I am 35 years, married and reside with my husband and daughter in Mysuru. I work for an MNC and I and my husband are repaying a home loan of INR 30 Lakhs. My husband has a term life insurance plan with sum assured of INR 50 Lakhs. Recently a friend suggested that I too avail term life insurance. Is this a good idea since my husband already has availed term life insurance. Please suggest?
If you are contributing to the finances of the family, you must avail term life insurance. In India its common for the man to avail term life insurance, while the wife even if she is working does not take life insurance. If you are inadequately insured, an unexpected demise can destroy your family’s financial goals, as your husband’s income might not be sufficient to manage expenses and the home loan EMI’s. If your parents/siblings depend on your income, you must avail term life insurance making your parents or a sibling the nominees of the plan.