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Features
Ref. No. KLI/22-23/E-BB/492
You can get life insurance for your spouse. In fact, it may be advised to get life insurance for your spouse on priority. Here are 4 benefits of gifting life insurance cover to your spouse.
People value marriage’s lifelong bond; having someone with whom you can share your pleasures and sorrows appears beautiful and reassuring for the rest of your life. What if there was another amazing and unique method to express your affection for your spouse? While words of affection make us happy, the modest, unspoken acts of care reveal the genuine nature of our feelings. You can accomplish the same thing by getting a term plan that includes coverage for your spouse.
You can get life insurance for your spouse. With many couples working and earning together, the need for life insurance is crucial for both spouses. If your spouse is working, the sum assured from their policy can help the rest of the family carry on with their routine lives in their absence. Insurance is also crucial in the case of non-earning spouses as their contribution to the family remains indispensable. Therefore, it may be recommended to buy life insurance for your spouse.
Spouse life insurance is a financial tool or method to ensure that in case of an unfortunate demise of either of the partner/spouse, the surviving one gets the life cover benefits for financial stability in the future.
It is an affordable and straightforward financial solution to ensure that your partner’s life is covered with insurance. Even in their absence, their contribution to the family is intact.
It doesn’t matter if a spouse is a working individual or a homemaker because, in a family, both the spouses play a contributing role either by service, income, or both. If they are not present anymore, then a life insurance would help manage their contribution with the help of the benefits that are received.
For example, let’s consider a spouse who is a househusband/housewife. Although they are not sharing an income responsibility, they are contributing by providing valuable household and home care services, which either wise can be pretty expensive today.
Now, suppose you consider the additional expenses that will be involved in all household activities like home care, cooking, housekeeping, childcare, and other valuable services like wardrobe management, internal management, etc., in the absence of a spouse. In that case, the partner will incur heavy additional expenses.
In the case mentioned above, term insurance for non-working spouse in India will be a valuable resource. Without adding an extra financial burden, it will provide the funds to hire much-needed services for you and your family. It is understood that the absence of a valuable family member cannot be replaced. But the impact of a spouse’s absence can be minimized, and term insurance for housewife or househusband in India is the best method.
If you consider the value that your spouse adds to your family’s daily life, you may be overwhelmed to consider financial requirements to replace their contribution through income or service in case of their unfortunate demise.
Here are some factors that make spouse insurance important:
Living expenses are one of the main financial burdens that get added to a family if they lose a breadwinner. Every penny counts towards a stable financial future given the expenses of house and education for children. Also, living expenses are a continuous financial requirement.
Payment of rent, loan EMIs, education fees, etc., are requirements that cannot be stopped. Spouse insurance can provide you with enough financial resources to cover these aspects for a long period.
One of the spouses in any family is majorly responsible for managing the household. And when you have children, it becomes essential to give time to your family. In case of the demise of a homemaker, or a non-earning member, all the burden gets shifted to the other spouse. Either they now will have to manage both income and household alone or acquire a service for the household. Term insurance for non-working spouses in India can provide financial support to acquire the service and reduce the additional financial burden.
A spouse insurance obviously will provide a decent sum to the spouse in the absence of the other one to ensure financial stability for future. For example, planning for children, retirement plan, loan repayment, debt management, etc.
If your spouse is earning, it becomes essential to protect their income with an insurance plan. In the unfortunate event of their demise, a life insurance plan can offer you the required funds to continue with the same standard of living as before. This can also help your children with their professional dreams and aspirations
These days, Life Insurance Plans offer additional riders like critical illness benefits, disability benefit, etc. This removes the need to buy a separate health insurance policy. You can simply pay a nominal cost to add the medical cover rider to your life insurance plan and claim lump sum amounts on the diagnosis of listed disease
Life insurance is not only for earning members but also for non-earning members of the family. Your spouse contributes a lot to your household. Their absence can leave a void in the house that can be hard to compensate. However, a life insurance plan can offer some respite here. The sum assured can be used to maintain a similar lifestyle, cover the higher education expenses or marriage costs of a child, repay loans, and more.
Buying a single joint life insurance policy can be more cost-effective than purchasing different plans for all members of the family. With a spousal plan, you pay one premium for a policy that covers both you and your spouse. You do not have to worry about premium dates, expiry dates, or policy renewals in case of expired plans of multiple policies. Your finances are more streamlined and the payments are hassle-free.
Life insurance is crucial for men and women. A term plan is ideal for both spouses to be protected under a wholesome insurance plan. And in times of need, term life insurance is a reliable tool that helps cater to the future needs of their loved ones, especially children.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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