Do you know how much it takes to raise a child these days?
Are you sitting down?
That would be almost a quarter of a million dollars.
It cost $245,000 to raise a child born in 2013 until they hit 18, according to the U.S. Dept. of Agriculture.
This is not about a luxury upbringing. This is no Kardashian-esque baby outfitted in cashmere onesies. This is not about a privileged college education, because these numbers do not include the cost of college. That’s extra. Add on about $14,000 a year of public and $41,000 for private college.
This number, $245,000, is a place to live, food, clothes, health care—the basics.
Both working and stay-at-home moms need protection because what they do for their families is so valuable. While a stay-at-home mom isn’t compensated for her work, if something were to happen to her, it would be expensive to replace all those things she does—from childcare to home care to ensuring the family gets where they need to go when they have to be there.
The difference between the two is that a working mother also contributes an income, which may be critical to the family financially. That means she needs to think about replacing that income when considering how much life insurance coverage she may need.
My father didn’t have adequate life insurance coverage. I have had to grow up quickly and work to help my mother. Had my father had life insurance we would not be in the position we find ourselves today. His death has made my future plans to attend college even harder to achieve. With the values my parents taught me, I have worked hard to achieve high academic accomplishments .
While we hope you read all of our blog posts each week, we know in a busy world that doesn’t always happen, so here are a few of our most popular posts so far this year. Take a gander …
There is facial recognition software that will name your friends and ask you if you want to tag them on your social media profile. You can text someone a message from half a world away, and you can play a video game with a complete stranger on another continent. Technology has accomplished so many amazing things in the past 20 years, but there’s still no way to bypass our own mortality.
While it’s never pleasant to discuss, your death is inevitable. It is easy to forget this when you’re young. Everything seems to be going as planned and most young people have little connection to the heartache of death, outside of the passing of their grandparents.
But early adulthood is an advantageous time to purchase life insurance. The benefits to doing so are many. If you’re not sure whether you need insurance or not, consider the following.