Should a Non-Working Spouse get a Term Insurance?

A couple, together, can make equal and important contributions to the house. However, the working spouse often is at the center of the limelight and is given the credit for everything nice. This higher attention is the result of a promising financial future in their career and by the fact that they provide for the family. On the contrary, a non-working spouse often does good deeds and receives little to no recognition for it. For the major responsibilities they handle, it comes as a surprise that they are not often thanked enough for their contributions.

Responsibilities of a non-working spouse

  • Managing the house 

A non-working spouse is often called upon to take on the household chores. This is because the working spouse is often not present to handle them. It is the efforts of the non-working spouse that make sure that the household is clean and organised. Managing a house is a physically demanding and back-breaking job. Even with the various electrical appliances that are available in the market, a certain amount of time is needed to make it a home. While the working spouse does an immense amount of hard work themselves, a non-working spouse does not get paid for their work. 

  • Being responsible for children 

In addition to managing and completing the household chores, a non-working spouse has to also attend to their children’s needs. Contrary to adults, it can be especially hard to deal with children. A non-working spouse has to ensure the proper nourishment and development of the child, resolving the regular conflicts if there is more than once child, make sure the children are learning well, and ensure the overall mental and emotional development of the child.

  • Support and companionship

The non-working spouse is often considered as one of the most important aspects of a married couple. Apart from all the work at the house and taking care of the children, a non-working spouse also ensures that their partner has the emotional and mental support they need. This support is extended not just to their partner but the entire family.

Advantages of term insurance for a non-working spouse

If the household chores are not taken care of by the non-working spouse, then imagine how much time and energy it would take to hire someone to do the work. Even if you do hire someone to do the household chores, you cannot replace the presence of the person itself. Knowing this, just imagine the emotional toll it would take on the entire family if the non-working spouse was to pass away. It would be both mentally and financially draining. This is exactly why you need to use a term insurance premium calculator and get your non-working spouse term coverage. Ideally, the biggest reason to buy a plan is that you understand what is term insurance and what it can do for your spouse.  This way, you will realise that a non-working spouse definitely needs term insurance.  In such a situation, the best option you have is to buy a joint term insurance policy. This will make sure that the term policy is shared by the working and non-working spouse. It will ensure that an untimely death of either of the spouses is compensated. Here are a few advantages you can have by having term coverage for your non-working spouse as well:

A term insurance policy is a type of financial protection that provides a sum to the nominated individuals in case of their death. It is usually very cost-effective and provides high coverage. However, as per the terms and conditions of the policy, women are entitled to a premium rebate. Hence, having both spouses in a joint plan gets you a lower term insurance premium. You can use a term insurance premium calculator to see exactly how much you’d have to pay for a certain amount of coverage.

  • Joint life coverage

With a joint life insurance policy, both partners are qualified to receive the benefits of the plan. This means that the surviving partner will be protected against any unforeseen events that might occur during their lives. This means that if one partner dies and the other makes a claim, the coverage for the other partner still continues.

The term insurance policies of both a working and a non-working spouse are equally important to ensure the financial security of their families. Both the working spouse and the non-working spouse benefit from the same plan.

Post Author: Louise