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Should a stay at home mom have disability insurance?

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella...

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Reviewed byDaniel Walker
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UPDATED: Mar 19, 2020

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Should Stay At Home Mom Have Disability InsuranceAs a stay at home mom you may wonder if you should have disability insurance in place. The problem is that a stay at home mom can’t get disability insurance, making the question of should moot.

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The thing is, disability insurance is insurance that is meant to protect you from loss of income. If you don’t have an income, then an insurance company will not write a policy for you, no exceptions!

No matter how valuable you are to your household, your insurance company doesn’t translate that value into money. It is an unfortunate fact that without compensation there is no disability insurance. That applies to Social Security Disability Insurance as well. In order to qualify for SSDI you must have worked in recent years or you won’t qualify.

With that being said, there are some other options available to you; just read on if you want to learn more!

Consider Long-Term Care Insurance

Long-term care insurance can be purchased for any healthy person, although the younger you are the more affordable it will be. This insurance provides you with the care you need if the time comes that you can no longer perform normal daily functions. Long-term care insurance can start immediately after you become disabled and will last for as long as your total lifetime coverage hasn’t been reached.

Realize that this isn’t the same thing as disability insurance. You won’t receive cash to hire a housekeeper, a cook, and a nanny. But, if you, as the primary home caretaker become disabled, will your family be able to take care of you? This can really take the burden off your family if you were to become seriously ill or injured.

Long-term care insurance can be very affordable, especially if you purchase it while you are young. The older you get the more expensive it is and the more likely you will need it. You may want to consider a policy with a non-cancelable clause that prevents your rates from increasing as you grow older. This will mean your initial premiums are higher, but it will make it more affordable as you get older.

Think About Getting a Part-Time Job

Yes, we know that this is less than ideal, especially if you are taking care of young children at home, but if you are concerned about what your family will do if you become disabled, then you need to do two things with your job. First of all, put some money into savings and secondly, purchase a disability insurance policy at that time.

That’s right, once you get a job, you can purchase a disability policy. You can’t do it right away, as most insurance companies will want proof of income for a certain amount of time, which could range from three months to a year. You will also need to check for their policy on how long you have to work after you purchase a policy.

Once you have met their requirements you can quit your job and retain your policy. This is legal just as long as you meet all of the requirements set forth by the insurance company. In addition, you have to be truthful throughout the entire process. If there is a question that asks if you plan on quitting your job in the next six months, you must answer it truthfully.

If you want to take this path, you must purchase a non-cancelable guaranteed renewable policy. What this means is that your rates can’t increase and the insurance company cannot cancel your policy for any reason once you have fulfilled their terms.

Getting a job, in the end, may not leave you with any profit. Considering the cost of daycare, driving to and from work, the cost of lunches if you go out to eat, and so on, you may end up paying more that you are getting. You simply need to weigh the pros and the cons to see if this is a viable option for you and your family.

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Start a Business at Home

Again, this isn’t for everyone. Not everyone wants their own business and not everyone has skills that translate to a work from home situation. You might be surprised, however, at how many opportunities there are for stay at home moms.

If you have older children who are in school during the day, consider offering your services as a satellite assistant. Many companies are using individuals like this to provide them with limited services. You can also join groups that will find you this type of work, although it will be considered contract work, so it is important to get all of your business paperwork in order so that it can be counted as household income.

If you have a specific skill that can be of value to others, use it. For example, if you are highly organized and have an eye for spatial dimensions, then consider helping people organize their homes. If you can bake, sell baked goods at local business offices.

There are really a lot of options and you don’t even have to make a fortune. You just need something that translates to income so that you can get the disability insurance that you need.

Once you have established some income so that you can purchase disability insurance, you need to understand your options. First of all, you have short-term and long-term disability options. In most cases, you will have a waiting period of a certain amount of days before you can collect on either of these policies.

Another thing you will find is that you have the choice of an own occupation policy or an any occupation policy. An own occupation policy is usually reserved for individuals with specific skills that won’t translate to other areas, such as a rocket scientist. This type of policy is far more expensive than an any occupation policy.

An any occupation policy covers you until you are able to return to some form of work and not necessarily the type of work you were doing before. It will be up to your doctor to determine if you can perform certain duties outside of what you normally are paid to do. Being self-employed, this policy will be sufficient as, as the employer you determine whether or not there is a job you can do within your own company.

As a side note, don’t forget about your life insurance policy as well. Although, again, it isn’t the same as having disability insurance, but if you should die early in life, you want to ensure that your spouse can hire the necessary people to take care of the kids when he’s at work. Let’s face it, as a stay at home mom you cook, clean, chauffeur, nurture and manage the business known as a household. That’s a lot. In addition, this will afford your spouse the possibility of taking time off to grieve and spend some time with the kids.

This can be difficult to think about, but if your disability is severe enough to put your life in danger, you want to have a two-fold plan in place. Don’t assume anything simply because you are young, unfortunately, things happen and you need to protect yourself and your family.

Whether you are looking for disability insurance, life insurance or both, you have come to the right place. Simply follow the link at the top of the page to get the insurance quotes that you need. After you have answered a few simple questions, you will be provided with quotes from several companies so that you can compare their prices. Once you have decided, click on the company you love and you will be on your way to your insurance purchase.

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