We all have big dreams that we share with our loved ones. However, life is full of uncertainties and it can hurt you the most when you least expect it. One thing that you can be certain of, though, is securing a future for your wife and children. So, on your next marriage anniversary, you can gift her something which will go beyond just making her happy — a term insurance.
It may not be a gift in the regular sense, but it will be in the truest form when you won’t be there to provide a tangible one any longer. Currently, you may feel confident of yourself and your career, providing for all that your family needs. You may feel that you are financially strong but, what would happen if you are not there?
Term insurance comes as a life-saver in such a situation, providing the financial support or your after-life support that your wife or family needs. Financial security doesn’t happen magically unless you plan it and a good term insurance plan can make everything brighter.
Term insurance – more than just an expense
There is a common misconception that term insurance can be considered as just an expense. It’s true that it cannot be considered as an investment, but it is more than just an expense. Security is an important aspect of life. To lead a happy and fulfilling life, we need all kinds of security in life; financial security playing a lead role in it. Term insurance can be considered as one of the basic financial securities which pays an assured sum if something untoward happens to you during the fixed period or term for which you are covered.
Does your wife need a term insurance even if you have one?
When you are both working, it is advisable for both of you to buy term insurances. You never know when life can take an unexpected turn as you are not in control. If something happens to one or both of you, the financial security of your children can at least be assured.
Also, with increasing inflation and price rises, you can never really make an estimate if you will be financially strong to provide the same level of support to the family if your wife is no longer with you. It is always good to have some backup. This money can come as a great help to provide the best education to your children. If your children are too young, you can use that to provide the care they need while you are at work.
Do you need to buy a term insurance for your wife if she is a homemaker?
When it comes to insurance, homemakers are often overlooked. The common reasons are that insurance is considered as a cover for the loss of an earning member or it is thought to be unnecessary when the total family income is in the lower bracket. Thus, the question remains – “Should I buy a term insurance for my wife if she is a homemaker?”
According to an estimate put out by Economic Times, the average homemaker in India deserves a salary of at least Rs. 45,000 a month. A homemaker wears several hats, which cannot be easily replaced. Her support to the family may not be felt financially but without her presence, this will translate into financial loss. Term insurance can help in covering that loss.
Which is the best term insurance for your wife?
There are various term insurance plans, but you need to be aware of the ones which are going to provide you with maximum financial security. It also depends if your wife is a working professional or a homemaker. There are riders that you can consider, which will provide you with supplementary benefits.
Know about the various Max Life term insurance plans and choose the one that is best for your wife.