Work hours extending beyond the standard nine-to-five grind, no provision of leave, juggling work between multiple departments, and, oh, no payment-welcome to the life of a stay-at-home parent.

When pitted against a salaried job, such efforts would fetch a much higher income. But the reality is that they're not actually 'earning', so why should they buy life insurance?

The primary reason for buying life insurance is to not disrupt the financial health of the family but to ensure that your dependents enjoy the same lifestyle even after you're unable to provide for them. While the doubt around the idea of buying insurance for a stay-at-home parent is valid, it doesn't factor in some critical aspects.

Here are some reasons why stay-at-home parents need life insurance:

To reduce the burden on the breadwinner

While a homemaker may not be providing income to the family, they are responsible for plenty of household tasks. And in case of an unfortunate eventuality, the family will have to employ external sources to provide for these services. With rent, groceries, child's education, EMIs, and multiple other monthly expenses, the cost of covering the services provided by the homemaker would reach a staggering number. Therefore, the payout provided by the life insurance cover will ensure that the breadwinner of the family is not burdened by these expenses.

To Contribute Towards Future Planning

Both partners have an equal role to play when it comes to planning and saving up for a bright future for themselves and their children. While the earning member definitely contributes more, the responsibility of a stay-at-home parent is no less. Getting the homemaker insured will make sure that in case of an unanticipated event, the family's future planning doesn't suffer. Insurance provides a safety net for the spouse as well as the children in case of any mishap and therefore should be a part of both partners' portfolios whether or not they are the breadwinners.

To pay off any Debt

Whether it is a student loan, a house mortgage or a loan from a family member, getting insurance will help account for any and all debts you might have and ensure that the family isn't burdened by the repayments.

The Benefits Outweigh the Insurance Premium Amount

The monthly life Insurance premiums are extremely affordable and can be paid out of petty savings, and is a meagre amount compared to the overall benefits that are provided to the family. This is especially true in case you decide to go for a term insurance.

A term plan is one of the most affordable insurance plans available and provides life and terminal illness cover as well as cover against accidental and permanent disability at a nominal premium. For instance, the iSelect term plan provides you with a cover of INR 1 crore starting at a monthly premium of INR 365 a month. Therefore, investing in an inexpensive term plan such as iSelect wouldn't be a burden on your pocket and would count as a huge investment in the future of your loved ones.

Now that you've gone through the reasons why every homemaker must get insured, let's look at some pointers you must keep in mind while buying an insurance policy:

• Use an insurance calculator or run an estimate of the expenses that the family might incur on providing services in order to understand the correct insurance amount that you need. Also, don't forget to factor in additional financial goals, such as providing towards your child's future and marriage, your partner's retirement etc.
• Getting life insurance for a homemaker may be tricky and a little difficult to assess on your own. An insurance expert will help you understand the process, the estimate, and the benefits a lot better in detail.
• Start early! The best time to take life insurance is as early in life as possible. Age hinders the eligibility process. As you're a lot likely to be healthier when you're younger, you could end up paying an even lower premium amount.
• Check if your partner's insurance policy provides an optional spouse cover. Getting coverage for both partners under the same plan would cost you way less than opting for separate plans. If you're looking for one such plan that comes with this feature, try the iSelect term plan. It provides you with an option to cover your spouse under the same policy and save big.

While the loss of a family member can never be compensated for, the least you can do is be prepared to lessen the grief and financial burden of your loved ones in case of a mishap. So, get yourself insured today to get the peace of mind that your family's lifestyle and happiness will not be compromised no matter what turn life takes.