You know that you play a crucial role in your family’s success and well-being. Indeed, the fact that you are reading this on our website shows that you are helping your partner understand and choose the right financial products for your specific situation! Your role carries with it certain implications for this process. Here are some examples in the form of questions you might have:

1. I am not earning an income; do I still need life insurance?

YES. Here’s why: Although you don’t get a paycheck every two weeks, you have a significant economic value to your family. You help take care of your home and your children. If you weren’t doing this, someone would have to, and nannies and housekeepers have to be paid. This amount starts to define your economic value, and the amount of life insurance you should have. Make sense? Give us a call at (866) 972-3262 to speak with specialist to help you with your particular calculation.

2. What is the best way to save for my children’s education?

The answer depends on various factors, especially how old the children are. If, like most, you are starting to think about this when your children are fairly young or even they are in tummy, the best option is a Cash Value Life Insurance–based college savings plan. This is because over 12 to 15 years life insurance policies can accumulate a handsome sum with which to pay education costs. You may have heard of 529 college savings plan, government-sponsored investment accounts that let your money grow tax-deferred until your child enters college. Cash Value plans give you almost all the advantages of 529s while eliminating the disadvantages. They are also more flexible, allowing you to use or borrow against your cash value for expenses other than college if you want. And they will pay you or your heirs a cash benefit if you die or become disabled.

If your children are only a few years from entering college, a cash CD or money market account is probably your best bet. So it really pays to start early when planning for this crucial investment in your family’s future happiness and prosperity.

3. How can I protect my children and myself from financial catastrophe?

Having one breadwinner is wonderful in that you are able to stay home and care for your children yourself. The downside is that it’s riskier than when both parents work. If something happens to your partner that makes him/her unable to work…you get the picture.

So you need to insure the breadwinner to its fullest economic value. There are two standard ways of calculating how much life insurance you need for your spouse:

1. Human Life Value Method

This method looks at your spouse’s income and age and estimates how much your family would lose if he were suddenly removed from the picture. For example, an IT professional between 35 and 40 years old might make around $80,000 to $100,000 a year. If he were to die, your family’s financial loss would be approximately $2.5 million. This would therefore be a good ballpark amount for him to be insured for.

2. Need-Based

This method involves estimating your family’s financial burden going forward and basing your insurance policy on that. Here is a link to our comprehensive life insurance calculator for doing this.

4. Do my partner and I need will and estate planning?

As a homemaker you know better than anyone that just because you are at home doesn’t mean you aren’t working very, very hard! Amid life’s busy pace, it is easy to put off creating a will and estate plan, things that seem so remote when you are in the prime of your life. But it’s important to do to ease your later years and your children’s adult lives. And it doesn’t take a long time or a lot of work. BeamaLife can help you to get in touch with qualified estate planning to attorney to get will and trust document drafted.

Please call (866) 972-3262 to speak with one of experienced & caring specialist about your life insurance and financial planning need or complete this short life insurance quote & financial planning request form now.