Life Insurance: Joint Life Plan ensures financial security for the surviving spouse

It is a misconception that when the breadwinner’s life is insured, the family is insured in full. The logic is that in case of death of the earner, the future lost income is replaced by a life insurance policy. However, there are many reasons why housewives need life insurance cover.

When a housewife becomes old enough, there may be no one to take care of her. The problem is compounded when the husband dies too early, not leaving enough money to support his wife after 20 or 25 years. The maturity claim amount on the life of the housewife can give her a new lease of life.

maturity claim:

A life insurance policy on a woman’s life not only benefits the family in case of untimely death of the woman, but can also help the woman to get some valuable money in the form of maturity claim on survival of the policy term. So, it is another layer of financial security for the woman to live respectfully into old age.

After all, it is the responsibility of the earner to buy enough life insurance for his wife, so that the financial future of the housewife is secure. Preferably, such insurance policies for women should be of limited payment endowment type, so that almost all premiums can be paid when the husband is alive and actively working. A better option would be to buy a single premium endowment policy and discharge the responsibility in one go.

joint life plan:

Joint life plans offered by many insurance companies are the best option. On the death of the husband, the housewife gets a lump sum amount and a lump sum amount on the date of maturity. As soon as one of the partners dies, the premium payment is waived. A life insurance policy that has add-on benefits such as permanent disability riders and health insurance riders can help a family deal with financial difficulties arising out of permanent disability of a housewife after a serious accident or a critical illness like cancer. Which requires expensive medical treatment over a long period of time. There are also some women-specific plans that enable the family to get an insurance cover to meet women-specific health expenses.

However, there are a few things to keep in mind while buying life insurance for housewives. Since there are instances when unscrupulous family members forced a married woman to commit suicide or even killed housewives, the police were unable to ascertain the real facts behind these unnatural deaths. Insurers have become cautious while entertaining offers on women’s lives. For example, LIC still imposes a clause under which claims are not admissible in case of suicide, self-inflicted injuries and death of the insured at home due to accidents within the first three years of the policy.

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