MillionDollarWoman is a new Australian website launched to promote insurance products designed specifically for stay-at-home mums. Its product provides cover of either $500 or $750 a week if you're temporarily sick or injured. It means stay-at-home mums can now buy insurance cover for short term illness and injury that stops them doing everyday household tasks. You can claim a payment if you get sick or are injured and can't do any two or more regular household chores (like cooking and cleaning) for more than 14 consecutive days. The cost for a 41 year old mum wanting $500.00 cover is $50.57 pm. These prices quoted are in Australian dollars, but even if we convert to NZ dollars, it seems to be pretty good value.
Traditionally, a parent, an in-law or good friend would find the time to come over and do the cooking, cleaning and other household chores required while mum recovered. Today the best a stay-at-home mum can expect is a Facebook post “hope you get betta soon luv”. The only way to seamlessly stay on top of the household chores and concentrate on recovery is to use your insurance pay-out to employ help. Hired help will go a long way to help mum recover and keep the household fed and happy.
These types of insurance products are becoming more and more available in western societies. Mature insurance markets like USA and UK are working hard at developing living insurance products which seek to provide temporary cover in the event of illness or injury. While the insurance focus has traditionally been on providing cover in the event of the bread winner’s death or injury, it’s good to see some insurers thinking outside "the box".