Ontario, CA (PRWEB) May 06, 2013
Men are almost three times more likely to have life insurance policies than women. Oftentimes this is because men are the “breadwinners” of the family, yet, 25% of women who are married are earning more than their husbands.
“Men are compelled to protect; however, in the current economy, some men don’t want to admit that they rely on their wife’s income. The truth is that husbands and wives are a team. It’s not important who earns more, but what is important is protecting that partner if the unthinkable occurs,” says Frank N.Darras, America’s top insurance lawyer.
Even if the wife’s occupation is that of a stay-at-home mother, the need for life insurance is still extremely important. A recent report by Salary.com estimates that a stay-at-home mother would earn between $115,000 to $123,000 per year for the many job roles she has, including cook, day care operator, housekeeper, and driver.
“Just because the spouse isn't receiving a paycheck every 2 weeks doesn’t mean she doesn’t contribute to the family’s income. Childcare alone is a huge expense. Think of the extra costs a spouse would incur if something were to happen to the partner,” says Darras.
Darras typically recommends at least $100,000 to $250,000 of life insurance coverage for mothers. This takes into consideration the cost of daycare, preschool, after school care, funeral expenses, and college funds for the kids.
“Husbands have to take into account how the wife’s absence would affect his office work load and schedule from now on. Even if a child attends daycare five days a week, it’s likely that keeping up the same pace as before would be nearly impossible. There are now more errands to run, a house to clean, and the responsibility for picking up a child if she gets sick at school. Consider these costs in the grand total,” says Darras.
Term life insurance is a good bet for most mothers because the need for it is somewhat temporary. If the mother plans to return to work when her children reach school or adult age, then a 20-year level premium term policy will likely be all that is needed. Once she returns to work, the life insurance needs may change depending on salary.
“In honor of Mother’s Day, consider investing in life insurance for the most important woman in your life today. The protection is needed and don't undervalue the work of a mother – whether working or staying at home. Giving the family peace of mind is important,” says Darras.
DarrasLaw's attorneys, including founder Frank N. Darras, have received numerous honors and awards from peers, validating the claim that we are America's top disability firm. Lawdragon has singled out Frank N. Darras for five years in a row as one of the Top 500 Lawyers in America. Since its inception, Super Lawyers has honored him by naming him to its list for his work with disability insurance policyholders. The American Association of Justice lists him as one of the Top 100 Trial Lawyers in California. Best Lawyers in America has profiled DarrasLaw and the firm's accomplishments on behalf of the disadvantaged and disabled.
At DarrasLaw, our compassion goes hand-in-hand with our legal expertise. We take pride not only in the results we achieve, but the care our team provides along the way. We hire only the top disability attorneys and staff, including our in-house nurse, for their compassion as much as their expertise and knowledge. Hiring the cream of the crop has been critical to maintaining our position as America's top disability firm.
Our national reach plays a role too. People from all 50 states turn to us for help with individual disability insurance matters.
Nationwide, we review more than 2,500 claims a month. In any given year, we handle more cases than many firms handle in their lifetime. We have recovered more than $750 million in wrongfully denied insurance benefits.
Darras is available for interviews. Contact robin(at)mcdavidpr(dot)com.