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Should a Non-working Spouse Take a Term Insurance Plan

To begin with, the dynamics between a non-working spouse and a working spouse doesn’t seem to be unlike the batman and superman from the justice league.

A working spouse gets all the limelight like that of a superman. The visibility that is given to them for a promising career and the way the society we live in respects her for earning an income, a working spouse is the cynosure of every eye. On the other hand, a non-working spouse tends to work in the shadow like a batman and barely gets any recognition or acknowledgement for fulfilling every responsibility and going an extra mile.

Well, if you are also of the opinion that a non-working spouse has nothing to do, let us primarily understand what she does below:

  • Managing Household Chores

    Right from keeping the house clean, washing clothes and utensils, and so much more. A non-working spouse takes care of all the household chores while the other spouse is working. Managing a house is not an easy task and is a physically demanding responsibility and back-breaking. Even with the entire electrical appliance available in the market still, a certain time needs to be invested in managing the house and making it a home. A non-working spouse also cooks for free and that is just not limited to three meals a day.

  • Taking Care of the Children

    A non-working spouse is not only limited to managing the chores but also manage the needs and requirements of the family members specifically the children. A non-working spouse ensures the proper intake of nutrients, resolving the conflicts, teaching the child, the over-all development, and so forth.

  • The Constant Companionship

    Well, this is surely one of the most underrated aspects of the non-working spouse. The emotional support offered is surely unbeatable not just for the other half but for the whole family. A non-working spouse is always available when it comes to comfort the working spouse, taking care of the parents and the children.

Undoubtedly, times are changing. There has been a progressive shift in society towards a non-working spouse. It is time that we need to realize that a non-working spouse spends most of the time in taking care of the family and does not have a regular flow of income, which means that she cannot focus upon financially protecting her life objectives. We underestimate the value of a non-working spouse to the financial well-being of the family. Imagine if a non-working spouse does not take care of the household chores, then you would need to hire someone to perform the routine household tasks that would be a major cost for a family. Ask this to yourself, what if the non-working spouse is no more?

It would be emotionally draining but at the same time will also result in the financial strain. Well, in such a circumstance a joint term policy will be of much help. The joint term insurance plan for the homemaker is important as it will enhance the financial coverage of the complete family.

For the non-working spouse, it is of utmost importance to understand why a term insurance plan is important. Listed below are two key reasons that highlight the need for a term insurance plan:

  • Coverage at a Less Premium

    A term insurance plan is one pure form of financial protection for the loved ones. It offers a coverage sum to the nominees in case of anything unfortunate happens to you. Buying a term insurance plan is cost-effective. Moreover, even with a low term insurance premium, the coverage is high. The females are also entitled to receive the premium rebate on the premise of the terms and conditions of the policy.

  • The Joint Life Cover

    Both the partners with a joint life cover qualify as the equivalent owners of the plan. So, assumingly if anything uneventful happens to any one of the partners, then the surviving partner will receive the life covers benefit. This means that both the partners are secured against any unexpected exigencies that might arise later.

The term insurance plans are equally important for both the working and a non-working spouse as it ensures the financial security of the family. On one –hand the term insurance cover for the working spouse will cover the complete family from the risk of losing the primary earning member. On the other hand, term insurance for non-working spouse ensures that the family need not bear any extra financial tightness in case of the untimely demise.

The Bottom Line

The non-working spouse is fulfilling the responsibilities without any pay, perks, bonus or promotions. Though we may refer to them as a ‘non-working spouse’ the truth remains that a woman is the ‘always working spouse’.

The mere thought of this ‘always working spouse’ of not being around tomorrow is not just emotionally but even financially draining. A term insurance cover for the ‘always working spouse’ will help you to tide over the financial damages when she is not around.

Written By: PolicyBazaar - Updated: 16 November 2020
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