Whether you are a homemaker or someone who loves one, it is time to rethink security. Buy term insurance is not just for a "rainy day," but also recognizing the huge amount of work that goes on in your home is the right thing to do.
The "Invisible" Salary of a Housewife
Just have you ever thought of pricing the value of a housewife's work? Well, let's do our bit. In case you had to employ people to carry out the various household duties of the housewife, the number of people you would have to hire would be the following:
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A chef to prepare three meals a day.
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A nanny or babysitter for the children.
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A tutor for the kids' homework.
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A house cleaner.
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A manager to take care of groceries and bills.
In a city like Mumbai or Delhi, if a family decides to hire professionals for all these services, it may require spending ₹50,000 to ₹100,000 every single month. The housewife does all these things free of cost, out of love. However, if she is no longer around, then the family would have to shell out for these services. This represents a huge financial burden that most families are not equipped to handle. That is where term insurance for housewife is exactly the solution. It throws up a safety net that encapsulates the "economic value" of her work.
Why Housewives Need Their Own Cover
"Housewives don't earn; why bother with insurance?" This line of thought is a relic from the past.
Let me tell you why a housewife's life insurance is even more important than you think:
1. Securing a Child's Future
Generally, a mother is the one who organizes children's time and education. If something happens to her, the father may be forced to stop working or get assistance for the children. The money from a term insurance policy can make sure that the standard of the children's education and living is not compromised due to lack of funds.
2. Household Debt Management
Many Indian families are caught up in home loans or car loans. Usually these EMIs are met through the husband's salary. But if the wife dies, the husband's burden increases, thereby reducing the ability to meet the EMI payments. The insurance money can make it possible to settle these debts so that the family does not lose their home.
3. Assurance for Husband
When a husband is sure that his wife is protected, it helps him to focus on his work. Security is something that nobody should be without. When your family is financially taken care of no matter what, it is one less big thing to worry about at home.
Is It Easy to Get?
Earlier, it was quite a task for women who were non-salaried to secure a high amount in insurance cover. However, it is a different scenario now. Indian insurance firms acknowledge the financial contribution and role of housewives.
If a husband is insured, his wife can very well have coverage of term insurance for housewife simultaneously, according to many of the floor of companies. It is worth noting that some plans are standalone ones, whereas others are contingent upon the husband's policy as riders. It has become easy enough that one just needs a few personal identificatory documents and a quick examination to get insured.
Tips for Selecting a Life Insurance (Term Insurance) Policy
Buying term insurance is a great idea to safeguard your family financially in case of an unfortunate event. Buying term insurance for housewife is special, and hence certain extra points will have to be considered for the same. Here is a simple checklist for you:
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The Cover Amount (Sum Assured): Assess the household expenses that will be required to be met in the absence of the housewife for a period of 10 to 15 years. This will be the cover amount that you should be looking at.
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Policy Term: The policy of the housewife should be running throughout the dependent period of the child till the time he is not able to take care of himself. (Age 60 to 65 is generally considered.)
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Adding a Critical Illness Rider: Statistically, women are more susceptible to breast cancer and osteoporosis. Giving a "critical illness" option can frequently bring relief at the time of a tough ordeal. This would lead to the disbursement of the entire amount if the person is diagnosed with a serious illness. Funds from this can be utilized for a high-quality hospital stay and other incidental expenses.
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The Claim Settlement Ratio: The claim settlement is a very important aspect to be checked while selecting an insurance company. It reveals the truthfulness and helpfulness of a company.
Common Myths Busted
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Myth: "It's just throwing money away."
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Myth: "I'm fine, so I don't need one."
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Myth: "Only wealthy people require it."
A Step Toward Equality
Besides being a good move, insuring a house wife also shows love and respect. It is an appreciation of the fact that her work is on par with that of a corporate job. You can take it as saying, "Your contribution to the family is highly valuable, and that is why it must be protected."
In India, housewives are often referred to as "Grih Lakshmi" (the Goddess of the home). So, the best approach to ensure that the light of the home continues to burn endlessly is by safeguarding the "Lakshmi" of the home through an effective financial plan.
Conclusion
Though life is wonderful, it is also unpredictable. We insure our cars and phones, so why should the one who looks after our whole life be left out? If you have not had the time to consider it yet, make it a point to get your family together at home. Talk about the future. Check out the options that are available online.
By getting term insurance for the homemaker, you are going beyond just buying the document. You are securing the guarantee that your home will always be there, no matter how many storms life throws at you. Term insurance for a housewife is not a luxury but rather a very necessary item in every modern Indian home. Make that decision now for a safer future.
