The ‘Value’ of Mom Rises by Just 1.9 Percent to $68,875
Each year in honor of
The annual index serves as a gentle reminder -- most families can't afford to pay someone else to do mom's jobs around the home, and that's why you need an adequate life insurance policy. Despite the need for a financial safety net, 36 percent of women surveyed by Insure.com say they can't afford to buy a policy. But among those with coverage, nearly a quarter reported paying
Duties such as time spent helping with kids' homework, bill and finance management, and birthday party planning are just a few of the jobs that factor in to Mom's wage.
"While a few of the occupations had substantial wage increases, they weren't enough to make up for the mediocre increase in the jobs where the bulk of mom's time is spent," said
The jobs that has the lowest gain or lost wage:
* Taxi drivers and chauffeurs -21.9%
* Interior designer -7%
* Personal care aides 2.1%
* The jobs with the biggest increases:
* Meeting/Convention Planner 24.9%
* Licensed practical and licensed vocational nurses 9.6%
* Private detectives and investigators 6.5%
(See the full task chart and associated wages.)
The
"It takes far more than just income replacement to help with finances after the passing of a loved one," explains Gusner, "While the income replacement is a significant portion, families often forget to include the costs of outsourcing so many of the jobs that were performed by Mom. If one parent is trying to cope with loss and help their children navigate their grief, are the dishes really going to be washed and do the toilets get scrubbed?"
Insure.com recommends an annual insurance health "checkup" with the Insurance Advisor tool, which helps you identify any vulnerable gaps in your life, auto, home or health insurance coverage and suggests adjustments based on your current family situation and assets.
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