Benefit of Term Plan With Spouse Cover
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Term Plan with Spouse Cover

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  • 20th Oct 2021
  • 372

Term Plan with Spouse Cover

People value the eternal bond of marriage - the thought of having someone with whom you can share your joys and sorrows for the rest of your life seems beautiful and reassuring. What if there were another wonderful and unique way to tell your spouse that you care for them? While words of affection bring us joy, it is the small unsaid actions of care that show the true nature of our emotions. You can do the same by purchasing a term plan with spouse cover.

Learn About Spouse Term Plan Cover

You can safeguard your spouse as well as yourself with a spousal term insurance plan or a joint life cover for your spouse. In this manner, you and your spouse would be covered against life’s eventualities via a single life insurance policy. A spouse term insurance plan is tailored in a way that it is convenient for both working couples as well as those with one spouse who is a homemaker (with the option of term insurance for housewives.)

Husband and Wife Life Insurance Benefits

  • Pinching Pennies On Premium Expenses
  • While term life insurance premiums are affordable, the cost of two separate policies is more than the price of a single joint life cover insurance plan. As a result, these spouse policies covering two people are perfect for couples.

  • Tax Incentives
  • Under the Income Tax Act of 1961, the principle cost of a consolidated term life insurance along with the advantages offered under the plan are eligible for deduction for both parties.

  • Waiver of Term Plan Premiums In The Event Of Death
  • Couples can save money on future premiums by purchasing joint term insurance. If the principal insured dies within the term of the policy, the surviving spouse shall collect the lump sum guaranteed as a death benefit and, therefore, will not be required to pay any future premiums to retain the life insurance coverage.

  • Ensure Children’s Financial Security
  • If the parents die within the policy period, the children, as beneficiaries, will receive the amount guaranteed in the form of a fixed monthly income or a lump sum payment. This would assist the dependents in meeting their financial commitments and ensuring their monetary security in the future.

  • Keep Your Loved One’s Lifestyle Intact
  • If both partners work, the family will be entirely dependent on their money for financial requirements. A term insurance will enable your loved ones to maintain a quality lifestyle even after the policyholder’s untimely death.

One question which is asked often is - can housewife take term insurance? If so, how?
To answer your query - while a housewife looks after your home, she does not have a steady source of income of her own that will provide financial stability to her in case something were to happen to her husband. Therefore, an insurance policy for housewives is an excellent solution to such a situation. Therefore, to welcome and support the different kinds of initiatives in today’s developing world, most insurance companies enable housewives to be included in insurance policies and provide term plans for housewives at very low premiums. To reiterate, spouse cover is a favoured option, and for all the right reasons! It is best to stay prepared for the worst!

- A Consumer Education Initiative series by Kotak Life

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