Well, it is hard for a housewife to get a term insurance policy because of the underwriting process. In the underwriting process, the customer has to show income proof. Housewives are not getting any fixed income and do not have any to show as proof of income so no insurance company will offer the required term cover to them.
Additionally, if she is doing any work from home and carries some income proof then she can easily invest in an effective term insurance plan.
No, because term insurance demands that the policyholder must be financially independent in order to secure his/her family members who are dependent upon him/her for expenses after death.
Why housewives are not eligible?
As she is not involved in income generating activities that can serve as proof of earning or income. Also, the sum insured of term insurance is largely calculated on the income of the policyholder along with liabilities. A housewife does not fulfill even the basic requirements of the plan which makes them ineligible to buy the term insurance.
A housewife can become eligible to buy if she is on work from home or indulges in some part-time job. However, a housewife can get coverage in the term insurance purchased by her spouse through which she can avail benefits in the future.
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