can EVER replace a mum or a dad. Whether you work full-time, part-time or are a stay-at-home parent, the role you fulfil is invaluable and you’re unique.
However, ensuring you have adequate life insurance in place and receiving a fixed lump sum pay out could one day help you financially, at a time when you are struggling emotionally.
If you’re one of the millions of parents here in the UK that doesn’t have any life insurance, why not do something heroic and take out cover.
Sources:http://www.mirror.co.uk/lifestyle/family/mums-would-earn-80000-year-10067907/  https://www.bidvine.com/blog/mum-salary/  http://themoneycharity.org.uk/money-statistics/september-2017/  https://www.moneyadviceservice.org.uk/en/articles/childcare-costs/
** This is a guest post **