Why Moms Absolutely, Positively Need Life Insurance


mother multitasking with work and childcare

If “Mom” were a job title, what would her salary be?

And why is this important?

When it comes to purchasing a life insurance policy, this number is more important than you may think – mainly because the value of a life insurance policy is usually based on an individual’s salary. Times ten.

And seeing that moms still aren’t typically the primary breadwinner in the average household* – due to taking time off after having children, gender norms within the home, as well as a phenomenon called the gender gap (source) – perhaps it’s not surprising that men tend to own more life insurance than women (source).

But in 2023, this should no longer be the case.

Because the reality is that even stay-at-home moms are ‘on the job’ (or at least on call) 24 hours a day. And a study found that many working mothers were essentially working two full-time jobs during Covid (source).

Considering all that motherly love comes in the form of unpaid labour, how do you even begin calculating the value of a mother’s policy?

Well, in 2019, somebody did.

A mother’s services were estimated at an average yearly salary of $178,201 for a 40-hour work week (source). And this is above and beyond a day job for working moms – and not counting all that overtime for stay-at-home moms.

And yet…

Many mothers still don’t have enough coverage (or any) life insurance at all – whether they are married, single, or a stay-at-home parent. Let’s break it down even further to see what sort of life insurance moms in different family set-ups may need.

Married moms in a two-income family

Many families rely on two incomes, and, while the division of labour has become more balanced in recent years, the bulk of caregiving duties is far too often left to working moms – as became far too clear during the pandemic (source).

Consider this

Most two-income families wouldn’t be able to maintain their standard of living on a single salary. Remember, life insurance can help cover childcare costs, household maintenance, and even mortgage payments – so that your plans for your family don’t change if something unexpected happens to you.

Single moms

As the primary breadwinner and caregiver, single moms have a lot resting on their shoulders. And yet, many single-parent households don’t have any life insurance.

Consider this

Your child’s other parent or guardian may not have the funds to pay for a sudden and unexpected addition to the household. Remember, it is critical for single parents to have enough life insurance to cover all those day-to-day living expenses, childcare costs, and any future goals like post-secondary education or a wedding.

Stay-at-home moms

While stay-at-home moms may not earn a salary, they are still making a big financial contribution to their family. Every single day.

Consider this

Childcare, cleaning, cooking, and household management are all much-needed contributions to a functioning household. Remember, if you weren’t around to fulfill these responsibilities, there would be a huge replacement cost. It would likely be impossible for your spouse to take these on while working full time – and paying for these services does not come cheap.

Two-mom households

Because salaries and childcare duties may be more equal in a household with two mothers, the need for life insurance becomes equally as important.

Consider this

All of the above rings true when both parents are moms. Remember, with each of you contributing equally to childcare responsibilities and the overall household income, an unexpected loss would mean seeing your finances cut in half while caregiving duties would be doubled.

I’m a mom. How can I fix this?

The best thing to do is to get on the phone with an expert and go over your current situation – both at home and at work – and discuss your future goals and protection needs. They can advise you on the best life insurance solution for your unique situation.

To start, here’s a quick overview:

  • If you have young children, what you may need is a term life policy; it can help cover your mortgage, other debts, as well as the cost of raising little ones before they move out of the house.
  • If you want to give your teen or young adult children a leg up, a participating whole life plan allows you to dip into their cash value to help pay for a future wedding or down payment on a home.
  • If your kids are grown and you’re approaching retirement, you may want to ask about a term to 100 plan; it will ensure final expenses are paid off and give you the opportunity to leave behind a legacy.

Ready to even things out by purchasing life insurance? Fill out this short form to get the ball rolling.

*Editor’s Note: While we embrace all sorts of families at Serenia Life, this article focuses mainly on the “traditional” family in order to make the point that women and mothers tend to purchase less life insurance as compared to their male counterparts.