If an
income earning member of a family passes away, but the family no longer needs that income to support their lifestyle, chances are they do not need any life insurance coverage.
For this reason mortgage insurance presents an affordable way for
income earning members of a family to erase what is usually the biggest source of debt for the survivors.
Other myths that people have due to low awareness of this category are - «Life insurance is not affordable», «I am Single, I don't need life insurance», «It's for older people», «It's only
for earning members of the family» and many more.
Is your wife
an earning member of your family?
If you are
an earning member of your family, do buy a Term plan at the earliest.
If both you and your spouse are
earning members of the family, you can decide to apply for a joint loan.
Dear Suraj, Is your wife
an earning member of your family?
Is your wife
an earning member of the family?
Dear Harish, More than the age, we need to look at two important factors — 1) If an individual is
an earning member of the family, he / she has to buy a term plan irrespective of the age profile.
Dear Shivaraj, If your spouse is not
an earning member of your family, life cover is not essential.
Is your spouse
an earning member of your family?
You as a bread winner and
earning member of the family should have sufficient life insurance cover, so that if any unfortunate event happens, your family can claim the insurance monies and can continue the same standard of living.
May I know if your wife is
an earning member of your family?
Dear Rajesh, If your spouse is not
an earning member of the family, and if no family member is financially dependent on her, she may not require life insurance.
An earning member of the family has to buy an adequate life cover so that in any unfortunate event, his / her family members can continue same standard of living and also can meet future long term goals (if any).
When
the earning member of the family suddenly passes away or is confined to bed for recuperation, the family can suffer untold misery without an income.
In the case of life insurance policies, such an event is the untimely death of
an earning member of the family, resulting in loss of future income.
The best way to buy protection against such financial loss is to buy an insurance policy for
an earning member of the family such that the risk cover (or sum assured) is as high as possible for the lowest amount of premium payable.
Your death, being a sole -
earning member of the family, can be a calamitous loss and make it difficult for your dependents to move on with their lives in the same way as before.
Are
you the earning member of your family?
Critical illness rider It is suitable for everyone, especially if the policyholder is the sole
earning member of the family.
Instead, it should be bought in the name of
the earning member of the family.
If you are the only
earning member of the family, critical illness can push your savings down south.
Is
he an earning member of your family?
Life Insurance, thus, provides for financial security of the survivors upon unfortunate death of
the earning member of the family.