It may sound obvious to anybody to have a life insurance cover
for a women if she is either the sole earning member in the family or if she is unmarried and has dependants. But if we talk about insuring a woman who is either a homemaker or not the sole bread winner in a family it may sound a bit illogical and undesired. To get a sense of whether you need to buy a life insurance cover for the women in your home, try and calculate the commercial value of what a woman contributes to a house. If you do so correctly, you would rush to get a life cover Policy
A woman’s role is very versatile as she contributes in many meaningful ways to her family earnings and savings too. When the husband is at office and focussing on his career growth, a housewife can be fully trusted that the kids at home will be well taken care of. A husband can travel out for office work to progress his career without any worries if there is a woman at home who is taking care of everything else that matters. Just imagine the cost of replacing her services, it will cost you a fortune and still you may not be able to get the quality you would need or you get from a housewife.
In the absence of a housewife or in the event of her unfortunate demise, you will obviously lose the moral and emotional support, but to ensure that things at home don’t go haywire, you would need to hire professionals to accomplish the same task as her. You will need somebody who can take care of the house and kids responsibly in your absence, somebody who can cook food, somebody who can maintain the house and do the shopping.
To retain the same professional, focus and quality of care for your family even in the absence of your wife, the amount of money that you would need to spend will be really disproportionate. This might entirely distort your financial planning that you would have been progressing with. If you would be paying your EMI on your house and were already stretched to save anything, there is a possibility that you would default on your loan. The educational goals of your kids may also need to be compromised.
So to ensure that the financial aspect of your life is not disturbed in absence of your loving wife, make sure you have a life insurance cover for her.
All women irrespective of their earning and marital status need a life cover. The need of a life insurance cover for a home maker is as much as for a woman who is a sole bread winner in the family. Whether it be a divorcee with children or an unmarried woman, life insurance needs persist and need to be attended.