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Image of mom walking and holding baby in the air for Quotacy blog Life Insurance for Moms.

Life Insurance for Moms

May 04, 2020
Our goal is to educate and advise on life insurance options, so you can feel confident in making the right choice, whether that’s through Quotacy or somewhere else. To ensure we provide accurate and trustworthy information, our writers follow strict editorial standards.

Happy Mother’s Day to all you moms out there! Whether you’re a working mom, single mom, or a stay-at-home mom, you deserve celebration not only on this special holiday but every day of the year.

In addition to raising children, moms are rising in the workforce and many are in charge of family finances. These are big changes compared to 10-20 years ago. You know what hasn’t changed though? The fact that women are still underinsured when it comes to life insurance.

» Compare: Term life insurance quotes

It’s commonly advertised that the primary breadwinner of the household should have life insurance, and while this is very true, there are two issues with this thought.

  1. Society still visualizes the primary earner to be male, so even if women are the primary income earners, life insurance isn’t at the forefront of their minds or the minds of people marketing life insurance.
  2. Even if you aren’t the primary income earner, there is a very good chance you still need life insurance.

According to the Insurance Information Institute, women carry 31% less life insurance than men. Moms, we’re here to tell you that you are no less important than dads. So why do you have less life insurance protection? Whether you’re a working mom, single mom, or a stay-at-home mom—you need life insurance.

The Working Mom’s Need for Life Insurance

Income replacement is one of the most important reasons to buy life insurance. If you died unexpectedly, your term life insurance policy would provide a death benefit to your beneficiaries—the individuals that rely on your income to survive. As a mom, your children rely on your income for food, clothing, shelter, education, and anything else you can think of.

» Learn more: Working Women: What Term Life Insurance Is and Why It Matters to You

Even if you’re married and have two incomes contributing to the household, your spouse isn’t the only one who needs life insurance. You’re both contributing funds to the mortgage, car payments, utility bills, and raising children, so you both need life insurance.

Some may think “Well, if one of us dies, the surviving spouse is still there to pay bills and raise the children.” True, but can you afford everything you once had on one income? What happens if you both die at the same time, such as in a car accident? Then what happens to your children?

You and your spouse each need individual life insurance policies. You can name each other primary beneficiaries and then list, for example, adult children or trusted family members as secondary beneficiaries in the event that you both pass away at the same time. Another option is to own policies on each other and be both the owner and beneficiary.

The Single Mom’s Need for Life Insurance

All moms should have life insurance, but it can be argued that single moms need it the most. When married couples purchase life insurance, they often plan with the possibility that one spouse will remain to care for the children. Single parents do not have this luxury. Your children look to you, and to you alone, as their means of survival.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

If you died unexpectedly, you may have loving family members ready to take your children under their wing, but can they financially afford to do so? Term life insurance is ideal for all moms. It’s inexpensive and if you were to die prematurely it would provide a substantial death benefit amount to ensure your children lead healthy lives even if you are no longer around to provide for them.

A healthy 30-year-old woman can purchase a 20-year term policy worth $250,000 of life insurance coverage for as little as $17 per month. This would ensure her children are covered through adulthood, just in case.

Average Term Life Insurance Monthly Premiums for a Healthy Non-Smoking Woman
Age Face Amount 20-Year Term (Females) 30-Year Term (Females) 40-Year Term (Females)
30 $100,000 $9 $13 $16
$250,000 $12 $17 $23
$500,000 $18 $28 $39
$750,000 $24 $40 $56
$1,000,000 $21 $49 $73
40 $100,000 $11 $17 $24
$250,000 $16 $26 $49
$500,000 $26 $44 $92
$750,000 $37 $62 $135
$1,000,000 $45 $80 $177
50 $100,000 $20 $31 N/A
$250,000 $32 $54 N/A
$500,000 $56 $100 N/A
$750,000 $82 $145 N/A
$1,000,000 $105 $186 N/A

The Stay-at-Home Mom’s Need for Life Insurance

Stay-at-home moms may not work outside the home to provide an income, but you sure do a lot of work inside the home to save money! Think of all the everyday services a stay-at-home mom provides. If you were to pass away suddenly, your spouse would need to pay someone for the following services or find time to take care of them solo:

  • Daycare
  • Transportation to and from school and other places
  • Cook meals
  • Clean the house
  • Go grocery shopping
  • Do laundry
  • Help with homework

The list goes on. Can the surviving spouse take care of all of these duties and still work full-time in order to pay all the bills? It would be a struggle. Salary.com estimates the average stay-at-home mom is worth an annual salary of $178,201. That may very well be more than the working spouse brings home, so why does only the breadwinner typically get life insurance? We don’t know either.

If you’re a stay-at-home mom, it makes sense for you to get enough term life insurance coverage that lasts at least until your children are in college. If you and your spouse plan on paying for their college education, then the coverage should last longer. Running a quote on Quotacy.com takes less than 30 seconds and we have an easy-to-use life insurance needs calculator to help determined how much life insurance coverage you need if you aren’t sure.

» Calculate: Life insurance needs calculator

There is an old saying you’re probably familiar with: a mother’s work is never done. This saying came about because of everything a mom does to provide her family with a lifetime of happiness.

With life insurance you can still provide even if you are no longer around. Quotacy is perfect for the busy mom. It takes less than 20 minutes to apply for life insurance coverage and you can do it all online from the comfort of your home. We will be with you every step of the way in case you have any questions. There is no day like today when it comes to protecting the financial futures of your loved ones.

» Learn more: Life insurance basics for families


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