A few short years ago, my husband and I became new parents to a beautiful baby boy. To us, this meant learning how to get settled in as a new family, how to function on 2 hours of sleep, budgeting our finances for diapers and other baby needs, and taking care of long-term financial planning.
Having kids meant that we not only needed to prepare them financially for college, we needed to prepare ourselves for the unthinkable. No one wants to think about death, but its a reality and it could happen sooner than expected. After the birth of our first child I had nightmares, what would happen to my children if something happened to me. What would happen to me and the kids, should something happen to my husband?
I came across this article that really spoke to me about financial planning for stay at home parents. My husband is the breadwinner in our family, and my concerns have always been “What would I do if my husband passed away and his income was no longer there?” We knew that my husband should carry a life insurance policy to protect our family, but never did I think about the repercussions of what would happen if it was the me (the stay at home parent) who passed away. After reading this article I now think about both sides of the road.
I want my family to grow through life without the financial concerns of “What if”, so we checked out the Budget Calculator from the Genworth Financial website. This was a great place for us to figure out where we needed to start in the process of getting life Insurance.
There are so many things to think about as a new parent and a lot of it is trial and error. Life insurance isn’t something that I was ready to learn about the hard way.
Does either you or your spouse carry life insurance?
*Disclosure: This post was inspired by Genworth Financial. All opinions are 100% my own.