As a young mother, the mere thought of passing away suddenly can be unbearable. It may seem farfetched to consider such a possibility, but the reality is that death can occur at any time regardless of your age or health status. After all, accidents and other events occur randomly and without notice. Serious illnesses can develop seemingly out of the blue, and some can have fatal consequences.
The primary responsibility of motherhood is to care for your children in every way and to raise them as well as possible regardless of the circumstances that impact your lives. If you consider the possibility of your passing from a realistic standpoint, you may initially think about who will care for them and how they will be nurtured. Their father certainly may step up to the plate and take on even greater responsibilities in this type of situation, but a surviving parent may also need to support the family financially. Money from life insurance could never replace your presence in your children’s lives, but it could pave the way for them to enjoy a more comfortable future.
The Potential Impact of Your Loss
When a young mother who stays at home with children during the day passes away, it may not seem like the family would suffer financially from the loss. However, a surviving parent must make arrangements for the daily care of the children that the mother provided. This may be by enrolling the children in a daycare or hiring a nanny. Because of the increasing demands on the surviving parent, additional help may be needed to manage house cleaning and lawn care so that the parent can better care for the children’s needs. These expenses can be considerable, so you can see that a stay-at-home mother provides a financial benefit to the family that must be accounted for.
When a young mother works outside of the home, the family may be reliant on two incomes. The loss of one of these incomes can be detrimental to the family’s lifestyle. The upheaval of being forced to relocate after losing a parent because of financial reasons can be devastating to a child. The child may be able to more easily adjust to the situation when he or she is in familiar surroundings.
There is also a long-term impact associated with your loss. For example, your long-term financial plan for funding a college savings plan may have been based on your presence in the children’s lives. In this way, your unexpected loss can have a huge impact on much of their adult lives as well as through their childhood.
How Life Insurance Benefits Could Be Used
The financial benefits of life coverage could never replace the nurturing and love that you provide to your children on a daily basis. However, the role of motherhood is to provide for your children in all ways. This includes in the financial aspect of their care and upbringing up to adulthood and even beyond. With this in mind, benefits could be used to initially pay for funeral costs so that the family is not financially stressed by this large and unexpected expense. Benefits may also be used to hire help for the regular responsibilities that you currently handle for the family. Additional benefits may be used to replace your lost income or to pay off debts so that the family can live more comfortably according to the current lifestyle that they are accustomed to. Long-term expenses, such as a college education or a wedding, may also be funded by insurance benefits.
The Importance of Buying Coverage Soon
There are multiple reasons why you should consider buying coverage sooner rather than later. Death can come at any time and very suddenly, such as from an accident. A serious illness may develop without notice, and it may lead to a slow death. In both of these situations, coverage must already be in place in order for your family to obtain benefits.
Another reason to buy coverage as soon as possible is because the cost of coverage is based in large part on your age and health status. You will never be younger than you are today, so it makes sense to take advantage of the lower rates associated with your current age.
The reality is that the financial impact of the loss of either parent on the family can be devastating. Just as you may have thought about buying coverage for the father, you also need to seriously consider buying coverage for yourself as the children’s mother. Remember that if you both pass away at the same time, your coverage benefits could help the custodian who you have selected to better care for your children until they reach adulthood. Now is an ideal time to learn more about coverage options and to request a few quotes.