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There was a time when the responsibility of a family was only over the male members of a family. But today things have changed for better and this change has been for good.
In this era, the costs of products and services have been rising and to cope up today many of the life-partners are working together towards building a better future.
With this change, today the female members of a family also opt for a term life insurance. Today, we have a plethora of best term insurance plans for couples available in the market.
Based on the insurance needs of the couple, opt for a spouse term life insurance and secure the prospective times. Life insurance policy has been designed in such a way, which provides cover to the breadwinner of the family.
Now, with changing times, the scenario has also changed specifically for the working couples wherein it is prudent to opt for spouse term life insurance effectively.
Let us get into the nitty-gritty so that one can buy the best term insurance plans for a couple in India 2020.
With a plethora of insurance products available in the market of India, a term insurance policy is the simplest insurance product, which offers a sum assured to the family of the policyholder in case of the untimely demise of the same.
It is to note that within traditional term plans as such there is no investment. Now, let us take you through understanding the importance of best term insurance plans for couples in India 2020.
A term insurance plan for couples implies that it would provide a cover for the couple along with the equivalent terms and conditions, which is offered in an individual term insurance policy.
Opting for the best term insurance plan for couples is beneficial as it would provide a cover for the husband and wife within the same policy and likewise, it will be simpler to keep a track of it. However, in a separate term insurance policy the partners based on the insurance suitability and requirements can opt for cost and the conditions.
While looking forward to buying the best term insurance plans for couples it is important to understand various other aspects too so that you can make an informed and wise choice and accordingly opt for a spouse term life insurance accordingly.
As discussed above, a couple can buy a single term insurance policy or a joint term insurance policy. However, we should understand and the underlying differences between the two types of term insurance policy for couples.
In the below table, shows the differences between the two:
|Factors||Single Term Insurance Policy||Joint Term Insurance Policy|
|Affordability||Expensive when compared to a joint term insurance||Pocket friendly|
|Single Payout||The nominees to receive two payouts, however separately||The nominees to receive one death payout when the couple passes away in an accident|
|Convenience||Buying two separate policy increase documentation of documentation||Ease of documentation process for both at one go|
|Separation/ Divorce||No such problem||Policy to cease if one of the partners does not pay the term insurance premium amount|
Only one out of every odd family has both the life partners working outside and acquiring a livelihood. Most of the time, one accomplice works and the other remain at home to take care of the family, for the most part, the children.
It is a seriously misguided judgment to expect that a stay at home parent doesn't require a term insurance policy. A stay at home parent requires a term life cover. Such an individual may not add to a month to month pay, however, the measure of work he/she does adds to the general money related prosperity of the family. In his/her nonattendance, the family would need to employ a cook, a driver, a guide, and so on. So an individual who accomplishes such a great deal needs to get insured under a spouse term insurance policy as after his/her passing the family can utilize the death benefit to pay for the money related hole deserted.
In the case of both, the partners are working professionals, and then a spouse term insurance policy should not be overlooked or neglected at any cost. The income earned by both the partners helps the family to take care of the amenities and essentials, which is required in an everyday life. This is divided mutually between both the partners so that the burden does not relent upon one partner only. In case, one of the partners passes away, the spouse term insurance policy will still help the other to partner and the family to lead a life just like before and finances will not be a constraint.
Listed below are some of the key advantages of buying the term insurance plans for couples in India 2020:
Buying the best term insurance plan for couples should be considered as it has major advantages and comes very handy that suits, not just your requirements but your pockets too.
If you are still looking forward to buying a term insurance policy and already married then opt for the spouse term insurance cover and make the best out of it.