Buying life insurance for one’s spouse may not be the norm or even the first thought for many individuals. However, times are changing. Today, prioritising your financial wellbeing is also important. Financial wellbeing starts with financial planning, which may be started with a life insurance plan. Getting a life cover means putting your loved ones first and securing their financial future. As a gift, life insurance for couples can mean ensuring a financially secure future for their kids, parents, or even each other.
What is Life Insurance?
To better understand why life insurance for your spouse can make a worthwhile gift, it is necessary to first understand what a life cover is. Life insurance is a contract between the policy holder and the policy provider, that is, the insurer.
It starts with an individual choosing the suitable policy for themselves or for someone else, like buying life insurance for their wife or husband. There are various types of life insurance plans, each one offering some unique features. For example, ULIPs as life insurance for your spouse may allow your significant other to create a market linked corpus for the future and achieve their long-term goals, while also having a life cover. On the other hand, if you do not expect any sort of maturity returns from the plan but want to ensure a cost-effective life cover, you may opt for term life insurance.
Once you choose the life insurance for your husband or wife, you may then select whether you want to buy it online or offline. Many plans are now available through both modes. However, some may be exclusively online.
Once you buy the plan, you are required to pay premiums regularly, as per the chosen premium payment frequencies. If you are buying life insurance for your spouse, they will be the ones insured under the policy. If they were to face something unfortunate, i.e., a circumstance covered by the plan, their policy nominee can make a claim and receive a benefit, as per the terms and conditions stated in the policy. You can also choose life insurance riders to enhance the scope of the policy.
Benefits of buying Life Insurance for your Wife or Husband
Once you understand how life insurance works, you may be better equipped to choose the appropriate type of insurance policy and the preferred riders that would make a suitable life cover for your significant other. Life insurance for couples can be different than buying life insurance for yourself as you are buying the cover for another individual.
Here are a few benefits of buying life insurance for your husband or wife that may help you understand why it is an apt gift for your partner.
• Financial Protection for Dependents
A person’s contribution within the family cannot always be measured in terms of their financial contribution or their income. Whether your spouse is earning or not, there may be other ways they are significant to the family. If they were to face anything unfortunate tomorrow, their absence may create a void in all the lives they touched with their love. While it may be almost impossible to replace them, a bit of financial support can help their dependents carry on without them. Life insurance for your spouse offers this possibility of financial protection.
• Financial Support during Difficult Times
When buying life insurance for your wife or husband, remember that you can also choose riders with your policy by paying nominal additional premium. These are add-on features that can add to the benefits offered by the insurer along with the plan. Some of the available riders are:
- Waiver of Premium
- Accidental Death Benefit
- Accidental Total/Partial disability
- Income Benefit
- Critical Illness
Some of these riders, such as accidental permanent disability and critical illness, may help you stay prepared to face an unfortunate circumstance where your significant other may have to face hospitalisation or extensive medical care.
Riders can make the plan such that it, in turn, makes you better equipped to face dire situations. Though you may have to pay an additional premium to opt for riders, it is preferable to add them to the plan to make the coverage comprehensive.
• Joint Life Insurance can cover you Both
When getting life insurance for your spouse, you can also opt for a joint life plan. This is life insurance for couples where both individuals are covered. This allows you to support each other while simultaneously taking care of your loved ones, such as your kids, parents, or siblings. You pay one premium to cover two lives under the same plan. It could be an option for those who seek a life cover for themselves as well as their partner under a single plan.
Buying a life insurance policy for your significant other can be a way to show how much you care for their wellbeing and want to support them and their endeavours, while they strive to keep their loved ones safe and happy.
BJAZ-WEB-EC-01976/23
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