I am 45 years married with a son and reside in Shivvamogga. My business is doing ok, but times are bad and I am facing difficulty repaying the loans. My creditors are good people but I am worried that if something happens to me, my wife will face tough times. I plan to avail a term life insurance plan to protect my family. I am worried that if something untoward happens to me, these creditors will take the money my wife should get. What to do?
You must take this term life insurance policy and get it endorsed under (MWPA) Married Women's Property Act. This simply means that any insurance policy taken by you on your own life and which is endorsed under the MWPA in favor of your wife or children, will always be their property. None of your creditors will have any right over the policy or the death benefits. Take a look at these points: 1. Any married man residing in India can get this protection. 2. Inform the insurer that you want to endorse the plan under the MWPA Act. 3. This benefit can only be got at the time of availing the term life plan. The biggest benefit of the life insurance plan endorsed by the MWPA Act is forget creditors, even other heirs say your brother/relatives cannot claim this money.