Is Term Insurance Important For Non-working Spouses?

The dynamics between a working and a non-working spouse isn’t unlike that of Superman and Batman from Justice League. The working spouse gets the spotlight like superman. Thanks to the visibility offered by a promising career and the respect granted by society for earning a handsome income, the working spouse is always the cynosure of all eyes. However a non-working spouse works in the shadows like Batman and hardly gets credit for fulfilling responsibilities, let alone going the extra mile.

Basic Duties Of A Non-working Spouse

Let us look at what a non-working spouse has to do:

1. Manages House

When one spouse is working, the other manages the house. Keeping the house clean, washing the utensils and clothes, drying the clothes – there are chores abound. In many cases, it is a back breaking and physically demanding responsibility. Even with the availability of appliances such as washing machines, vacuum cleaners or dish washers one does have to invest a minimum number of hours in managing a house.

2. Cooking

A good cook in a decent area in a leading metropolis like Mumbai will charge nothing less than Rs 5,000 per month. Whereas the non-working spouse cooks for free. And it isn’t just about cooking 3 meals a day, but also whipping up snacks or milkshakes or other beverages when guests come home.

3. Takes Care Of Children

The spouse who manages the home, also ends up spending the most time with children. Picking up the children after a long day, mentoring them, ensuring that they are receiving proper nourishment, resolving emotional conflicts etc. These tasks are both laborious and exhaustive.

4. Teaches Children

The cost of tuition classes can go up to one lakh per year per child. But a non-working spouse ends up teaching children for free. This certainly isn’t an easy task as the parent will have to brush up one’s own knowledge by reading up and then teach the children. The parent will also need to make sure that only correct information is passed on.

5. Ferries Children Around

In a single day, a typical Indian child spends more than 2 to 3 hours in pursuing extracurricular activities after spending the usual 8 hours in school. These undertakings may include tuition, football coaching, swimming class etc. Some families may have a driver with a car to ferry the child around. However in most cases the non-working spouse is also involved in dropping off and fetching the child to and fro from the school as well as from these other centers of activities.

6. Emotional Companionship

What is highly underrated, almost to the point of ignorance, is the emotional support offered by the non-working spouse to all the members of the household. The non-working spouse has to be available for comforting the working spouse, caring for the children as well as being there for the senior parents.

Need For Term Insurance As A Non-working Spouse

As a housewife, you should know why you require a term insurance plan. Therefore, let’s begin by understanding a few reasons, which highlight the need for a term plan for you and your loved ones:

1. Offers Coverage At A Less Premium

A term plan is the purest form of financial protection for your loved ones. It provides a coverage amount to your beneficiaries in case anything happens to you. Moreover, you can purchase term insurance coverage at an affordable rate. While the coverage is high, the term insurance premium is generally low. Females may also be entitled to receive a premium rebate depending on policy terms and conditions.

2. Joint Life cover

In a joint life cover, both partners qualify as equal owners of the policy. If anything were to happen to any one partner, the surviving partner would receive the life cover’s benefit. This way both the partners are secured against any untoward exigencies that would arise.

Conclusion

As highlighted above, term policies for the working as well as non-working spouses are important for the financial security of a family. The term insurance cover of the working spouse covers the entire family from the risks of losing a bread-winner. At the same time, the term insurance for non-working spouses ensures that the family doesn’t have to bear additional financial strain in case of her unfortunate demise.

Also read - Why You Should Not Avoid A Medical Test Before Buying A Term Plan?

Do You Need A Whole Life Plan Or Is Term Life Cover Enough?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.