Do you have life insurance for you or your family? When we had our first child, we didn't think much about it. But after our daughter was born, we purchased life insurance on them, just in case. We wanted to make sure that we have the money if something happens to them and we need some money to help cover a funeral cost. I pray this never happens to us, or to any of you, but it can.
Did you know that life insurance on your family can cost as little as $20 a month?
Did you know that half of Americans say they are under-insured? That’s 58 million* of us. And 70%* of people with kids under 18 say they would be in serious trouble if something happened to the primary breadwinner.
Do you have enough money in your savings account if you or your spouse were to lose their job tomorrow? We try to keep enough in our savings account to help support us for at least 2 to 3 months, or longer, if my husband's position were to be eliminated tomorrow, or he were to be laid off, or worse, fired. We could probably make that money stretch if we had to, but still, sooner or later, we would run out if him or I couldn't find work right away.
Experts say a good rule of thumb is to insure 5 to 10 times your income. It sounds like a lot, but it’s really not. Think about what you’re really worth. Life insurance will help cover the cost of your mortgage, medical and funeral expenses, continuing childcare, living expense and college tuition.
Do you have enough money put away for retirement? I know for sure that we don't. My husband's work puts money into an account, but they gamble it, in the stock market. I don't like this idea. I think the most money that he has had in his account has been a little over $100,000. That's not much, considering that would probably only last us for a few years when he retires.
How many people would have to be hired to do all the things you do for your family? Salary.com estimates the average stay-at-home mom would earn $117,867 per year if she were paid for all the work she does.
Most people feel overwhelmed when they think about this stuff. Your local Allstate agent can talk you through your situation and help you plan for the future today. Allstate and their agents have been helping customers protect their families for over 50 years.
Disclosure: I wrote this blog post while participating in the SocialMoms and Allstate blogging program, for a gift card worth $50. For more information on how you can participate, click here.
I know insurance is a very important thing to have. We both have a couple of life insurances and we also carry one on Blaze, God forbid we ever need it.
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