Homemakers have multiple responsibilities to look after all day, and their work never stops. Of course, they don’t go to an office every day or run their own business. But the amount of effort they put in every day is evident in how smoothly the household is run. Right from taking care of the smallest needs of the family members to ensuring that the monthly household budget is never exceeded, a non-working spouse handles it all.
So, it only makes sense to get them adequate term insurance cover as well. With that being said, here are further details about getting term insurance for a non-working spouse.
Can you get a Term Insurance Quote for a non-working spouse in India?
Taking care of the household is a major responsibility, and though the spouse is not going to the office daily, he/she remains busy working throughout the day. Therefore, getting him/her adequate insurance cover would be a good idea. Your insurance company realizes that completely. So, you are allowed to add your non-working spouse to the same policy by adding an extra premium amount. If you want, then you can get a separate policy for him/her as well.
As per the coverage amount chosen for the spouse when you calculate term insurance premium, consider all the work that they do every day. Now, think of what you are going to spend if you get someone else to do all that work. Multiply that amount by the tenure of the policy, and you will get a fair idea about the suitable coverage.
Getting a term policy is all about offering financial protection to the family. The family is never truly protected until the non-working spouse has enough insurance coverage.
Importance of a term insurance policy for a non-working spouse
A term insurance policy is ideal for a non-working spouse for more reasons than one, such as:
Getting coverage at an affordable premium
A term insurance policy is one of the most basic types of insurance policies. It’s the most affordable type of life insurance. So, there is not much to understand except the need to pay the policy premiums regularly. You can also reduce the premiums if you have a good credit history to boast.
The importance of riders in term policies
One of the chief benefits of term policies is that it lets you add one or more riders to enhance the policy. Now, you can choose the kind of riders you feel are most beneficial for the non-working spouse. For instance, consider the accelerated death benefits rider. As per this rider, the family gets a part of the sum assured in advance to pay the medical bills in case of the policyholder’s terminal illness.
The term “non-working spouse” is hardly true when you think of all the duties and responsibilities they handle. Therefore, getting them adequate insurance coverage is a part of your duties.
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