Life insurance policy for homemaker. Any well thinking home maker knows
that buying a life insurance policy on his or her life is one of those
things that is simply...the intelligent thing to do.
We live in a world today where both spouses in many a case have full time jobs. We also realize that it can be difficult for a family if there are young children involved.
A decision is sometimes made to have one parent stay at home and be in essence a full time homemaker. This person may be the husband or wife...
There is nothing more important than your family's security. What would
happen to your family if you died? Would they be provided for? Compare
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This family has now become a one income family. It doesn't take too long
for these people to be intensely aware that if the working spouse died
the family would be in what could only be described as a very serious
financial position...so a decision is made to buy a
life insurance policy
sufficient to provide an income until the youngest child is at the
least out of school.
It would be wise to really provide until this child has graduated college. After this is done they can now relax and go about their daily chores...or can they?
Let us look at some of the chores of the home maker. He or she
has to take care of the children, preparing meals, doing the laundry,
shopping and keeping the home clean and tidy.
All this while keeping a sharp eye on the children, making certain that they do not hurt themselves or otherwise get into any trouble. In the evening they have to sit and listen to the problems the working spouse experienced that day. What kind of value can we put on that...
Even though the homemaker's worth cannot be worthily measured
these people realize they must put life insurance on his or her life.
You see if this person dies, even though initially friends or relatives may step in and help with the chores, eventually someone is going to have to be paid to take care of this home makers job.
The salary of such an employee can easily be between $30,000 and $50,000 per year...
Now let us say your youngest child is age 10. You would need to
employ a home maker until he or she is at least age 18. At minimum you
would need life insurance in the amount of $240,000. That is $30,000 x 8
If you anticipate you would have to pay a salary of $50,000 you would need a life insurance policy in the amount of $400,000.
It is imperative that the homemaker has his or her own life insurance...for the sake of the survivors.
Most people use
term life insurance
policies to do the job. One of the favorite policies is the
20 year term policy
but depending on the age of the children a
10 year term
policy or a
15 year term
policy may do.
It may be wise to maintain a life insurance policy after the children have graduated college. Some people choose a 25 year term policy or a 30 year term policy.
Most of these
policies have a conversion privilege so if you have a need for life
insurance for a longer period of time you can convert your policy to a
universal life insurance
variable universal life
whole life insurance.
These life insurance policies have cash values which may be used to top up your retirement income. You can also add the waiver of premium rider or the double indemnity rider to your life insurance policy.
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Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.
Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.