You (Homemakers) CAN Get Life Insurance!
Ask any financial planner how much life insurance you need, and chances are they will tell you that a good “rule of thumb” is 11 times your annual income. But as a homemaker, you don’t have an annual income. Does that mean that you can’t get life insurance?
You might think that the answer is “no,” but that is not the case at all. In fact, life insurance companies like to have stay-at-home moms as policyholders. And here are a few reasons why:
- Stay-at-home moms are usually young, which means that the chances of a death claim are relatively low.
- Stay-at-home moms have lots of little people that they need to protect, so premiums payments are very regular and the rate of policy lapses is also relatively low.
- Stay-at-home moms often have lower life insurance “face amounts,” so when a claim does take place, the payout is often much less than it would have been for a working adult.
Your life insurance options are the same as they are for any other prospective insured. You can choose from term life insurance, whole life insurance, and universal life insurance.
Term life insurance is the least expensive, and will provide good coverage but only for a specified period of time. Because of the short-term nature of these policies, 99% of the people who buy them never use them. They simply outlive the policy period, having spent a lot of money over the years for coverage they never used.
Universal life insurance policy provide permanent protection and have flexible premium payment terms. But, they also have cash accumulations and death benefits that depend on two factors: 1) how much premium you put into the policy and 2) how much interest the policy earned over the years. These policies are guaranteed to pay out if you keep them in force – but the amount of the payout may be nothing like what you’d expected.
Whole life policies, on the other hand, give you permanent protection, a guaranteed payout amount, and even accumulate cash values that you can borrow against for no cost. You can’t outlive the coverage, and you never have to wonder about what will be left to your beneficiaries when you die.
If you’re not insured, or not sure if you’ve got the best coverage for your needs, do yourself a favor and contact BeamaLife specialist at (877) 972-3262 or complete a free life insurance quote request today. Our expert life insurance advisors will help you get the coverage you need!
