We at BeamaLife are extremely familiar with your unique situation and can give you tailor-made information on which to base your key financial decisions. To get started, here are some questions you might have:

1. What kind of life insurance is right if I am on a work visa?

Globalization is a huge factor in the American workforce, as evidenced by the scores of foreign nationals from India, China, and elsewhere providing IT services to U.S. companies. If you are one of them, know that a wide range of life insurance is available to you—and the financial security of you and your family depends on it.

Determining the right policy of course depends on your specific situation, which is why we are here to find the perfect match. Most likely, this will involve a combination of Whole Life and Term insurance. This combination is the best way to balance attractive future returns with the realities of what you can afford now (given household expenses and possible remittances back to your home country). We also know what insurance companies are most affordable for if you are on EAD, H1b, L1 or any other kind of immigration status.

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

There is no more important financial commitment. The problem is, with tuitions and costs where they are, few things are more expensive!

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, 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 much life insurance do I need to cover my family?

There are two standard ways of calculate how much life insurance need.

1. Human Life Value

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

4. Do I need a will? What about liability protection insurance?

Yes, a will is a good idea. It helps you plan and secure guardianship for your minor children even though you are on work visa so that they are well cared for after your passing. As for liability protection insurance, yes, it should be part of an umbrella policy that, usually for a relatively modest premium, protects you and your family from financial ruin resulting from an accident that harms another party.

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