I am a 28-year-old housewife with no income. Can I buy a term insurance plan for myself?
In this edition of Ask Money Today, find out why it’s important even for those who do not have a salaried income to buy term insurance
- Jun 6, 2023,
- Updated Jun 6, 2023 1:07 PM IST
I am a 28-year-old housewife with no income, and I have a child. My husband has a term insurance policy for Rs 50 lakh, and we bought a house recently. However, my husband’s cover is low. Since I am not employed, can I buy a term insurance plan to maintain good term life coverage overall?
Name withheld on request
Reply: Kamlesh Rao, MD & CEO of Aditya Birla Sun Life Insurance
You can buy a term plan as a 28-year-old homemaker without income. Term plans are designed to offer financial protection to your loved ones in case of your demise. In fact, term life insurance can be a good option for anyone who wants coverage for a specific period.
While purchasing a term life insurance policy, you may want to consider the length of the term and the amount of coverage you would need. Since you do not have an income, you may not receive as much coverage as someone who does. However, it’s still important to have one-term insurance to ensure that your family would have enough financial support if you were to pass away unexpectedly.
When considering purchasing a term plan, it's essential to assess your financial situation and determine the appropriate coverage amount based on your family's needs. It's also advisable to compare policies from different insurance providers to find the most suitable plan that fits your requirements and budget.
Homemakers have a value that was brought into sharp focus again during the Covid-19 pandemic. Insurance cover to the tune of Rs 50 lakh is generally allowed if your spouse is covered for an equivalent amount.
While you may not have an income to replace, a term plan can still provide a death benefit to your dependents, such as your spouse, children, or parents, in case something happens to you. This can help cover expenses like outstanding debts and funeral costs or provide financial support for your family's future needs.
Thus, it is good for homemakers to buy a term plan as soon as possible. The premium rates are also affordable. However, homemakers must also carefully check the terms and conditions before zeroing in on a term policy.
(Views expressed by the expert are his/her own)
I am a 28-year-old housewife with no income, and I have a child. My husband has a term insurance policy for Rs 50 lakh, and we bought a house recently. However, my husband’s cover is low. Since I am not employed, can I buy a term insurance plan to maintain good term life coverage overall?
Name withheld on request
Reply: Kamlesh Rao, MD & CEO of Aditya Birla Sun Life Insurance
You can buy a term plan as a 28-year-old homemaker without income. Term plans are designed to offer financial protection to your loved ones in case of your demise. In fact, term life insurance can be a good option for anyone who wants coverage for a specific period.
While purchasing a term life insurance policy, you may want to consider the length of the term and the amount of coverage you would need. Since you do not have an income, you may not receive as much coverage as someone who does. However, it’s still important to have one-term insurance to ensure that your family would have enough financial support if you were to pass away unexpectedly.
When considering purchasing a term plan, it's essential to assess your financial situation and determine the appropriate coverage amount based on your family's needs. It's also advisable to compare policies from different insurance providers to find the most suitable plan that fits your requirements and budget.
Homemakers have a value that was brought into sharp focus again during the Covid-19 pandemic. Insurance cover to the tune of Rs 50 lakh is generally allowed if your spouse is covered for an equivalent amount.
While you may not have an income to replace, a term plan can still provide a death benefit to your dependents, such as your spouse, children, or parents, in case something happens to you. This can help cover expenses like outstanding debts and funeral costs or provide financial support for your family's future needs.
Thus, it is good for homemakers to buy a term plan as soon as possible. The premium rates are also affordable. However, homemakers must also carefully check the terms and conditions before zeroing in on a term policy.
(Views expressed by the expert are his/her own)