Homemakers in most cases pay less attention to their health. Their responsibilities towards their families override their need to take care of themselves, thus, causing them to suffer from unforeseen problems in the later years of their lives. The situation only becomes worse in case of an untimely demise of the spouse. Hence, homemakers must have life insurance policies in their names to take care of their financial needs when they are old.
How buying a joint life plan helps
Instead of buying only one life insurance plan in the name of the family head, couples must aim for a joint life insurance policy. This way a person gets some amount in the case of the spouse’s death while the remaining amount is paid in a lump sum when the policy matures.
For homemakers who have been dependent on their spouse’s income for a major part of their lives, the maturity claim proceeds can be a valuable addition to the finances, thus, giving the much-needed financial protection to shield them from unforeseen adversities.
Couples may opt for life insurance plans offering add-on benefits like permanent disablement rider or a health insurance rider that can help the family overcome financial difficulties in case the homemaker is dealing with any conditions such as some accident or critical illness.
Homemakers may also opt for limited endowment policies that require them to pay premiums only for short periods.
Buying life insurance is about ensuring maximum financial security in the event of sudden death or financial constraints stemming from an untoward mishap. Buying joint life insurance not only serves the purpose of having money to take care of the responsibilities left to fulfill and the debt left to be repaid after the death of a person, it also gives their partner a source of income in their absence.