Term Insurance for Dependent

Term Insurance for Dependent

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Deal Cadet
0
647
8

Hi Seniors,

I was thinking in this tough times, is it worth to go for Term Insurance for my wife. Though she is not full time working, but still part time employed.

As of now, she is not covered under any term insurance but in these tough times ahead. I was thinking just for 1-2 year till things are normal. Is it worth to get a term Policy for her (or dependents)? Also, are still companies issuing new Term Insurance policies same as before (one small medical)?

I do not care about Investment benefits and yeah, we can afford it. Also, already have Health insurance (personal and Corporate). Approx 5-7 L per person.

3 Comments  |  
2 Dimers
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Deal Subedar
110
1493
81

Health insurance & term plan both are different things, I think u must be aware about that.

Term insurance should(rather must) be taken when Family members (Parents, spouse & children) are dependent on a single person’s earning. So, as per your narration I assume, you are the main earning person in the family while ur wife is part time employed.

So, in this case ideally you should have term plan of your own ( With sum insured of around 10 times of your annual salary). So, 1st confirm that u have your own Term plan & whether you are thinking about taking other term plan of your wife ?
Also you have mentioned taking it for 1-2 years because of tough times. So, if you specifically pointing out at Covid than there are specific Covid term plan available in market.

& yes companies are giving Term policies like before but all of them have increased premium by 30% in April. Still due to fear, huge number of new policies were issued after Covid incidence.

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Deal Cadet
0
647
8

Yes. I have 2 Cr term plan. My bad,I should have put that as well.

Yes, my query is related to covid 19 situation and specific to Term Plan. Already have health insurance to cover hospitalization. @drjpatwa

Also I am not sure, if these covid 19 specific plans covers for fatality. I thought it was only for Hospitalization, but I may be wrong. Currently, I am thinking for few years plan only as she is not sole bread beerer of family.

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Deal Subedar
110
1493
81
Manitian wrote:

Yes. I have 2 Cr term plan. My bad,I should have put that as well.

Yes, my query is related to covid 19 situation and specific to Term Plan. Already have health insurance to cover hospitalization. @drjpatwa

Also I am not sure, if these covid 19 specific plans covers for fatality. I thought it was only for Hospitalization, but I may be wrong. Currently, I am thinking for few years plan only as she is not sole bread beerer of family.

I think then as per me, u don’t require term plan for ur wife.

If u still want term plan then Search for it. There must be many opportunistic company want to capture this business.

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