Can I Get Term Insurance on Behalf of My Spouse?

• 2nd Dec 2021
• 76
• Share

​Marriage is a lifelong commitment that represents a momentous milestone, but there are times when you may have to live a life without your spouse after their unfortunate demise. All you would want is mental and emotional support to overcome the challenges in such a circumstance. If you have the benefits of a term plan with spouse cover, financial problems will be one less thing to worry about. It is, therefore, a good idea to buy a policy on your spouse’s behalf or add a spousal cover rider to your current term plan to guarantee that you have sufficient income to live comfortably.

Irrespective of whether your spouse is a part of the workforce or a homemaker, a husband and wife life insurance or insurance policy for a housewife is a must-have.

Term Plan with Spouse Cover

With a term plan with spouse cover, you may protect both your spouse and yourself against the uncertainty and risks of life. In this way, you both will be insured by the same life term policy to conquer unforeseen hardships that life throws your way.

Benefits of Husband-and-Wife Life Insurance

• Reduced Premium Expense
  Although term policy is cost-effective, the cost of two individual policies is greater than a single policy. So, in a nutshell, these are ideal for couples who wish to save money and time.
• Secure Your Children’s Future And Lifestyle
  Your spouse can provide a comfortable life for your children and keep a good lifestyle with the money received from the death benefit from the term plan.
• Tax Incentives
  The minimum price of a consolidated term plan with spouse cover and the benefits offered fall under the tax benefit framework under Section 80C, , Section 80D, and Section 10(10D) of the Income Tax Act, 1961.
  under the plan are deductible under the Income Tax Act of 1961.

Term Insurance Plan For Housewife

A term insurance policy for a homemaker must be an important element of your financial blueprint since it improves your family’s monetary security. With rising inflation and living costs, it’s more vital than ever to double the financial stability of your loved ones in the event either of you passes away. In addition, purchasing an insurance policy for housewife assures your child’s requirements will be met regardless of financial restrictions.

Benefits Of Term Insurance For Housewife

• Affordable Premium

A term insurance plan for housewives is available at a relatively lower cost. As a result, an insurance policy for housewife is quite affordable.

• Incorporate Rider Benefits

Any additional rider advantages might also be included with the insurance policy for housewives. But, on the other hand, these additional provisions may increase your premium payments, so ensure you are aware of everything while you are at it.
To sum it up, as fundamental as a term plan is, it is critical to invest in a husband and wife insurance policy or term insurance for housewives according to your requirements, to provide complete security for your loved ones and their bright future.

- A Consumer Education Initiative series by Kotak Life