Men and women agreed to some extent on what they thought fathers should earn for their at-home tasks. Sixty-one percent of women said dads should get paid $50,000 or less, compared to 55 percent of men who said the same.
However, 38 percent of the women who responded in the Mother's Day Index said moms should receive $75,000 or more. In the Father's Day Index, only 19 percent of the women said dads were worth that much.
Considering Dad's worth
While it can be fun to compare the value of Mom's and Dad's household tasks, both the Mother's Day Index and the Father's Day Index also speak to a serious topic: a family's need for life insurance.
Life insurance shouldn't be determined based on wages alone, but also household contributions -however big or small. All those small chores that Dad may do in his “spare” time add up and would have to be handled by someone else if he were gone.
“It's impossible to measure a dad's real value through money alone,” says Robert Beaupre, managing editor of Insure.com. “But the value of Dad's contributions around the house and his annual salary are real figures that will need to be covered if something were to happen to him.”
The 2015 Insurance Barometer Study by Life Happens and LIMRA found that 30 percent of Americans believe they need more life insurance than they currently have. The respondents' reasons for not purchasing life insurance varied, but one of the biggest ones was cost.
Yet the Barometer study found that 80 percent of consumers misjudge the price of
term life insurance
. Millennials (those born between 1982 and 2002) overestimated the cost by 213 percent and Gen Xers (those born between 1961 and 1981) overestimated by 199 percent.
According to the study, the average cost for a 20-year, $250,000 term life insurance policy for a healthy 30-year-old is just $13 a month - less than half of what a family of four would pay to go the movies once a month (the average movie ticket price is $8.17, according to the National Association of Theatre Owners.)