Why should a Non-Working Spouse get Term Insurance?
People often tend to think of term insurance as a product that a family’s breadwinner needs to purchase. The logic behind this assumption is that in case something untoward happens to the earning member of the family, the term insurance benefits can help the surviving family members tide over the resulting financial crunch. This is certainly true. However, it is only one half of the picture.
A term insurance plan is also essential for the non-working spouse. Wondering why this is so? Let’s take a closer look at why term insurance for non-working spouses is also important.
Why should your Non-Working Spouse get Term Insurance?
It is easy to quantify the contribution of a working spouse towards the family. After all, the contribution comes in the form of income, which can be measured. However, the non-working spouse typically takes care of all the chores and needs at home, and there is no definite way to quantify these efforts. This is the primary reason why it’s easy to overlook the contribution of a non-working partner and fail to insure their lives.
However, getting a term plan for a non-working spouse can be beneficial for the following reasons.
● To meet the cost of managing the household
The non-working spouse manages all the chores in the day-to-day running of the household. This includes cooking three square meals and more each day, washing the utensils and the clothes, keeping the house clean and so much more. On a daily basis, you may get so used to having these things done routinely that it is easy to overlook the cost you are saving in the process.
However, in case of your non-working spouse’s demise, you will not only have to deal with the emotional toll of losing your partner but will also need to meet the added financial stress of arranging for household help from professionals. These extra costs can quickly add up, and if you are not well-prepared to meet these expenses, you may find yourself in a troubling situation. A term insurance plan for non-working spouses may help you in such a situation, since the payouts can help alleviate at least the financial stress during such challenging times.
● To take care of your children and dependents
In addition to managing the household, a non-working spouse also takes care of the children and any other dependents at home, such as your elderly parents. Should anything untoward happen to your spouse, you would also need to make alternate arrangements to take care of your dependents when you are at work. These costs can also quickly become steep if you have not planned for them.
Fortunately, the payouts from a term plan can help you during a crisis by making it easier for you to ensure that your children and parents are adequately cared for.
● To account for any changes in the future
Your spouse may not be working right now, but the future is unpredictable. A few years down the line, they may take up a job and start to contribute to the income of the family. In that case, your family will quickly start to grow dependent on their income as well. But trying to get a term plan at a later point in time may prove to be expensive, since your spouse would have aged by then. So, it is always preferable to get term insurance for a non-working spouse as early as you can.
The above reasons make it clear why term insurance is preferable even for a non-working spouse. In fact, the importance of a term insurance plan for a non-working spouse cannot be stressed enough. So, if you have a non-working partner, or if you yourself are one, consider getting a term insurance plan in a timely manner to secure your family’s financial future and protect your loved ones. To know the term insurance premium, you can use a term
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