Should housewives buy term insurance for themselves?

What’s on offer: Most insurers offer term cover to housewives as an add-on to their earning spouse cover. Such plans are called Jeevansathi Bima, said Sajja Praveen Choudhary, head-term life insurance, policybazaar.com. “These policies ensure that the family remains safe in case one of the policyholders dies. However, in most such policies the primary policyholder, in this case the secondary policyholder for the earning member, has a higher sum insured than the housewife.” Insurers usually reduce the cover for the non-earning member 40-50 lakhs.

Max Life Insurance Managing Director and CEO Prashant Tripathi said that till now, housewives could not buy term insurance for themselves without their spouse’s insurance coverage (spouse’s life is also being covered). And the minimum requirement for the husband’s income was the husband’s income. are more 10 lakhs.

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One question any housewife should ask herself before calling her is- will my family have enough financial resources to maintain the same lifestyle in my absence?

“The absence of a housewife may result in an increase in net household expenditure in relation to the cost of managing the home and children. This is in addition to any cash income (perhaps unaccounted for) that the housewife was earning. If one can financially bear the additional financial burden, there will be no need for term insurance,” said Mahaveer Chopra, Co-Founder and CEO of Sure.