Everyone with a specific profession needs insurance, in this case, life insurance. A person who has a particular job while working against a variety of work risks, a simple example is a factory worker. In this work, it is possible there will be accidents that befall these workers. If he had insurance, it could cover his medical expenses. The question that arises then is a housewife who works only at home with minimal risk of accidents need life insurance?
If you ask these questions to financial planners, they will answer that a housewife does not need such a thing. In addition to the reason that the risk of their accidents is minimal, these financial planners also hold that there is no or little economic impact if they die.
If you stick to a specific financial plan, you might say that a homemaker does not need life insurance. The reason is that there is no economic impact arising from the death of a housewife. But, if you look at it from another point of view, a husband would be most helpful if his wife has life insurance. When a husband buys life insurance on his behalf, then he helps his wife and children, it’s a good thing. Conversely, when the husband buys life insurance on behalf of his wife, he also helps himself and his children.
When does a homemaker need life insurance?
Life insurance is useful for family members who have a financial contribution to household expenses. In other words, protection is needed to protect the family’s financial condition if the breadwinner dies or no longer has income due to illness or permanent disability.
A homemaker who daily performs household chores and takes care of children, and has no income, no need to have life insurance. Logically, there are no financial implications if she dies. Meanwhile, a housewife has a massive responsibility at home. Thus, if the housewife dies, there will be additional costs that the head of the family will spend.
A wife who has a life insurance policy will ease the burden of her husband in charge of the family. Husband as the head of the family who has an insurance policy, of course, will lighten the load of family members, and vice versa. When a husband who has an insurance policy dies, then the insurance claim will be accepted by his wife and family. Well, so is when the wife who has insurance. When she dies, the husband and the family will receive the insurance claim, so that will lighten their burden.
What can a husband do with the sum insured?
What will the husband do with the money? Here are some possibilities:
- If he has a mortgage (home, car, and others), he can pay off his debts.
- If he is an employee, he can start a small business.
- If he is an entrepreneur, he will increase his business capital.
- He just keeps the fund for the cost of education of his children.
If the husband does not need the sum assured from his wife, he can donate it to social institutions or people in need. It can be an excellent alms field for husbands and wives. Also, insurance premiums, in essence, can be calculated as a charity and therefore those who pay will receive goodness. Why? Because the funds collected will be used to help the people who are experiencing the disaster, and this can happen every day. Do you want to help people every day? Be an insurance participant.
Speaking of critical illness, both men and women are equally at risk. Even women have greater possibilities and more diseases. The cost of critical illness and health insurance for women is usually higher than for men. If a homemaker is critically ill, who will cover the cost?
Here you can see two insights on whether or not life insurance is needed for a homemaker for some equally reasonable factors. It all depends on the condition and outlook of each person and may be different from each other.