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Here’s why moms need life insurance, too

May 9, 2019 6 Minute Read

As a mom, you’re everything to your family – the random sock finder, the keeper of all schedules, the one the kids will track to the ends of the house to ask a question (even if it means walking past Dad). You give your time, your sleep, and occasionally your sanity to care for them. But have you made sure your family is protected financially?  

Whether you spend your days at the office or at the tot lot with your kids, life insurance is a must-have as a mom. And yet lots of women skip getting insured because they figure their partner’s coverage is enough, or they keep pushing it to the bottom of their long to-do list. According to one study, only 57% of women have life insurance – that’s 31% percent lower than the number of men who are covered.

Life insurance offers a guaranteed, tax-free payout to your family if something happens to you.  It can help them cover the bills or childcare, pay for college or the mortgage on a home, or even create a nest egg for the kids down the road. It’s also cheaper than most people think. We know you’re busy, moms, so here’s your quick guide to when (and how) to get covered.

If you: Stay at home with the kids

Every mom is a working mom, it’s just that some of us don’t get paid for our work. If your boss is a Cheerio-throwing toddler, you may think you don’t need life insurance since you don’t have a salary. Add up all the child care, household upkeep, chauffeuring, and other tasks you do on the daily, though, and the financial impact if you suddenly weren’t around becomes clear (an eye-popping $162,581, by one estimate).  

For stay-at-home moms, getting covered with life insurance allows your partner to take a leave of absence to care for your kids, pay for child care, and manage other household expenses if the worst was to happen. Just like a working parent, think about how long your family will depend on you financially when shopping for coverage. If your youngest is still in diapers, you’ll likely want a policy that lasts at least until they’re out of the house.

With term life insurance, you can pick a coverage length that meets your family’s needs. These policies will keep you covered for 10 to 30 years and are simple and affordable, making them a good bet for most families. As for coverage amounts, a good rule of thumb is to buy a term life insurance policy roughly half the size of your partner’s policy (most carriers will approve that amount based on your spouse’s income). 

If you: Are a working mom

If your family counts on your paycheck each month, life insurance can help fill the gap if needed. For moms who are re-entering the workforce after staying home with the kids, make sure your coverage reflects how much you’re currently earning (see the other times to review your life insurance here).

Ideally, both you and your spouse should have life insurance. It’s OK if one of you has a bigger life insurance policy, but failing to cover one spouse completely could lead to big financial problems if something happens to them. For example, a recent industry study found that almost half of families say they would be negatively impacted financially within six months if their primary wage earner died. Buying life insurance can help make sure your family doesn’t struggle financially if the worst happens. Learn more about couples and life insurance here.

If you: Are a single mom

When it’s just you and the kids, life insurance becomes doubly important. Getting covered with life insurance as a single mom provides a financial cushion for your children while they’re young and can also provide them with an inheritance or money for an education when they’re older. Since you’re not counting on a partner’s coverage, it’s essential to make sure you have enough life insurance – most women have just a quarter of the coverage they need. An experienced agent can help you figure out the right amount for your situation.

If you: Are a mom-to-be

Thinking about your financial future now that you have a little one on the way? Join the club: Having a baby is the No. 1 reason people get covered, according to one study. If you’re still early in your pregnancy and don’t have any health complications, there’s no reason to wait to buy life insurance. Many carriers will use your pre-pregnancy weight when calculating your rate, so you can lock in a lower premium. If you’re in your third trimester, most insurance companies recommend waiting until after your little nugget arrives to get covered.

What about your kids?

You know getting life insurance for yourself is a good idea – but what about for your little ones? Some carriers will allow you to add a child rider to your life insurance that provides life insurance for your children for just a little extra each month. While it may seem strange to insure someone who doesn’t earn a paycheck, covering your kids is less about financial protection and more about protecting their insurability. If your child develops a health condition later in life, you’ve already guaranteed they can still qualify for life insurance. Once your policy expires or they turn 18, they can convert the coverage into their own policy.

Protecting your peace of mind – and family 

eFinancial is here to help moms weigh their options and conveniently compare affordable plans from top-rated carriers. To protect a mom’s most precious resource – free time – we’ve made it easy to shop for coverage online.  Get quotes from top companies in a matter of minutes. 


At eFinancial, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed and updated regularly to ensure the information is as relevant as possible.