Advice from Nashville's Financial Guru Dave Ramsey
Dave Says
By Dave Ramsey
Author of Financial Peace and The Total Money Makeover
8/1/2006
"How much life insurance on a stay-at-home mom?"
Dear Dave,
I've heard you recommend having seven to 10 times your income in life insurance. How much would you suggest having on a policy for a stay-at-home mom when there's no direct income involved?
Dale
Dear Dale,
I'd say somewhere in the $300,000 to $400,000 range, because financially-speaking it's going to take $35,000 to $40,000 a year to replace all the things she does.
Your wife may not bring home an actual paycheck right now, but there's a ton of personal and economic value attached to everything she does every day. This lady works hard, what she does is very important and would be VERY difficult to replace!
- Dave
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