Hi everyone, I’m 30F, married with a 4-year-old daughter. I’m a housewife and my husband earns around 12 LPA. He already has a 1.5 crore term policy.
My question is - do I even need term insurance? I don’t earn anything, so what’s the point? But my husband keeps saying I should get some coverage because I handle all household work and childcare.
If I do need it, what’s the best term insurance for housewives? Most policies seem to be designed for earning individuals. Will insurance companies even give me a policy without income proof?
Your husband is absolutely right, and you definitely need term insurance! Adding some harsh realities from someone who lost his wife: Emotional aspect: Insurance money can’t replace a mother, but it can ensure the family doesn’t face financial stress during grief. I had to cut down my work hours, take unpaid leave, and eventually change jobs for work-life balance.
But When my wife passed away 3 years ago, I suddenly realized her actual financial value:
Daycare for my 5-year-old: ₹12k/month
Maid for cooking/cleaning: ₹8k/month
After-school care: ₹6k/month
Weekend/holiday childcare: ₹4k/month Total: ₹30k/month = ₹3.6L per year
I was spending ₹30k monthly on services she used to provide for free. Over 10 years, that’s ₹36L. A 25L term policy would’ve covered most of this. Bottom line: For ₹4-5k per year, you’re giving your family ₹25L security. That’s the best investment you can make as a housewife.