A Personal Finance Blog for Malaysian: Does housewife needs Life Insurance?

Wednesday, January 26, 2011

Does housewife needs Life Insurance?

Common answer: 

If there is no survivor depends on your income, then you don't need life insurance.

Correct answer: 

Have you seen the cost of childcare lately? Add that along with housekeeping, food preparation, home accountant, and school transportation. From that list alone one can see how much a spouse really contributes to the household budget. It is estimated a non-working spouse contributes at least, but usually more, the equivalent of a full time job. For this reason it is important to buy life insurance for everyone in the household if the absence of their income would cause a financial hardship.