“Why should I pay for insurance for my non-working spouse..?”
This is a common question I’m asked by both expats and locals in Singapore. The short answer, in most cases, is yes. Let’s take a look at why…
It is important to realise that your non-working spouse has a significant amount of economic value. If your husband or wife decided not to pursue a career, but instead to look after the children, buy the groceries, drive the kids to and from sports training, do the housework (…and the list goes on), any change to this scenario can have a substantial impact. In the unforeseen event that he or she passes, this can be very expensive.
The surviving spouse would have some difficult decisions to make, which may include taking time off full-time work, pursuing a different career which may result in a lower income, paying for housekeeping and somebody to look after the children, and many others. Could you afford not to have him or her around..? While you could never replace your spouse, with the right amount of life insurance in place you can ensure that you can replace their economic value / financial contribution.
The question therefore is…”How much insurance should I have in place for my non-working spouse..?”
We have designed an online calculator to give you a guide for how much insurance you should have in place. Click on the links below to find out:
- Life Insurance -http://singapore.feebasedfinancialadvice.com/protect-your-wealth/life-insurance/life-insurance-calculator/
- Critical Illness Insurance – http://singapore.feebasedfinancialadvice.com/protect-your-wealth/critical-illness-insurance/critical-illness-insurance-calculator/
Don’t make the mistake of assuming that you don’t need insurance because you’re not the ‘breadwinner’ in your household. Make an informed decision and speak to a qualified adviser today.
To your financial success!
Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Adviser with Australian Expatriate Group of Global Financial Consultants providing specialist financial advice and portfolio management services to international and local professionals in Singapore.
Book a complimentary consultation here.