When you buy a term plan, your life cover should not depend on your spouse’s term plan life cover. It should only be a replacement of your income that your family won’t have access to in your absence.
Term plans without medical tests typically offer lower cover than the ones with medical tests.
But you should get adequate cover, even if your spouse has a term policy. That’s because even if both of you are earning, your unexpected demise will reduce your household income resulting in some financial crisis for your family.
Even if you are a homemaker, the family will need extra means for hiring professional help for caregiving of the children and the elderly. Result: Additional financial burden.
In either of the cases, your term plan life cover will come in handy to your family in times of financial need.
Our advice: don’t settle for low covers by going for a term plan without medical tests.
Determine how much life cover you’d require with the help of the KlarifyLife's Term Guide.