Dave Says: How Much Life insurance on a Stay-at-Home Mom?
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Dear Dave,
I’ve heard you recommend having seven to 10 times your income in life insurance. How much would you suggest having a policy for a stay-at-home mom when there’s no direct income involved?
Dale
Dear Dale,
I’d say somewhere in the $300,000 to $400,000 range because financially-speaking it’s going to take $35,000 to $40,000 a year to replace all the things she does. Your wife may not bring home an actual paycheck right now, but there’s a ton of personal and economic value attached to everything she does every day. This lady works hard, what she does is very important and would be VERY difficult to replace!
Dave
