0

0

0

0

0

0

0

0

0

This article is more than 6 month old.

Mothers’ Day 2021: Here's why all mothers need life insurance

Mini

Mothers, the jugglers, who always try to maintain a balance between different aspects of life, are often far from the word, ‘insured’.

Mothers’ Day 2021: Here's why all mothers need life insurance
Mothers, the jugglers, who always try to maintain a balance between different aspects of life, are often far from the word, ‘insured’. Studies show that Indian women are mostly underinsured or uninsured. However, the changing socio-economic scenario demands a change to the status quo.
This Mothers’ Day, let us understand why all mothers need life insurance:
The Working Mothers
If you are a working mother, you are providing financial support to the family. Whether your spouse is earning or not, the family somewhere relies on your income. Perhaps you are using your income towards bills and essential payments or to provide the family a comfortable lifestyle. It is great for as long as it lasts, but you should also plan for the time when you will not be around to support the financial needs and lifestyle of your family. Your term life insurance policy takes care of income replacement for your dependents in case of loss of life in any unforeseen way.
If you and your spouse both are earning, your current lifestyle relies on the total income. Thus, both partners need life insurance separately. It is normal to think that in absence of one partner, the other will take care of the family. However, given the unprecedented times, we are living in, such presumptions could leave dependents without adequate cover. With separate term insurance policies for working spouses, you can name each other as primary beneficiaries and adult children or trusted family members as secondary beneficiaries. This ensures that the dependents do not have to worry about the financial crisis, should something go wrong.
The Stay-at-Home Mothers
Life insurance is not only needed for a parent who gets a signed pay cheque at the end of every month, but also for a stay-at-home parent, as they perform activities like, daycare, transportation to/from school and other places, help children with their homework, cook meals, clean the house, go grocery shopping and do laundry among others, many of which might even contribute towards saving on expenses for the household.
As a stay-at-home mother, have you ever thought of a time if you are not around? Will your partner be able to balance between his work life and household? He will need to take care of the kids, while also ensuring that the duties which were performed by you are getting managed as well. It would be a struggle for him to work full time and manage other duties. Your family would need to hire external assistance to take of these errands and more which can quickly eat into your family’s bank account.
Although nothing can replace your presence in the family, a term life insurance plan can help the family stay away from financial battles even as they go through tough times.
The above two scenarios establish that life insurance is for all whether men or women, fathers or mothers. It provides financial security to dependents and provides peace of mind to the insured, a much-needed thing aspect of life today.
The author, Vinit Kapahi, is Head of Marketing, Aviva India. The views expressed are personal
next story