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Measuring the Value of the Stay-at-Home Spouse
Despite the importance of the stay-at-home parent, there’s little research to quantify its value. In its May 8, 2008, Mom Salary Survey, Salary.com reported the ten most popular functions performed by mothers equates to $116,805 per year vs. a working mother’s salary of $68,405. It further states the stay-at-home spouse works a 94-hour week, serving as housekeeper, teacher, cook, psychologist, and van driver — in short, functioning as a CEO at home.
Flexible, Customizable Choices
The type of policy you select depends on your needs and budget. Term life insurance provides affordable coverage for several years. In contrast permanent life insurance provides protection for your entire life (provided premiums are paid) and accumulates cash value tax-deferred. This cash value can be accessed (unpaid loans accrue interest and reduce policy’s cash value and death benefit). Plus, riders, available with term and permanent life insurance, enable you to customize your policy to meet and grow with your changing needs.
The loss of a parent is hard enough on a family; purchasing insurance coverage for a stay-at-home spouse can help ensure that it doesn’t become a financial hardship as well.
Things You Need to Know about Income Annuities
Target Market: Pre-Retirement, Retirement
Question: How does an income annuity work?
Answer: If you are in or near retirement, you probably have some money set aside in the form of savings, CDs, mutual funds, 401(k) plans, or IRAs. A single premium immediate annuity, such as New York Life’s Lifetime Income Annuity1 allows you to convert part of your retirement funds into a stream of guaranteed2 lifetime income payments using a single lump sum of money called a “premium.” In return, you receive a check from New York Life on a monthly, quarterly, semi-annual or annual basis, guaranteed, for the rest of your life.
Question: How can I benefit from an income annuity?
Answer: An income annuity can help protect against the risk of outliving your savings. No matter how long you live, you will always have the security of knowing that you have a regular monthly income. The amount you receive each month is guaranteed, and payments will continue for as long as you live.
Your income is guaranteed by New York Life Insurance and Annuity Corporation, a wholly owned subsidiary of New York Life Insurance Company. An industry leader for more than 160 years, New York Life has earned the highest possible ratings for financial strength given by all four leading independent rating agencies: A.M. Best, Fitch, Standard & Poor’s, and Moody’s Investors Service. (Ratings as of 2/1/2009.)
New York Life is America’s largest mutual life insurance company. Being mutual means our primary focus is on creating long-term financial safety and stability for our policyholders, rather than the short-term gains favored by Wall Street. When we say New York Life is “The Company You Keep®,” that’s a promise for life. Fortune 500 Ranked within Industries, Insurance: Life and Health (Mutual), Fortune magazine, 2008.
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