Can A Housewife Buy a Term Insurance Plan?

• 27th Aug 2021
• 46
• Share

Being a housewife may seem easy. But, the housewife’s job is just as critical as any of the earning members of the family. From managing the entire household work to taking care of the children and looking after everyone’s needs, a housewife does it all alone and excels at it. Despite being the most vital cog in family management, the role of a houseful is massively undervalued.

Let us take the example of Mrs Radhika Sharma. She cooks, does laundry for all the family members and even helps children with their studies. Mr Sharma is the only earning member, and his salary is enough for the family. Mrs Sharma has been running the family smoothly.

But, what would happen if Mrs Sharma passes away? Considering the various household responsibilities she is carrying all alone. Apart from the emotional loss, it could cause a significant financial hassle to Mr Sharma as now he may have to divide his time between managing work and home, a significant part that he cannot ignore.

This is where Term insurance for housewife steps in. If Mrs Sharma buys a term insurance policy, then upon her demise, the death benefit received by the family may get enough money to hire a full-time caretaker or a nanny who can cook, take care of the kids and keep things in order.

Can a housewife buy a term plan?

Yes, as a housewife, you can and must buy a term plan to secure your family’s financial future in your absence. As a housewife, you can either buy a term plan individually or opt for a joint term cover with your husband.

In a joint cover, both the partners are equal owners of the policy. If anything happens to either of the partners, the surviving partner receives the insurance benefits. This way, both of you can secure yourself and your family against the contingencies that may arise at any time in the future.

Importance of a term plan for housewife

Term plans are the purest form of life insurance policies. It offers financial protection to your loved ones. It pays the death benefit equal to the sum assured of the policy to the nominee or beneficiary if something happens to you during the policy period.

Additionally, you can purchase a term plan at an affordable premium. Most insurance companies in India offer a rebate on premium to female buyers. As a housewife or homemaker, when you buy a term insurance policy, you get additional financial coverage for your family.

Even if your family has a stable income, it can get stagnant at any time. So, it is vital to have a solid financial backup for your loved ones so that money never becomes a hindrance in taking care of your family’s needs. Having a term insurance cover for a housewife will ensure that you don’t have financial constraints in fulfilling your children’s needs. It helps you take care of their education, marriage-related expenses and anything that comes in between.

Term plans come with a host of attractive features and benefits like disability benefits. If an unfortunate accident leaves the housewife disabled, term insurance can help you take care of the medical expenses and other financial needs that may follow.

A housewife carries out several responsibilities that often go unnoticed, which the family may notice only in their absence. While it is true that nothing can replace a housewife, if she has a term insurance cover, the benefits received from the policy can immensely help the family fill the financial gaps after her departure.

- A Consumer Education Initiative series by Kotak Life