A mother's love

18 June 2018

The relentless hard work put in by mothers’ places them at the top of the list for love. From nursing wounds, transporting children around from one side of the island to the other, to party planning, and haircuts. Mother’s do a little bit of everything.

In the run-up to Mother's Day in Malta, GlobalCapital Life Insurance decided to bring to light some facts which many people may take for granted, namely the amount of money that would have to be spent on professionals to do the same things that mothers do for their families on a daily basis. After having a chat with various mothers we have come to the conclusion that a mother’s worth is priceless. She is a chauffeur, a hairdresser, an events planner, a cleaner, a nurse and a chef along with various other professions. Conclusion: A mother’s worth is priceless, however if we had to come up with an amount that one would have to pay professionals to do the same job, that amount would certainly run into tens of thousands of Euros! The amount would be unaffordable by many and that is why life insurance is so important.

While the above is not an exhaustive list of what a mother does, it points to hidden value in financial terms and what the sacrifice that mothers gladly make for love. On Mother’s Day, GlobalCapital Life Insurance would like to honor all mothers – for all they do for us, and our thoughts go out to those who have lost their mothers, many at too young an age. The impact of losing a mother would not only be emotionally shocking for a family, but it could be financially devastating - unless the right type of coverage is in place.

Unfortunately, too many people don’t realise the financial loss a family would face without a mother. According to GlobalCapital Life Insurance many women remain uninsured or underinsured. The amount of life insurance coverage purchased for women is only about half or less of men's coverage, and married households are less likely to buy individual life insurance for wives than for husbands. Potentially, this is a ticking time-bomb and may lead to future hardship for the family.

Why do both parents require life insurance? A spouse whose job requires travel or night time hours is going to be hit even harder if he loses his wife. Extended care and evening hours for babysitting can quickly eat into a family's bank account. Without the love of your life, someone else will have to take care of the children while you are working. Both parents should be insured. Too often couples assume that a stay-at-home parent doesn't need to buy life insurance because she isn't a breadwinner. The loss of income isn't the only financial hit a family would suffer if a parent died, however, someone would have to take over all the tasks that they performed."

We want to give our children so much. Toys when they're younger, cars when they're old enough to drive, beautiful weddings they'll never forget. All these hopes and dreams for Malta families add up and just because a stay-at-home mother is not receiving a fixed salary doesn't mean she does not contribute to the family's income. There is no fixed amount of how much life insurance a stay-at-home parent needs but we do recommend you speak to a personal financial planner at GlobalCapital Life Insurance to become better informed and ensure that all future goals are reached – come what may.

For further information call 2134 2342, alternatively visit GlobalCapital plc’s office in Testaferrata Street, Ta’ Xbiex or GlobalCapital’s website www.globalcapital.com.mt