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Term Insurance for Dependent (spouse)

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10 Dec, 2020 by leo pold

I am working for a PSB Bank & having a sufficient Term Insurance with increasing cover. My spouse is a home maker and is financially dependant on me.


My Term insurance company is offering a insurance cover to my spouse upto 50.0 lacs based on my insurance.


Kindly guide me whether it is advisable to take the term insurance cover for my spouse.

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Term Life Insurance

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11 Dec, 2020
Team Beshak

Hello Leo,


The simple question to ask is: Will your wife's death cause any kind of financial disruption or change in the lifestyle of any family members, her dependents? For instance - does she have financial dependents or a financial loan in her name, that is funded through their active earnings? In that case, there is a need for a term insurance cover. If not, no need.


Please invest the money you save from the premium you would have paid every year, in a good investment product, instead.

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20 Dec, 2020
Bwealthy Financials

Agree with team beshak. Very good answer.


Another thing it is not possible to pay for term plan from your end. The person taking term policy has to pay for self and needs to be employed. Else this points to a vested interest and might backfire. There are good investment opportunities if you need assistance please feel free to email support@bwealthysolutions.com. I run a company Bwealthy Financial Solutions Private Limited.


With regards,


Dr Geomcy George

Director

Bwealthy Financial Solutions Private Limited

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