Is Term Insurance worthwhile for a non-working spouse?
The term life insurance plan comes with several benefits to policyholders. That’s why many people prefer buying them to ensure more protection for their families. However, some think that they are suitable only for a working spouse, which is not true.
Being a housewife is not an easy job because she is an important member who takes care of the whole family and works perfectly. Therefore, it is necessary to make sure that she is financially independent to achieve her goals in life. Since a housewife works for many hours throughout the day, a husband should ensure that she receives all her financial rights. Unfortunately, the responsibilities and hardworking nature of spouses are ignored by many life partners in India.
Let us take the example of a housewife named Sujatha. She barely gets recognition or acknowledgment for her outstanding efforts from her husband. As a result, she wanted to secure her life from financial drawbacks in the future. So, she suggested her life partner purchase a term insurance plan for her. This will help her ensure financial freedom to lead a trouble-free life.
What are the duties of a non-working spouse?
Here we listed out the 4 main duties of non-working spouses as mentioned below:-
- Performing and managing household chores
- Child care
- Imparting extra-curricular activities
- Emotional companionship
1. Performing and managing household chores
A non-working spouse takes care of all household chores such as cleaning, cooking, washing clothes, and food preparation. Managing a home demands more responsibility and patience when compared to other things. She takes care of all essential works with proper attention and completes them on time.
2. Child care
A non-working spouse manages the home and spends significant time with her children, ensuring their timely meals, education, enhancing their skills, and other necessary things.
3. Imparting extra-curricular activities
A housewife plays an essential role in imparting extra-curricular activities to children apart from providing education. For example, she has to take her children for swimming, tennis, gymnastics, singing, etc.
4. Emotional companionship
A spouse should also take care of other family members such as mother-in-law, father-in-law, and sister-in-law. She needs to satisfy all their needs because they may vary from one person to another person. Besides that, a non-working spouse also supports her husband when they have any issues in their workplace or financial troubles.
Why buying term insurance is the best option for a housewife?
The world is undergoing many changes today, and a homemaker should make sure that she is completely protected from illness, loss of income, and financial obstacles. Buying a term insurance plan is the wise option for a non-working spouse because it covers several benefits.
4 Top benefits of buying term insurance for housewife
1. Joint-Life Cover
The term insurance plans offer a joint-life cover for both spouses that will help get equal ownership. Under this cover, a surviving partner will receive the sum assured amount when another life partner dies unexpectedly. In addition, both partners get more protection from any untoward difficulties that would arise in the future, giving ways to experience peace of mind.
2. Increased Income
A term insurance plan provides an endowment policy for a spouse, which is valid for a certain period until a policyholder’s retirement. It enables both life partners to get death benefits as well as income opportunities. In addition, the insurer will pay a certain amount after the policy gets matured.
3. Small Premium
The costs of joint-term insurance plans are low when compared to others. Some companies offer rebates on high sum assured amounts and policies for women. The plans are easy to manage because they act as a single policy.
4. Rider Coverage
The term plan for non-working spouses offers a rider benefit for policyholders, including terminal illness coverage, accidental cover, and permanent disability. On the other hand, the coverage varies with insurance companies, and one should evaluate them while buying a rider coverage.
Reasons to buy term insurance for a homemaker
- Affordable premium rates allowing a policyholder to buy a policy at an estimated budget
- The plan provides income tax benefits for policyholders to deduct amounts while filing a return.
- Enables a policyholder to get protection from debts and liabilities, which help ease the financial conditions of a family
- Offers all-around protection from all kinds of situations such as income loss, illnesses, accidental death, etc.
- Easy documentation process that will help approval from an insurance company as soon as possible
- Increases the financial stability of a family to manage unexpected expenses with ease
How to buy the term insurance plans for a housewife?
When choosing term insurance for a housewife, it is necessary to keep certain things in mind that will help meet essential needs. This, in turn, gives to buy term insurance which exactly suits the requirements of a spouse. One can even compare the prices of plans online before purchasing a policy. Besides that, it allows a policy buyer to make the right decision while investing money.
How to buy term insurance plans?
Those who want to purchase term insurance for a non-working spouse should consider reading reviews and ratings of companies in detail. This will help gain more ideas quickly that pave the ways to choose a policy depending on the needs. They can even determine the premium rates with an online calculator by entering essential details.
The bottom line is that a housewife’s job involves several challenges, and choosing a term insurance plan for her will help manage expenses with ease. At the same time, a husband should choose the best policy that supports her well during difficult times in life. One can visit iiflinsurance.com to enquire more about term insurance for a non-working spouse, compare and make the right buying decision.