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How Important is Term Insurance for Non-Working Spouses in India?

Updated On Aug 12, 2021

The working spouse is constantly the centre of attention, thanks to the visibility provided by a promising career and the respect accorded by society to those who earn a good living. A non-working spouse, on the other hand, works in the shadows and rarely gets credit for completing tasks and going the extra mile. The non-working spouse is accountable for anything that does not offer a bonus, rewards, or promotions. It may be impossible to calculate the financial consequences of their absence, let alone the emotional harm. Here, a term insurance policy for stay-at-home parents, non-working spouses, or even a homemaker comes in handy, assuring that your family can withstand the financial storm.

What are the Duties Performed by a Non-Working Spouse?

The duties mentioned below that are performed by the non-working spouse will be enough to highlight the importance of a term insurance plan for him/her.  

  • Managing the House

When one partner is at work, the other is in charge of the household. Cleaning the house, washing the dishes and clothes, and drying the clothing are all jobs. In many circumstances, it is a physically strenuous and back-breaking responsibility. Even with the availability of appliances such as washing machines, vacuum cleaners, or dishwashers, a minimum number of hours must be invested in maintaining a household.

  • Cooking for Family 

In metropolitan cities like Delhi, Mumbai, Chennai, a good and costly cook can disturb your monthly budget. The non-working spouse, on the other hand, cooks for free. It's not just about making three meals a day; it is also about preparing the snakes, milkshakes, and other beverages when guests and visitors arrive.

  • Raising the Children

The spouse who runs the household spends the most time with the children. Picking up the kids after a long day, mentoring them, making sure they're getting enough food, settling emotional disputes, and so forth. These chores are time-consuming and exhausting. Moreover, the tuition classes might cost up to one lakh per child per year. A non-working spouse, on the other hand, winds up teaching the kids for free. Furthermore, the non-working spouse is usually responsible for dropping off and picking up the child from school and other activities.

  • Emotional Support

The emotional support provided by non-working spouses to all household members is significantly undervalued, almost to the point of ignorance. The non-working spouse has to be always available to console the working spouse, care for the children, and support the senior, ageing parents.

How Important is Term Insurance for Non-Working Spouses in India?

All of the preceding arguments support the importance of a homemaker. In the event of a terrible event, the house's financial budget may also collapse, in addition to the emotional stress. A caretaker or someone who can assist with these tasks would have to be hired, putting financial pressure on the family. A good term life insurance policy can help mitigate the expenses in this situation.

Take Away

In our society, a homemaker's role is frequently disparaged. However, understanding their worth in changing times is critical. A good term insurance policy can be the first step toward recognising and validating your non-working spouses' struggles and sacrifices. As a result, give him/her the best plan at a reasonable price that fulfils his/her needs and long-term objectives.

Also read 

Life Insurance V/S Health Insurance V/S Term Insurance

Questions To Ask Before Purchasing A 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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