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Term Insurance for Non-Working Spouses in India

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For many Indian expatriates, term insurance is primarily associated with safeguarding the family's financial future in the unfortunate event of the breadwinner's demise. It's a common misconception that only those bringing in the income need term insurance.

While ensuring the financial stability of the family post the loss of the primary earner is undeniably vital, it's equally important to consider term insurance for the non-working spouse residing in India.

The responsibilities and contributions of a non-working spouse, while often underestimated, are foundational to a household's functioning. Ignoring their role can lead to unforeseen financial burdens in their absence.

So why is term insurance for a non-working spouse in India so essential? Let’s answer this in the article below and explore the oft-overlooked significance of this protection.

Why Term Insurance for a Non-Working Spouse is Important?

The value of a non-working spouse's contributions to the household and family often remains underappreciated, masked by the intangible nature of their responsibilities. Yet, these contributions, ranging from managing household chores to caring for dependents, are of the utmost importance.

If one were to assess the repercussions of the sudden absence of a non-working spouse, it becomes evident that the financial ramifications can be just as severe as losing a breadwinning partner.

Let's explore the reasons why term insurance for a non-working spouse in India is not just a good idea but a necessity -

Value Beyond Monetary Value

Beyond the tangible daily tasks and caregiving roles that a non-working spouse undertakes, they often play an indispensable role in the emotional and psychological well-being of the family. They might be the primary source of emotional support, a guiding force in children's education, or even a primary organiser of social and family functions.

In the unfortunate event of their absence, the family might seek external counselling, tutoring for the children, or assistance in managing social obligations. These services come with their own set of costs, both monetary and emotional. Having term insurance for a non-working spouse ensures that the family has the financial flexibility to seek necessary services.

Ensuring Continuous Care for Children and Dependents

Beyond managing the home, non-working spouses often shoulder the responsibility of child-rearing and attending to elderly family members. Their absence would necessitate hiring childcare or eldercare services, potentially imposing hefty fees.

For instance, employing a full-time nanny or enrolling kids in daycare can strain finances. Similarly, professional care for ageing parents can be costly. Term insurance payout can alleviate these unexpected costs, ensuring that your loved ones receive uninterrupted care without destabilising the family's overall financial health.

Preparing for Potential Future Earnings

Today, your spouse might be focused on household responsibilities, but what about tomorrow? Career aspirations, opportunities, or financial necessities could lead them back into the workforce.

As they transition and start contributing financially, the family could grow reliant on their income. Securing term insurance now, when they're younger and premiums are lower, is a prudent move.

The future might bring increased insurance premiums or potential health concerns, which can make it more challenging or expensive to obtain insurance. Planning ahead by investing in term insurance for your non-working spouse today ensures that you're financially prepared for whatever the future holds.

Is It Possible To Get Term Insurance for a Non-Working Spouse?

Certainly! Obtaining term insurance for a non-working spouse is not only feasible but also pretty easy, with several insurance providers offering plans for the same. Many insurance companies recognise the invaluable contributions of a non-working spouse to the household, thereby offering options to include them under a unified policy. This is commonly referred to as ‘couple-term insurance’.

By availing of this joint coverage, policyholders can ensure both members of the partnership are adequately protected. The process is typically straightforward—by paying an incremental premium, one can seamlessly add their non-working spouse to their existing policy. This integrated approach provides peace of mind that both partners are shielded from unforeseen circumstances under a single umbrella of protection.

Example: Ramesh purchased a term insurance policy to secure his family's financial future. While discussing the policy details, his agent informed him about the couple term insurance option.

By simply increasing his premium by a marginal amount, Ramesh was able to include his non-working wife, Priya, under the same policy. This ensured that regardless of any unfortunate events affecting either of them, the surviving spouse and/or their children would be financially safeguarded.

How to Apply for Term Insurance for a Non-Working Spouse?

Applying for term insurance for your non-working spouse is a straightforward process, especially when done through online platforms like the Policybazaar Insurance UAE website. This digital platform not only simplifies the application procedure but also allows you to compare and evaluate various insurance options at your convenience.

Here's your step-by-step guide to completing the process -

  • Visit the Website: Navigate to policybazaarinsurance.ae on your preferred web browser.
  • Locate the Term Insurance Option: On the website's homepage, search for the 'term insurance' option, which is prominently displayed.
  • Fill Out the Lead Form: Once you select the term insurance option, you'll be directed to a lead form. This form will ask for basic details like your name, contact number, and other specific requirements. It's important to provide accurate information to facilitate seamless communication and ensure that the insurance plans match your requirements.
  • Wait for a Response: After submitting the form, a dedicated person from Policybazaar Insurance UAE will reach out to you. They will provide you with all the necessary details, answer any queries, and guide you through the subsequent steps of the application process.

Wrapping Up

In today's world, safeguarding the future of our loved ones remains a paramount concern. While the significance of term insurance for the family's primary earner is widely acknowledged, the imperative need for term insurance for the non-working spouse often goes overlooked. 

The contributions of non-working spouses, though not always monetarily quantifiable, form the backbone of households. It's crucial to recognise that their sudden absence can lead to both emotional and financial upheavals. Having a term insurance plan that provides financial coverage in such scenarios, thus, is crucial.

On platforms like Policybazaar Insurance UAE, one can easily obtain joint coverage and ensure comprehensive protection for both spouses under a unified policy.

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