05 May Can You Measure a Mothers’ Worth?
With Mothers’ Day around the corner, it’s the time of year where everyone starts thinking about all of the things their mother did or still does for them. From patching up “boo boos,” to chauffering you around your whole entire childhood, a mother essentially works all kinds of jobs. But with everything they do, how much is a mother truely worth?
Insure.com recently set out to find exactly how much money a mother saves a family by doing all the things they do. In total, they discovered that Mom saves the family about $61,000 by acting as nanny, nurse, cook, maid, etc. This total doesn’t include the money that a mom may bring in with her job either. So the question stands, why is it that so many women remain uninsured or underinsured when it comes to life insurance? While last year an average of six out of 10 women had some form of life insurance (the same as men’s life insurance ownership), the coverage purchased is about only 69% that of men’s.
It is often assumed that only the “breadwinner” in the family needs to purchase life insurance, but in reality both parents need to be insured. A family should consider that the loss of income isn’t the only financial hit that they would suffer from, but also all those tasks that mom does on a daily basis would now have to be performed by someone else. And the costs would add up! The following chart shows all of the average pay rates of each job performed by mom.
The Mother’s Day Index 2011
|Mom job||BLS occupation used||Hours per week/weeks per year||Hourly wage||Weeks per year||Annual Mom cost|
|Cooking||Cooks||14 hrs./52 weeks||$9.53||52||$6,938|
|Driving||Taxi drivers and chauffeurs||9 hrs./52 weeks||$13.43||52||$6,285|
|Helping with homework||Other teachers and instructors||10 hrs./40 weeks||$17.85||40||$7,140|
|Taking care of the kids||Child Care Worker||40 hrs./52 weeks||$9.95||52||$20,696|
|Nursing wounds||Licensed practical and licensed vocational nurses||2 hrs./12 weeks||$17.90||12||$430|
|Cleaning up||Maids and housekeeping cleaners||10 hrs./52 weeks||$9.40||52||$4,888|
|Planning parties||Meeting & Convention Planners||64 hours a year||$23.11||$1,479|
|Summer activity planner||Miscellaneous community and social service specialists||40 hrs./12 weeks||$18.18||12||$8,726|
|Haircuts||Hairdressers, hairstylists, and cosmetologists||0.5 hrs./52 weeks||$11.55||52||$300|
|Shopping for the family||Personal and home care aides||3 hrs./52 weeks||$10.13||52||$1,580|
|Family finances||Accountants and auditors||0.5 hrs./52 weeks||$23.83||52||$620|
|Yard work||Grounds maintenance workers||1 hr./52 weeks||$10.83||52||$563|
|Fixing up the house||Interior Designers||40 hours a year||$24.99||$1,000|
|Finding out what the kids are up to||Private detectives and investigators||40 hours a year||$19.78||$791|
Total annual Mom cost: $61,436
Do you have questions about North Carolina life insurance or are you ready to call and get a quote to protect your loved ones in the future? Visit our website or call 877-318-5951 to talk to one of our friendly agents for a North Carolina insurance quote! It’s time to be smart and prepared so that your family doesn’t suffer financially if an accident does occur!
Thank you mom’s for everything you do for us!