What is the Value of Mom in Canada, 2012?
The Real Value of Mom if she were paid for all she does
I know you might all be thinking that this article about Mom’s is a day too late – that Mother’s Day was yesterday. true, but I was too busy spending time with my wife, the mother of my children, and my Mom to take even a brief moment to write something. Plus, I usually don’t work on Sundays, so better late than never, I say.
I did pick up one valuable tidbit of information yesterday, and that was the annual What’s A Mom Worth survey from Salary.com. Each year, Salary.com surveys thousands of women across North America to find out how much time they spend on household chores, raising children, extra curricular activities, etc. Then they put a price tag to this unpaid work to see what a Mom is worth if she were paid for all that hard work. I was shocked to find out that Mom’s are typically worth more for their efforts than the average salary of a full-time employee in Canada. Plus, the additional unpaid work that a working Mom does around the house, after she has given her 40 plus hours per week to some company for a paycheck, is still worth over $60,000 per year. Wow!
Here are two infographics from Salary.com about their survey results and value of a Mom for all the upaid work she does:
Mom’s Value is the Insurable Interest to the Family
Since this is a website dedicated to life and health insurance in Canada, we better tie this article about the value of Mom back to insurance.
So, the question is what does your family do if Mom become so sick she can’t do all these things to keep the family running, or if she dies early in life? Would Dad be able to pick up the slack, and afford childcare and household cleaning services with his current salary?
Unfortunately many Canadian families do not really appreciate the real value of Mom, and how much it would cost to replace her. I previously wrote an article called Stay Home Moms Put Families at Risk Without Life Insurance. I was trying to show how the unpaid work done by Moms’ in Canada is something that can’t easily be replaced, and families need to be protected in case Mom is no longer there to care for them.
This survey by Salary.com put some real data behind my previous article. Moms in Canada do so much for their families, without asking much in return. I know my wife is exhausted after every day of work, trying to keep up with two young boys, look after me and putting a lovely home cooked meal on the table everyday. Does my wife have life insurance? You better believe it. God forbid anything might happen to her, but if I was left alone with two young boys and a business to run I would not be able to cope. I would need fulltime help in the home to keep up with the chores, childcare and keep everyone sane.
Critical Illness Insurance is Moms Living Benefit Insurance
We all know that life insurance is very important, but we should also pay close attention to her need for major health insurance. Stay home moms can’t get disability insurance because they aren’t paid for the work they do. Only jobs that pay an income or create revenue from active work qualify for disability insurance (income protection insurance). There is an insurance policy that will provide Mom protection from major life altering illnesses and injuries, like cancer, heart disease, stroke, MS, Parklinsons, paralysis, etc. It’s called Critical Illness Insurance and can be a very affordable addition to your insurance portfolio.
If Mom became terribly ill and needed care herself, your family is left is an even more desperate financial situation. Again there is need for help to come into the home for childcare and cleaning. On top of that Mom is going to need medical care and support that will add additional expenses to the household budget. Plus, Dad might want to take time off work to be at her bedside, caring and supporting his wife through the illness. How is the family going to afford all this? The answer is a tax free, lump sum payout from a critical illness insurance policy, paid out 30 days after diagnosis of a life altering illness or injury. Any Canadian family could benefit greatly from $50,000, $100,000 or even $250,000 tax free cash if Mom was seriously ill and could no longer do everything she normally does around the house.
Get proper insurance plans on Mom – she is more than worth it
Do you know the real value of Mom in your family? Try the Salary.com What’s A Mom Worth Calculator. Is your family insured against the loss of Mom? Contact Life Guard Insurance to speak with a professional life insurance broker in Canada who can help you family get the proper insurance planning in place, and protect the real value of Mom – she’s worth it. Happy Mother’s Day.
The article was written by +Mitch Reynolds. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about the real value of Mom in Canada would be very much appreciated.