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 insurance plan with spouse cover.
Key takeaways
- Spouse term insurance is a type of life insurance policy that provides a death benefit to the partner if the insured passes away during the policy term.
- A term insurance plan can provide a financial safety net for the family and ensure that they can continue to meet their daily expenses.
- Couples can save money on future premiums by purchasing joint-term insurance.
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? Let us find more about them here.
About Spouse Term Plan Cover
You can safeguard your partner as well as yourself with a spouse 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 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).
What is Spouse Term Insurance?
Spouse term insurance is a type of life insurance policy that provides a death benefit to the partner if the insured passes away during the policy term. It is a policy designed to ensure that the surviving spouse is financially stable and can take care of their needs, such as paying off debts, mortgages, and other expenses.
The policy works by paying a premium to the insurance company, and in return, the company provides coverage for a set term. If the insured passes away during this period, the death benefit is paid out to the surviving spouse tax-free. The benefit amount can range from a few hundred to thousands, depending on the policy’s coverage and the insured’s needs.
Why Should Homemakers Buy Term Insurance Plans?
While term insurance plans are typically associated with working professionals, they are equally important for homemakers. Following are some reasons why homemakers should consider buying term insurance plans:
Protects the Family’s Financial Future
Homemakers may not have a source of income, but they contribute significantly to the family’s overall financial well-being. In the event of their unexpected demise, the family may face financial difficulties due to the loss of their services. A term insurance plan can provide a financial safety net for the family and ensure that they can continue to meet their daily expenses without any worries.
Covers Medical Expenses
In addition to their household duties, homemakers often take care of the family’s medical needs. A term insurance plan can cover medical expenses in case of a critical illness or disability, providing financial support when it is needed the most.
Tax Benefits
Term insurance plans also offer tax benefits under Section 80C of the Income Tax Act. Homemakers can claim tax deductions of up to ₹1.5 lakhs on the premiums paid towards their term insurance plans.
Peace of Mind
Finally, a term insurance plan can provide homemakers with the peace of mind that comes with knowing that their family will be taken care of even if they are not around. It can help them feel secure about their family’s financial future and ensure that they can continue to provide for their loved ones even after they are gone.
Husband and Wife Life Insurance Benefits
When it comes to financial planning for couples, life insurance is often a topic that is overlooked or avoided. However, the truth is that life insurance can provide invaluable benefits for both husbands and wives, regardless of their current financial situation or stage in life. Let us take a closer look at some of the benefits of husband and wife life insurance.
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 for husband and wife. As a result, these spouse policies covering two people are perfect for couples.
Tax Incentives
Under the Income Tax Act of 1961, the principal cost of a consolidated term life insurance, along with the advantages offered under the plan, is 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. Term insurance will enable your loved ones to maintain a quality lifestyle even after the policyholder’s untimely death.
Wrapping Up
One question which is asked often is - can housewives take term insurance? If so, how?
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, a term insurance spouse cover is a favored option, and for all the right reasons! It is best to stay prepared for the worst!
