When you buy term insurance, it ensures a secure financial future for the family members in the case of the earning member’s early or unexpected death. The family will receive a sizable sum of money, known as the death benefit, to help them with expenses, debts, and other financial commitments. When looking for the best term policy, always ensure that the coverage or sum assured is adequate for all their needs.
However, term plans can be purchased by everyone, even if they are not the earning members of the house. Therefore, as a non-working spouse, housewife or stay-at-home mom, look for a term plan online that can secure your family’s needs in your absence.
Why Should a Non-Working Spouse Have a Term Insurance Plan?
The non-working spouse looks after all the household duties and manages the expenses at home. Even though their labour is not monetarily compensated, the amount of effort they need to put in to run the house and manage the family is enormous. In their absence, apart from dealing with the emotional loss, the family may also have to enlist additional help and resources to manage the household. This can put a strain on the family’s finances to a great extent.
With the help of a suitable term plan, the non-working spouse can ensure that their family care and needs can be well looked after in their absence. Homemakers can opt for a term insurance for a housewife, which can provide enough coverage to secure the entire family. Below are some more important reasons why a non-working spouse should buy a term plan.
- Since child care and babysitting can be a huge cost, the term plan coverage can handle the cost of child care in case of the non-working spouse’s death.
- Employing house help for the daily chores is also an added expense that the coverage from the term plan can tackle.
- Term insurance for a housewife can offer very affordable premiums. One can easily purchase a suitable term plan by paying reasonable premiums, even from their monthly savings.
Alternatively, you can also look into term insurance plans that offer joint coverage for both spouses. Hence, if either of the spouses meets their untimely demise, the death benefits will be offered to the other spouse and the family members.
What are the Four Factors To Consider When Buying a Term Plan for Your Spouse?
When you buy a term insurance policy, different aspects of the plan should be carefully considered. These are four important factors you should look into when buying a term plan for your spouse:
- The policy tenure: Select a reasonable policy tenure that offers protection to your family for the maximum duration possible. A term insurance plan can offer a policy tenure of up to 40 years, while others offer whole life insurance coverage.
- Premium amount: Term plan premiums are generally affordable since the policy provides a comprehensive death benefit and no maturity benefit. Moreover, the earlier you buy a term plan, the more affordable the premiums can be, owing to a lower risk on your spouse’s life.
- Check the coverage: Look into all the benefits and features offered by the term plan. Term plans for homemakers and housewives can also include some features such as more affordable premium rates, inbuilt critical illness coverage and much more.
- Look for optional riders: Though the structure of a term plan is quite simple, you can choose a high sum assured for your family’s security. Moreover, optional riders covering accidental death, critical illness, and hospitalisation can be added to the base policy to enhance the policy coverage.
When looking for a term plan, you can consider a Tata AIA term policy for several benefits, such as a flexible policy tenures and premium payment options, along with the choice of optional riders that cover a range of unforeseen risks. Term insurance for a non-working spouse can be as comprehensive and as flexible as you want it to be!