Why it is Essential for Both Spouses to Have Life Insurance?

7-June-2021 |

After marriage, one would not limit their concerns to their own needs. Hence, when it comes to having life insurance cover, including one’s spouse under a single plan would only seem fair and feasible. A term insurance plan is a convenient way to ensure protection for yourself and your spouse. Term insurance plans for couples are crafted to provide sufficient life insurance cover to both.


A term policy is not only easy to understand but is also quite economical since most newlywed couples have numerous expenses to take care of. With affordable premiums, term life insurance for married couples need not be a burden for anyone but rather, an effective way to get financial protection from life’s uncertainties.


Having an online term insurance policy makes things even more simple as there are a host of options to choose from. Not only can you select a suitable amount of coverage based on your and your spouse’s needs but also include essential add-ons to receive financial protection in case of a critical illness or any such emergency.


Why do both partners need term life insurance?


Both, a single-income household with a stay-at-home spouse or a dual-income household with working spouses, will need to opt for life insurance since they will be constrained by their respective lifestyles.


Term insurance is the simplest way to protect your loved ones in unforeseen situations. After marriage, a term plan becomes even more important because no one would want to leave their spouse in a financial lurch in case of an unfortunate event. Below are some other reasons why both spouses need to have term life insurance cover:


  • Takes care of increased expenses: After marriage, the amount of expenses in running and maintaining the household suddenly spikes twofold. Even though both partners could be earning well at their jobs and paying off all the bills together, a sudden loss of income due to an unfortunate scenario could burden one partner with too many expenditures. By investing in a term plan, both spouses can receive extensive life insurance cover so that the untimely demise of one would not render the other helpless and without a financial support system in the midst of hefty expenses.

  • Term insurance for the homemaker: The jobs of a homemaker need not always result in monetary benefits; rather these responsibilities add value to a household in many other ways. If one of the partners is a homemaker, a term insurance plan is absolutely essential. Given the amount of work a homemaker tackles, right from caring for the family to planning daily expenses, replacing her hard work would not only be difficult but also extremely expensive. Should an unfortunate situation cause her permanent absence, term insurance can provide financial backup when it comes to getting domestic help around the house from outside.

  • Protection of economic value: The provision of economic value for both the spouse and family, in general, will involve the estimation of the human value of the relationship. The economic value is based on the cost calculated for the amount of effort put by the candidate in raising the living standards of the family.

  • Equal financial participation: Purchasing an online term insurance policy that provides protective insurance cover to you and your partner is a great way to make a financial contribution to the family. If both spouses have a term plan with the other nominated as the beneficiary, then both of them are protected under their partner’s plan.

  • Protection against medical expenses and accidental death: To protect one against the financial implications of a fatal accident or a critical illness, a term insurance policy enables the addition of riders1 that tackle these specific situations. In case an individual, which means any one of the two partners, is unable to provide for the family or uphold their existing term policy due to an accidental disability, a suitable rider1 would ensure the waiver of premiums, thus enabling the individual to maintain the policy anyway.

  • Debt obligations: If one of the spouses has taken a loan that has to be repaid over several years, term insurance is a useful way to ensure that the burden of this loan does not fall on the other spouse. The sum assured of suitable term insurance can ensure the repayment of pending loans, should one of the partners with the loan meet an untimely demise.

Can a wife get a term life insurance policy for her husband?


As a working woman, it is a perfectly healthy financial practice to have a term insurance plan to financially safeguard your husband. In an era where women are equal to men in nearly all aspects, an equal contribution in terms of finances is more than welcome. Moreover, life insurance plans like Tata AIA term insurance offer lower premium rates to women policyholders. This makes the term policy even more affordable while ensuring the financial protection of your spouse.


Do both partners need the same amount of life cover?


There is no right answer to decide whether both partners should have the same amount of life insurance protection. While a lot of couples may mutually decide to get life insurance cover of the same amount, the real tie-breaker is the financial requirement of an individual.


Since term insurance is more for the insured person’s family than it is for the policyholder themselves, one should consider the long-term financial needs of their spouse and how their term plan will be able to cater to those needs. An online term life insurance calculator is an ideal tool to help one calculate a suitable life insurance coverage amount for their term policy while also determining the amount for their premium payments.




Term life insurance, as simple as it is, can be extremely beneficial for protecting the financial interests of your loved ones. When it comes to caring for your significant other’s needs, getting term insurance for them can be one of the best ways to protect them from unwanted but unavoidable monetary challenges in case of your untimely demise.



Need help to choose the right plan?


By submitting your details, you are giving your consent to receive SMS/Call by Tata AIA Life Insurance Company Limited or its representative, with reference to this solicited inquiry even though you may be registered on the DND list. L&C/Advt/2019/Jan/075

  • 1Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch
  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.

  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.