Mrs. Rajani Sharma cooks and does laundry for the family and helps kids in the studies. As she takes care of the entire house, Mr. Sharma’s salary is enough for the family.
But what would happen if Mrs. Rajani dies tomorrow? Considering the load of responsibilities she is carrying on her shoulders, apart from emotional loss, it would be a big financial distress for Mr. Sharma. This is where life insurance steps in.
The services of a housewife are always undervalued in our society. However, the impact of losing her would not only affect you emotionally but could also disturb your budget.
Before you write off the idea of buying a life cover for your wife, we want you to have a look on the following duties which are both imperative and irreplaceable. After that, you will be able to decide why her role is more than worthy of a life insurance.
She manages the house 24x7
She is the multi-tasker who dons the hat of a cook, housekeeper, laundry person, and more. Just because your wife is not bringing home the bacon, it doesn’t mean she isn’t contributing to the family’s income. If something happened to her are you ready to look after the household chores? If No, then be ready to spend Rs 20,000-30,000 on the salary of a full-time maid.
She takes care of kids
One of the biggest expenses a family bears after her death is the cost of child care. Without her, a nanny must be hired which means extra expenditure on her salary.
She is the home teacher for kids
For homeschooled children, losing a mom also means losing a teacher who helps them in their school work. In her absence, a private tutor needs to be hired. It means spending on a service which was earlier available at free of cost.
What is the Right Coverage for a Housewife?
Most insurance companies are not forthcoming in selling insurance to housewives. Also the option of term insurance plans is limited in India. However, housewives can take their pick from endowment, pension, money back plans or ULIPs. Opt for a plan which gives sufficient cover at a low rate. For instance, if the annual income of the earning spouse is Rs 20 lakh/annum, a cover of Rs 5 lakh is sufficient for a non-working spouse.
Let Insurance Be Your Peace of Mind
A housewife does a lot of work which helps a household save money. A fact that gets sadly noticed only in her absence! If the housewife has a life insurance, the death payouts could be used to bear expenses. A proper life coverage for homemakers should always be an imperative part of the budget of a family.
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