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Why Should Homemakers Also Have Life Insurance?

Updated On Sep 02, 2021

Life insurance is mostly sold to family members who earn an income, while housemakers are overlooked because they do not have an income to secure. Women have become key stakeholders in all economic operations in today's society, emerging as competing equal stockholders in all walks of life. Meanwhile, men have shattered the rudimentary gender norms by becoming stay-at-home dads and raising kids. 

In either case, a homemaker works for the benefit of the entire family without asking for any remuneration. Hence, he/she should not be viewed as a liability but rather as a contributor who selflessly meets everyone's requirements and serves as the foundation of a family's life. Therefore, securing his or her own financial requirements and future is imperative. This is when the importance of having an insurance policy comes into play.

Why Should Homemakers Also Have Life Insurance?

In order to fulfil the requirement for double security, many firms have begun to provide multi-benefit term plans to housewives. Here are a few advantages:

  • Financial Support - If your spouse is a stay-at-home parent, he/she is responsible for a variety of household duties and chores.  Apart from the emotional upheaval, these home chores would fall to you if your spouse died unexpectedly. You'd need a caretaker or outside support to manage the household if you didn't have prior expertise doing it, especially if you have children and elderly parents. Your finances may be put under a lot of strain as a result of this. If your spouse has life insurance, you will receive the death benefit, which may assist you in better managing such responsibilities.
  • More Coverage for a Lower Cost - You can choose a term plan with a substantial cover and a low premium for a homemaker. You should double-check that the amount of coverage is adequate for your loved ones. Before you sign the contract, think about your liabilities, habits, and financial obligations. It should be at least ten to twelve times your current income.
  • Increase Your Protection Whenever You Want - Many life milestones, including marriage and childbirth, give you the option to increase your sum assured.
  • Save Money on Taxes - The premiums paid and death benefits received under the insurance plans are tax-deductible under Sections 80C and Section 10(10D) of the Income Tax Act of 1961, respectively.
  • Term Benefits for Children - The greatest insurance plan should provide benefits for children who are dependent on you. This not only allows you to achieve financial security for your child, but it also relieves some of the financial pressure from your partner's shoulders, allowing you to contribute equally to your child's financial security.

Take Away

Regardless of whether your partner works or is a stay-at-home parent, his or her contribution to all aspects of your life will be missed. Hence, you must obtain life insurance for her to ensure that her financial needs are met. It should be emphasised that purchasing life insurance is one of life's most important financial decisions. Therefore, it is advisable to plan ahead of time and select the best coverage for you and your family.

Also read: 

Can I Add A Rider To An Existing Life Insurance Policy?    

Understanding The Role Of A Nominee In Life Insurance

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.    

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