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Everyone needs life insurance, especially an individual who has people depending on him or her. However, it is troubling that so many families with young children are yet to obtain any kind of life insurance cover. On the other hand, senior citizens are rushing to obtain term life insurance no-medical exam mainly to cover funeral expenses. Perhaps the problem is that the kind of life policy suitable for individuals with dependents is not being advertised by the insurance industry as it ought to be advertised.

Even stay at home mums need life insurance

Most of the time when people are talking about term life insurance the focus is on the individuals who are bringing in income for the family, who are mainly the fathers. However, financial experts are now realizing that even stay-at-home mums certainly need life insurance. According to an interesting research, if these mums were paid for their services, which include cooking, laundry, cleaning and childcare, they would earn an average of $120,000 annually.

If you put it this way, it certainly gets your attention as a family head. Should this stay-at-home mum pass away, the remaining spouse would have to pay for such services as childcare and whatever else the stay-at-home mum use to do. That is why it is essential for stay-at-home spouses should obtain a life policy.

Your best option is level term life policy

Too often, people are sold insurance products that have huge commissions and high costs. That is certainly a formula for failure when you have to pay the premium. Additionally, it sets you up for a lapse in coverage. According to research, 25% of individuals who purchase life insurance cease paying on the policy by the first 3 years, and that figure rises to 50% by the time it is the 10-year mark. Hence, you need a policy that is simple to purchase, easy to own, and definitely cheaper.

Purchasing level term policy is the most practical way to go. With such kind of a policy, a 45-year old male can obtain a $500,000 level term life cover, with a coverage length of 20 years while paying only $50 per month. This coverage is generally even cheaper for females because they visit the doctor more often than men and take care of themselves. Before purchasing level term policy for a stay-at-home spouse, consider the age of your children to determine a suitable coverage period.