In 3rd Annual Worth Penn Mutual for Survey women were asked to women and men to place a monetary value the work they do away from their jobs. Both groups put the estimate in dollars to about $ 25,000 per year. Respondents were then asked to list the hours spent doing a variety of jobs or services, such as laundry, meal preparation and child care. When Penn Mutual calculated the value reported actual hours doing housework, they found that men overestimate the value of what they do almost 13%. However, women were found to underestimate the value of everything they do for their homes and families.
When the actual median value of services has been calculated, the contribution of women in the home was $ 34,256 against $ 19,322 for men. Men were 9% more likely to overestimate their contribution of $ 30,000 or more. Remember, this is for domestic activities. The person most likely to underestimate its value is the mother of a minor child. Its calculated penalty is $ 44,913 while its perceived value is only $ 29,000. More than half (52 percent) of these women underestimate their value by at least $ 10,000; 36 percent do so by at least $ 30,000.
Although the survey may suggest that men have started to make more significant contributions to household operations, there are serious consequences for women and men who underestimate the value of what are women next to a job outside.
Penn Mutual says they often see evidence that women underestimate their value to their families-with serious consequences or tragic when that work has to be replaced by strangers after the untimely death of wife or mother. The survey revealed that women have much less coverage than men, with the amount of the median individual coverage for women was $ 100,000 compared to $ 150,000 for men.
Although it may be possible for other family members to fill the gap of a missing mother, there will still be costs associated with that. So, how is the wife or mother is worth? Suppose it is 15 years before the children leave home. At $ 40,000 per year of service would require $ 400,000 of capital with a rate of 10% per year invested 5% annual withdrawal to replace its services for 15 years. At the end of 15 years, the capital is fully utilized.
How to create $ 400,000 when it is most needed? Life insurance. Talk to your agent or advisor about it today. And if you do not have it, you can use the Agent Locator tool.
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