As the holidays approach, we take the time to celebrate life and family. We purchase gifts for loved ones with great care, hoping to find the perfect gift that will put a sparkle in their eyes and show them how much you love them. During all the hustle and bustle of the holiday season, don’t forget to spare a thought for one gift that will provide for them if there is ever a time when you are no longer available to do so – life insurance.
For many people, life insurance is something you never want to think about. It’s hard to consider your own mortality or what life would be like for your family without you. It’s not all about the emotional ramifications for your loved ones, the family of your heart, when you are gone. There are financial realities to consider as well. These are just a few reasons why life insurance is one of the most important gifts you can give your family this holiday season.
Your Value is Irreplaceable
That is the first thing you need to realize. But when it comes to dollars and cents, your contribution to the family budget does have a worth. Usually a worth that is greater than your annual wages. Families are units with different members of the family contributing in different ways. Not all of them are financial, but they do have financial value. For instance, a mom or dad who cares for children full-time may not contribute money to the family budget, but in her role, she saves the household the following costs:
- Childcare. Care.com reports that the average child care center costs just over $11,000 per year, other resources report higher rates and rates may be considerably higher in larger cities.
- House cleaning or maid services. Those can easily cost $100 or more each week, ringing up to $5,200 or more per year.
- Laundry services. For some households, it is well worth the costs of paying for laundry services, which usually charge by the pound.
- Food costs. When someone is home to take care of meal prep and cooking, it cuts the costs of eating out or convenience foods, saving money over time.
- Transportation costs. The remaining parent must work. Leaving it up to sitters or au pairs to manage transportation and the costs involved in getting your child or children from one activity to the next.
- Missed work for appointments, teacher conferences, school events, etc.
If mom or dad works outside the home, there is the value of that income that comes into the mix as well as the costs of getting help with things like cleaning the home, taking care of laundry, transporting kids to school, sports, appointments, and practices.
Comfort for the Future
Then there are services that are often required to help your loved ones manage life without you. This can include counseling, taking a leave from work to support children, and so much more. The gift of life insurance helps them maintain their lifestyle without worrying about becoming homeless, cashing in college funds, or going bankrupt on top of coping with their loss.