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Why Term Insurance For Housewife Is Necessary

Term insurance for non-working spouse

Why Term Insurance For Housewife Is Necessary


February 25, 2020

By : Bajaj Allianz Life

Being a housewife might seem easy to some people. However, the job of a housewife is as important as any other earning member of the family. From managing the entire household to looking after children, a housewife solely bears the whole responsibility. In spite of playing an essential part in the family, the role of a housewife is undervalued in our society. The fact that a housewife too has life-goals like pursuing hobbies or travelling could seem alien, but is a reality.

While a housewife enriches your house by being a care-taker for the entire family, it is imperative that other members of the family ensure her well-being at all times. As she is dedicating most of her time taking care of the family, and does not have a regular income, she might not be able to focus on financially securing her own life goals.

In a normal case, the working, and hence, earning partner usually ensures financial well-being of the non-working spouse and family by taking a life insurance cover on self. In case of the demise of the working partner, the housewife would get the benefit of the insurance cover. This could not just ensure her financial security for the years to come, but can also help in achieving her financial life goals. With this it seems the financial planning for a house wife is done.

What one forgets is the value that a housewife adds to the family’s financial well-being. If a housewife does not take care of all the routine household chores, these would be taken care by professionals from outside and it could be a major cost for the family. Accordingly, have you wondered what would happen when the homemaker is no longer around to look after the house? The impact of losing the home-maker would put the family in an emotional turmoil for sure. But it could also result in a financial strain as all her duties would be then handled by some professional. In such a scenario, a joint term policy along with the earning partner comes into the picture. Joint Life Term insurance for the home-maker is essential to enhance the financial coverage of your entire family.

As a housewife, you should know why you require a term insurance plan. Therefore, let’s begin by understanding a few reasons, which highlight the need for a term plan for you and your loved ones:

1. Offers coverage at a less premium

A term plan is the purest form of financial protection for your loved ones. It provides a coverage amount to your beneficiaries in case anything happens to you. Moreover, you can purchase term insurance coverage at an affordable rate. While the coverage is high, term insurance premium is generally low. Females may also be entitled to receive a premium rebate depending on policy terms and conditions.

2. Joint Life cover

In a joint life cover, both partners qualify as equal owners of the policy. If anything were to happen to any one partner, the surviving partner would receive the life cover’s benefit. This way both the partners are secured against any untoward exigencies that would arise.

As highlighted above, term policies for the working as well as non-working spouses are important for the financial security of a family. The term insurance cover of the working spouse covers the entire family from the risks of losing a bread-winner. At the same time, the term insurance for non-working spouse ensures that the family doesn’t have to bear additional financial strain in case of her unfortunate demise.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.