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:
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.
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.
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 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:
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.