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In This Article I’m Going To Describe Why It Is A Sensible Investment For Homemakers To Purchase A Life Insurance Product
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!
Most likely you’re here today because you have determined that either yourself or a loved one needs life insurance because they stay at home and are responsible for a large portion of your family’s obligations. If they were to pass away, you recognize your financial situation would be greatly impacted.
If you are the spouse of a homemaker you recognize that if you lost your partner the requirements to take care of children and family obligations would dramatically alter your capability to keep up with the level of work that you desire to do, or need to do, to survive.
Thus you find it necessary and important to potentially buy life insurance to cover your spouse at home. If this describes your current situation, this article is perfect for you. Please continue reading.
I’m Going To Discuss Different Aspects Related To Getting Life Insurance, Including:
- Why You Should Consider Buying Life Insurance On A Homeworker
- How Much Life Insurance Does A Housewife Or A Homemaker Need?
- Case Study Examples
- Factors That Will Affect Your Insurability As A Homemaker
- Strategies To Get The Best Price For Life Insurance Coverage
- Stories From The Field
- What About An Exam?
- Top 7 Reasons People Buy Term Insurance
- Term Life Insurance or Whole Life Insurance?
- Five Types Of Life Insurance
- Burial Insurance Rates, Age 40 to 90*
Why should homemakers have life insurance?
There are a lot of reasons why it’s important to consider buying life insurance if you yourself are a homemaker or your loved one is a housewife. I share these reasons to help solidify your belief in an insurance product so that you can approach getting insurance with more confidence in your ultimate goals for coverage.
Think about your spouse that stays at home. They probably take care of the kids before school and after school. They might volunteer in school based activities, or drive the children to extracurricular activities to ensure your children’s lives are fun and enriched with opportunities.
Imagine what would happen if your spouse died and the children didn’t have anyone to encourage them and take them to the activities that they love. Not only would they lose a significant person in their life, but their world would be turned upside down as the comfort of their routines are completely altered.
The loss of a loved one who is a homemaker will have a dramatic effect on the family. While life insurance can’t necessarily replace your spouse, it can allow you to continue as much continuity as possible by finding a childcare provider who can watch the children and take them to their activities.
A lot of homemakers are responsible for house based activities such as cooking, cleaning and the like. And not having a homemaker do all these things, puts more responsibility on you to achieve those things.
In order to replace their effort you’re going to have to hire somebody to do all of these things for you, so as not to take away from your effort at work, which may deprive your family of income.
We hear at Buy Life Insurance for Burial are committed to helping stay at home moms find budget friendly insurance to care for the ones they love. Whether you want to replace income or pay final expenses, we have you covered.
Because we are brokers, we can shop a number of carriers to find an insurance plan that meets your needs and budget, providing you with the best possible value at a competitive price.
Call us today for a free, no obligation quote at 888 626-0439. Or you can send us a message and we will reach out to you within 24 hours with a free quote.
How much life insurance does a housewife or a homemaker need?
There’s a lot of discussion on breadwinners and how they need life insurance coverage in place if they pass away. Generally the rule of thumb is 10 times their annual earnings should equal the coverage total. But it’s a little bit different with a housewife that doesn’t earn an income.
How can we substantiate a certain amount of coverage that would make sense to cover the housewife if they were to pass away and then cover all the existential related issues that need covering?
My take on this is fairly simple. I think in most cases, we usually start off with approximately five times the breadwinners annual income to accommodate for the value provided by the homemaker. This number truly is an arbitrary number. There’s no mathematical equation that says that this amount of coverage is the exact amount.
You may decide that less coverage is necessary or more may be good too, but a good rule of thumb is to think about your breadwinner’s annual income and multiply it by five. That’ll be a great starting point as far as covering the housewife to make sure that those responsibilities that need funding are taken care of and will always be taken care of.
What factors affect a housewife’s insureability?
In this section I’m going to describe what factors have an impact on your insureability if you’re looking for life insurance coverage on a homemaker.
When it comes to applying for life insurance, your health will have a large impact on your eligibility for coverage.
Generally speaking, the healthier you are, the more likely you are to qualify for a better rate for your life insurance coverage.
For all things equal, try to find life insurance coverage that will give you an optimal amount of coverage and rate for the health that you are currently experiencing.
Your age plays an important role in eligibility for life insurance coverage.
You’ll find that most life insurance products, whether term, whole life, universal life or otherwise, are easily available at the twenty to fifty year old age range as long as you are in fairly good health.
Smoking has an impact on your eligibility for coverage.
If you smoke cigarettes, regardless of whether it’s a few a day or several packs, you will be put in the smoker category, which generally adds a 20 to 50 percent surcharge on your rates, depending on your age and health build.
Your height and weight
Your height and weight has an immediate impact on your eligibility for life insurance coverage. As a homemaker, what life insurance companies do is they look at the ratio between your overall height as well as your overall weight to determine what rating category to put you in.
In many cases, weight is not problematic, especially if you work with a broker like us at Buy Life Insurance for Burial where we have the ability to shop coverage dependent upon your overall health factors.
While you don’t necessarily have a career as a homemaker, you do have lifestyle considerations that may have an impact on your insureability.
For example, if you’re the type that has a need for speed and does high risk hobbies such as skydiving or scuba diving, where the risk of death is slightly higher, you may find that you have a surcharge added to your life insurance program to accommodate for the risky behavior.
Understand that this is something that is looked at on a case by case basis and the rate increase will be determinant upon the actual activity that you do and your experience level with that activity. Either way, here at Buy Life Insurance for Burial will navigate the carriers for you to see who’s going to give you the best package overall.
Case Study Examples
New Mother Previously Declined
A client who had recently had her first child reached out to me to get more information about term insurance. There’s no denying that having your first child changes your perspective on life and creates a need to take care of those you love. Life insurance can meet this concern like nothing else can.
This new mother knew that life insurance was the right answer for her growing family, but she was also concerned because she had recently been declined by a local life insurance company. She didn’t think she should have been declined because she was in good health.
Thankfully she came to Buy Life Insurance for Burial where we were able to shop around to get the most competitive rate for this new mom. She was able to return home with the peace of mind in knowing her term insurance was affordable and would care for her family should she pass away sooner than expected.
Stay at Home Mom Rate Increase Problem
A middle aged stay at home mom reached out to me because she had paid on her life insurance plan for a number of years and then received a sudden notice that her rates were going to increase significantly. She was worried about how she would afford coverage with the budget that her family was on.
This client also worried that her weight problem would cause any new insurance she got to be rated through the roof. She had known others who had struggled with weight problems and though they had qualified for coverage, they paid premiums she simply couldn’t afford.
The good news is that Buy Life Insurance for Burial was able to get this stay at home mom affordable life insurance coverage despite her weight problem. While we can’t promise the same positive outcome for every individual, we do our best to shop a range of competitors to find a term policy that is right for you so that you can have peace of mind in knowing your family will be taken care of should you pass away unexpectedly.
If you are interested in finding out what type of insurance you might qualify for, as well as rates, please give us a call at 888 626-0439. You will receive a free, no obligation quote and have the chance to speak to a friendly representative who can answer any questions you might have. Alternatively, use our message box on this page to send us a request with your contact details and we will be in touch within the next 24 business hours.
Strategies to get the best life insurance price for homemakers
In this section, I’m going to talk about three particular strategies you can utilize as a homemaker to give you the best overall package deal for your life insurance product. These tips are eligible for anybody in any circumstance that wants to get a good price and feel confident that their life insurance purchase is a good value.
Work with a broker
It’s important to know that when you search for life insurance coverage as a homemaker, different life insurance companies may rate your pricing at certain coverage amounts different than other companies.
If you decide to work the traditional channel through your local life insurance professional, they may only offer one particular life insurance product. And that life insurance product may not give you the best overall package deal.
There are many circumstances when I work with homemakers, where the difference in life insurance coverage rates can be 30, 40, even 50 percent more in price, which can be the difference of hundreds if not thousands of dollars a year depending on how much life insurance is actually purchased.
Whereas if you work with a broker like us here at Buy Life Insurance for Burial, we can shop the multitude of life insurance companies that are available and see who will give you the best overall package deal for what you’re looking to do.
The strategy behind working with a broker is very simple. It allows you to get the most coverage for the least amount since brokers work with highly rated and competitive carriers that have been around for a very long time.
Stories from the Field
I met a lovely couple back in 2015 who had been paying on life insurance for about half a year when I stopped by to talk to them about what Buy Life Insurance for Burial could offer.
The couple was apologetically leary of me at first because they saw my visit as simply a sales call. The gentleman told me they were happy with their coverage and asked that I speak to them again in six months to see if they required any additional coverage.
While we were talking I explained to the couple that they were paying far too much for their coverage. The husband dismissed my comments but I could tell the wife was curious. Unfortunately she didn’t speak up and so I said my goodbyes and started out the front door.
I was in my car, getting ready to leave when the husband came up to my car. He clearly had been sent by his wife. He said he wanted to hear more of what I had to say about saving them money on their premium.
We spoke more and I did my best to make the information I provided as clear as possible. The husband was compelled to take me up on my offer and I was able to save the couple $400 a year on their premium.
What about an exam?
An exam is something you should consider if you buy a substantial amount of life insurance as a homemaker and you’re in good health. The more coverage that you get, the higher the likelihood that you’ll have to take an exam. And if you have to take an exam, don’t worry. It’s very simple.
All an exam requires is a basic physical as well as you having your blood drawn and your vitals taken. You will also fill out a health questionnaire that gives your underwriting company the most up to date information so that they can provide the best pricing available.
What I have found is that if you are in a position where you have an exam and you’re in good shape, you’ll generally pay substantially less per month for your life insurance coverage than if you opted for what’s called a non-medical application process, so always choose an exam.
If you’re not in great health and your worried that your coverage amount may end up being on the higher side, we can help identify what your health issues would specifically mean for your coverage when you contact us.
Top 7 Reasons People Buy Term Insurance
1.Term insurance fits most budgets
Many people are on a set income and need to ensure they can afford their insurance payments each month. For those on a budget, term insurance is a much more affordable option than universal life or whole life insurance.
One of the biggest reasons why people buy term insurance is to replace their income. They want to ensure the ones they leave behind are taken care of financially. Term insurance does a good job of protecting spouses and children you may leave behind by providing a pay out upon your death. Most financial gurus recommend ten times your annual earnings as a starting point for adequately replacing your income.
Term insurance works great as a plan to continue to fund your retirment savings. Think about it – if you die earlier unexpectedly, your 401K or pension plan will be neglected. While this might be ok early on, eventually your family will suffer from this negligence. A term insurance plan can take the place of regular payments, boosting retirement funds for peace of mind in knowing your retirement is taken care of.
If you have a spouse, kids, or other family members you are responsible for, term life insurance is a great way to protect them if you pass away earlier than expected.
Term insurance can be customized to meet a specific time period anywhere from 10 to 30 years. For example I own a 30 year term life insurance plan because I want to cover my mortgage which will last for 30 years.
However you may be older – in your 40s or 50s – and may just need insurance for 10 or 15 years, which is fine. We have programs that will cover the specific length of time you require.
6.Pure insurance need
One of the best things about term insurance is that it pays a death benefit upon your passing. There are no added extras to the plan which could drive up the premium. Term insurance serves a singular need, and nothing more, making it an affordable choice to cover financial concerns.
Term Life Insurance or Whole Life Insurance?
Term life insurance represents the most popular form of life insurance coverage. Why? Permanent insurance is ideal in many people’s minds, but is unapproachable due to price.
Most people who buy term insurance do so because it offers the cheapest form of life insurance for the maximum amount of coverage.
Unfortunately, the downside with term life insurance is that it’s temporary coverage, which means it will go away once you reach a certain age because the term length is canceled.
Whole life insurance on the other hand doesn’t go away as long as the premiums are paid, but it costs substantially more, sometimes five to 10 times as much as term insurance.
If you’re looking for the best price for term life insurance, just understand that it must accomplish your goals as well as be affordable. Don’t discount the fact that you may eventually outlived the term insurance product.
Five types of life insurance
There’s primarily three different types of life insurance that we’ve just briefly mentioned, but we’ll talk about these three a little more to better clarify how these life insurance products work as well as show you some prices regarding what you may expect to pay as a housewife looking for life insurance.
Term Life Insurance
Term insurance is the most popular form of life insurance. Approximately 80 percent or more of the United States population who have life insurance, have a term insurance product.
People like term insurance because it’s cheap, affordable, you can custom design the length of time in which term insurance lasts, and it allows for level premiums and maximum coverage within that period of time.
The downside? Homemakers, as well as the general population who buy this type of insurance tend to outlive it. In many circumstances, your insurance concerns will still exist after the term insurance expires. My recommendation is to go with term insurance as long as you know and understand that the nature of your obligation is temporary.
The most common type of person who might purchase term insurance is a homemaker because they can estimate the amount of time in which they’ll reach a stage where they are no longer caring for their children at home.
Term insurance makes perfect sense because we’re looking at 15, 20 to 25 year term insurance plans to cover for the length of time which the homemaker needs coverage most.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Whole Life Insurance
Whole life insurance provides permanent protection that never cancels due to age or health and you can opt for level premiums the rest of your life.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
You can also do what’s called a paid plan where you can pay the plan off in five to 10 years or other lengths of time and reach the ultimate point where you still keep the coverage but never have to make another payment.
Permanent coverage, like whole life insurance coverage, is great when you need to pay for final expenses such as burial or cremation costs. It also works well if you’d like to purchase a supplemental life insurance retirement plan to have additional retirement resources with tax advantages.
Universal Life Insurance
Universal life insurance programs are designed to be very similar to whole life insurance, but they are more customizable as far as what premiums you pay and have flexibility if money becomes tight and you cannot make payments, so you don’t have to lapse the plan.
There are some long term problems with universe life insurance plans if they’re not properly designed, so make sure you work with somebody who understands how to set up a plan effectively so you get the maximum type of coverage put into force.
I hope you enjoyed treading this article and that I have convinced you of the importance of having life insurance in place. Whether you are looking to replace an income or cover final expenses, life insurance is something that every stay at home should have on the books.
Allow me to suggest getting in touch with us by calling direct at 888 626-0439. We can provide you with a free quote at no obligation as well as answer any questions you might have. In less than 10 minutes you could know what you might qualify for and be paying each month on life insurance. We are hear to help! Alternatively you can use the message box found on this page to get in touch with your concerns and questions. We will be happy to respond within 24 business hours to your request. Thanks for your interest and for stopping by.
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