Why Housewives Need To Be Insured

Tuesday, March 5, 2019

 

 Is there a need for housewives to be insured?

If there is a compelling reason for one to be insured, it is always the husband, the breadwinner, that is poised to get coverage for the main reason that the insurance is for income protection.

I have encountered a number of times that housewives do not feel that they, too, need to be insured. Housewives would humbly retreat in a corner as an advisor talks about insurance for her spouse.

To say that housewives need not be insured is a myth.

The truth is, housewives, just like anyone of us, have to be insured for compelling reasons as follows:

1.  COVERAGE FOR SICKNESS, ACCIDENT, AND DEATH

Housewives play an important role in the household from taking care of the spouse and children; to preparing meals; going to the grocery; paying bills, and picking up the children from school.

All these responsibilities expose them to possible accidents along the way. They too, just like anyone of us are exposed to the possibility of contracting diseases or sickness.

Insurance to pay for sickness, accident or disability will  preserve the family income and savings secured. There is an immediate fund for the housewife to use to get better faster. Bigger expenses for dreaded diseases can be addressed because of a critical illness benefit that may be attached to her insurance.

Should the housewife die, the husband who becomes an early widow, more so with little children in tow, would not easily fit into the shoes of his deceased wife to take care of all these responsibilities. He has to continue with his job to feed his family. He might have to resort to having a nanny, a driver and household help to assist him. All of these would now entail expenses to maintain until his children can be on their own.

2. THEIR NEED TO HAVE A COMFORTABLE RETIREMENT

While generally, housewives are not ”paid”, but the thought of rewarding them by making sure that they have their own money, too, when she ”retires” from household work, will greatly be appreciated.

A Single Pay Insurance that is largely investment in nature is an ideal way of saving up for a housewive’s retirement fund. This can be given as a gift to her and with a regular savings of a minimum of P5,000, a retirement fund will definitely make a housewife happy and secure during her golden years.

3.    PAYMENT FOR LAST EXPENSES

There is cost for a decent burial but there is no excuse for not giving one for a loving and caring housewife. If hospital expenses are incurred before death, the insurance will cover all expenses. This will mean less money worries for the family at a time of bereavement.

4. THE NEED TO PAY ESTATE TAX

If a housewife was married after 1988, she becomes owner of 50% of all the properties of her spouse. If she dies, then the spouse has to pay for the estate of his spouse.   The spouse  may look for funds to pay for the wive’s estate by borrowing or getting from one’s savings.   But there is no better way than securing an insurance for the housewife to pay for estate tax.

5. AN ORDERLY WAY TO DISTRIBUTE WEALTH

Insurance is a legal and orderly way to distribute wealth. By the virtue of being able to designate beneficiaries of one’s insurance, a housewife is empowered to distribute the benefits of the insurance that she has.

She may divide the proceeds to her family (spouse and children).  But she can also leave memories of love by naming beneficiaries close to her heart like a charitable institution, a church or even some relatives.

Overall, by getting the housewife insured, we honor her by recognizing her role in the family.

Getting  an insurance for the housewife may not be for income protection.   There  is actually no monetary equivalent for everything she does for the family.

A housewife, just like anyone of us have the same needs.

Because we honor the housewife,  we  have to show her our love by helping her get well if she gets sick or become disabled.   In addition to this,  a housewife needs to be assured of a comfortable retirement.    Lastly, an insurance gives the housewife the power  to make decisions in distributing her wealth.