s/o Life Insurance for SAHP

[Cheerio]

How much life insurance do you need for a SAHP? I am the working spouse, DH stays at home with our DS, who has some medical issues and may not be able to go to daycare. I'm planning on a $1M policy for myself, but I don't know how much to get on DH. I was thinking of just doing $1M on both of us, especially when I think about what would happen if we both were to pass and DS would go to a guardian.

FWIW, we're both 31 and in good health.

Any insight is appreciated.

[mrs.spunky]

If your DH was working, what would he make, roughly, or what did he make in his last job/career?
Take that number and multiply it by 10. Start there.

My answer may be higher depending on what your son's medical issues are.

[spankswife]

DH is a SAHD and we have $500k for each of us. True about if both passed, but also, if you didn't have DH, you'd need a nanny, housekeeper, etc to help take care of your child alone, so the SAHP is equally as important, in my opinion.

[Deleted]

Also keep in mind that depending on how many years the SAH parent worked, your children may be able to collect social security death benefits. That is something to consider in terms of saving for college, a nanny, daycare costs.

[sillygoosegirl]

If DH died, how much money would you need to take care of DS? Would you need or want to quit your job to stay home with him. If so, DH needs to be insured for just as much as you are--in either case it would be your income being replaced. If you would make different arrangements for DS, then you need enough money to cover that--normally that is less money, but maybe not in your case.

[peachdragon]

I am a SAHM and we have a policy on me for 500k. My husband's policy is 1M

[Cheerio]

Thanks for all the responses. I think that you all have confirmed that I should just go for $1MM for both of us.

And, thanks to MM, today I learned that the appropriate abbreviation for million is MM.

[chessie]

Well its around 30k a year for a nanny plus another 10k for a house cleaner to come in, so at least 500k.

[Deleted]

I got a $1M policy for myself when I was a SAHM. DH can only work his job because I do the heavy lifting at home. If I went he'd have to either take a less stressful job and a pay cut or hire 2 full time nannies.

Having $1M was enough to pay off the house and hire help for a couple years.

[whitepicketfence]

Aug 16, 2012 6:28:26 GMT -5 chessie said:

Well its around 30k a year for a nanny plus another 10k for a house cleaner to come in, so at least 500k.

Where do you live that a housekeeper costs $800+ a month? We pay ours $45/visit to come every other week.

[Deleted]

Aug 16, 2012 6:51:29 GMT -5 whitepicketfence said:

Aug 16, 2012 6:28:26 GMT -5 chessie said:

Well its around 30k a year for a nanny plus another 10k for a house cleaner to come in, so at least 500k.

Where do you live that a housekeeper costs $800+ a month? We pay ours $45/visit to come every other week.

I live in a MCOL area and before I found my current housekeeper I had a lot of quotes that were in the $150-175 for weekly housekeeping.

[whitepicketfence]

Aug 16, 2012 6:53:18 GMT -5 @septimus said:

Aug 16, 2012 6:51:29 GMT -5 whitepicketfence said:

Where do you live that a housekeeper costs $800+ a month? We pay ours $45/visit to come every other week.

I live in a MCOL area and before I found my current housekeeper I had a lot of quotes that were in the $150-175 for weekly housekeeping.

Holy hell. I'm so glad that I live where I do. I never would have convinced DH of our need for a housekeeper at those prices, LOL.

[chessie]

Aug 16, 2012 6:53:18 GMT -5 @septimus said:

Aug 16, 2012 6:51:29 GMT -5 whitepicketfence said:

Where do you live that a housekeeper costs $800+ a month? We pay ours $45/visit to come every other week.

I live in a MCOL area and before I found my current housekeeper I had a lot of quotes that were in the $150-175 for weekly housekeeping.

MCOL. One visit is 150-200 and we only have a 1100 sq ft house too..so its not like its huge. This is one reason why DH won't agree to a house cleaner on a regular basis. We live in a very touristy area, pretty close to the richest parts of the seaport...

Another reason why i said Nanny, its probably cheaper, its 1500-2000 a month in my area for 1 kid...it is what it is though, I wouldn't move.

[whitepicketfence]

Sorry to hijack your post, OP. To answer your original question, I'm a SAHM and we have a $250K policy on me. We live in a LCOL area with a small mortgage.

[expatpumpkin]

Aug 16, 2012 6:53:18 GMT -5 @septimus said:

Aug 16, 2012 6:51:29 GMT -5 whitepicketfence said:

Where do you live that a housekeeper costs $800+ a month? We pay ours $45/visit to come every other week.

I live in a MCOL area and before I found my current housekeeper I had a lot of quotes that were in the $150-175 for weekly housekeeping.

How many hours do you get for that? Was it with an agency or an independent cleaner?

[Deleted]

Aug 16, 2012 7:20:54 GMT -5 expatpumpkin said:

Aug 16, 2012 6:53:18 GMT -5 @septimus said:

I live in a MCOL area and before I found my current housekeeper I had a lot of quotes that were in the $150-175 for weekly housekeeping.

How many hours do you get for that? Was it with an agency or an independent cleaner?

It was an independent cleaner and she was awful. She wanted me to clean before she came.... Now I have a housekeeper I pay by the hour and she comes 2 days a week does laundry, organizes my pantry and picks up anything strewn about the house.