According to my dictionary of dreams, the meaning is as follows.
1) Drowning :- Loss of property and life, but if you're rescued you'll rise from your present position to one of wealth and honour
2) Dying Baby:- It's a bad sign to dream of a sickly baby, you will have many sorrows of mind.
3) Beetles:- There was no mention of Scarabs in the book, but it said To dream of seeing Beetles on your person, denotes poverty and illness, but to kill them is good.
Ok, make of that what you will. It isn't my interpretation, but that of The Dream Dictionary by Gustav Hindman Miller.
I would personally say, your dream means you are feeling constricted and held back in your life, but if you take the correct measures you could come out of the situation in a positive light.
The baby could be your inner child and your need to find a rescuer to help you, but you somehow feel alone in the sense there's no family who you can ask for help or confide in. Killing the beetle means you will overcome any difficulties you are faced with.