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Stay-at-home moms are MVPs—they’re home managers and at times the lifeline of the household. What if the MVP passes away? Likely, the other parent may need to hire help to fill in for the deceased parent–especially if the other parent is used to making the money.
Help comes with a cost, that sometimes has one too many zeros. This is where life insurance comes in–it can help ease the burden of this huge and unexpected expense.
Both parents should have life insurance–when they do, you have some guarantee that help will be affordable through the transition period.
When getting life insurance you want to get the right amount of coverage–enough to cover the anticipated cost of help your children will need until they’re independent. There are life insurance calculators online to help you with this, too.
My last tip? Choose a reliable company and an insurance agent that comes from a trusted referral.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.