What price would you put on a Mother and Housewife?
It’s not something that we like to think about too much, but the people at Legal and General have put a market value on how much it would cost to employ somebody to do the day to day chores of running a household and looking after a family.
They have suggested that it would cost £500 per week to employ outside help , and break this down as follows:
It is estimated that a mother and housewife spends 10.5 hours each, on cooking and cleaning, over 15 hours a week washing, ironing and making beds and 21.6 hours looking after children.
Legal and General suggest that these costs have risen by 7% in the last two years alone, but how many of us have cover for such an event or how many could find the cost of employing somebody to run the home for them. The Insurer is amazed that while most people accept mortgage cover as a necessary evil, too few consider the risk of losing a mother. Bonnie Burns of Legal and General says;
‘I come across many people who have insured their mobile phone and their pet, but who don’t have decent life cover.’
Term Life cover will pay a lump sum if you die, and can be written under trust, which means that it is not part of your estate, and is therefore quickly available to named beneficiaries without waiting for probate.
Term cover for a 35 year old woman is available for around £9 per month for £150,000 cover, over 20 years. The premium is fixed for the period of cover provided. There are other products available that will pay out on a monthly basis or whatever is likely to suit you.
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