Some believe that only working men or women require life insurance. However, this is not the case. Housewives also require insurance because they manage the home, children, and the well-being of the family. Although housewives do not earn a salary, their value to the family cannot be equated in terms of money. From preparing meals to looking after children and managing household expenses, housewives perform numerous duties that would prove expensive if outsourced. This is the reason financial security for housewives is crucial.
Why Is Term Insurance Important for Housewives?
A homemaker’s job might not be to earn money, but it saves the family a lot of money. Suppose something were to happen to the homemaker all of a sudden – the emotional loss is overwhelming, but so is the financial loss. Families then end up having to employ domestic staff, babysitters, and sometimes even professional cooks or caregivers. Such expenditures can upset the economic equilibrium in the family.
This is where term insurance becomes relevant. Term insurance is the easiest and cheapest form of life insurance. Term insurance helps the family monetarily if the insured individual dies within the policy period. By purchasing term insurance, you are essentially purchasing peace of mind, as you know that your loved ones will not have any financial issues if anything untoward were to happen.
Can Housewives Purchase Term Insurance?
Yes, housewives can purchase term insurance. Several insurance providers now have term insurance for housewife specially made for them. These schemes are cost-effective and simple to understand. Even without a salary, their contribution to the family is significant, and insurance companies are aware of this.
If you buy term insurance, the premium cost will be relatively very low when compared to other insurance types. In return, it provides a high life cover, so your family’s daily expenditure, children’s education, and household expenses are covered in case of an unfortunate event.
Benefits of Term Insurance for Housewives
- Financial Protection for the Family: If the homemaker is not around, running the house may become a huge task. A term insurance plan provides the family with sufficient money to cover these costs without having to worry about money.
- Cost-Effective Premiums: Term insurance is more affordable than other insurance policies. Despite paying a small premium, a housewife can obtain a large cover amount.
- Peace of Mind: A housewife dedicates her life to taking care of her family. With term insurance, she feels secure knowing that her family will be protected even when she is no longer there.
- Cover for Future Expenses: Educating children, mortgage, or everyday household expenses can be a huge burden. The lump sum from a term insurance plan can assist in taking care of these expenses with ease.
Things to Consider Before Buying Term Insurance for Housewives
- Right Coverage Amount – Think about how much money your family would need in your absence. This includes education costs, domestic help, and other household expenses.
- Policy Term – Choose a policy term that covers the most important years of your children and family needs.
- Add Riders if Needed – Riders like critical illness or accidental death benefits can give extra protection at a small additional cost.
- Compare Plans – Always compare various insurance companies prior to purchasing the policy.
Myths related to Term Insurance for Housewives
Myth 1: Housewives don’t require life insurance.
Truth – Even if there’s no monthly income, the work of a housewife saves enormous expenses for the family. Life insurance takes care of the expenses.
Myth 2: Term insurance for housewives is prohibited.
Truth – There are plans for housewives offered by most insurance companies. Policies even cover based on the husband’s salary.
Myth 3: It’s too costly.
Truth – Term insurance is one of the cheapest forms of life insurance. A low premium can provide a high cover amount.
How to Purchase Term Insurance for Housewives
Purchasing term insurance is very easy today:
- Visit online and compare policies.
- Select the policy duration and sum assured.
- Complete the proposal form.
- Undertake the medical tests (if required).
- Pay the premium and receive your policy document.
Alternatively, you can also go to your nearest insurance office or consult an insurance advisor for assistance.
Why You Should Act Now
Life is uncertain. We never know what comes next. While we provide health, home, and daily care, taking care of the financial security of the family is also a responsibility. Term insurance is one such simple and affordable means of doing that. For housewives, it is not about money, but about making sure the family continues to run even without any monetary hassle.
Conclusion
A housewife’s work is not seen, but it is exceedingly precious. Term insurance is not only for earning individuals; it is for any member who holds a significant position in the family, and surely housewives are included. By buy term insurance for housewife, you are keeping your family safe from unforeseen monetary issues. So, if you haven’t considered it so far, this is the perfect time to do something about it. Purchase term insurance now and provide your loved ones with the financial security they are worth.
Anantha Nageswaran is the chief editor and writer at TheBusinessBlaze.com. He specialises in business, finance, insurance, loan investment topics. With a strong background in business-finance and a passion for demystifying complex concepts, Anantha brings a unique perspective to his writing.
