It is often observed in India that couples start building a nest egg as soon as they get married. In many cases, one partner shoulders this responsibility entirely. Where does that leave the non-working spouse, when it comes to financial literacy and accountability? Moreover, in case of any untoward occurrences, a lot of focus is emphasized on the working partner, to ensure all financial responsibilities are met without any hiccups. What about the loss caused by a sudden illness or accident or death of a non-working spouse? Have you accounted for this aspect in your financial plan? 

Often overlooked are the necessities to consider non-working spouse’s financial security. One cannot mend the psychological loss or trauma that accidents/death cause to their family. However, you can invest to ensure that in their absence the responsibilities are closely matched sans the baggage of worries. What are the financial instruments that can aid to help in these difficult times?

1. Coverage For Critical Illness 

A critical illness cover acts as an income replacement and would supplement the cost of treatment in case of any specified illness acquired. These plans cover, ranging from 6 to 35 illnesses, and provide a sum assured once one is diagnosed with any one of the illnesses as specified in the fine print. 

When a non-working spouse meets with an untoward illness, having critical illness coverage aids with the unplanned and sudden financial woes. This also helps the working spouse dedicate the time needed for medical assistance as well as his family. And also bring in additional help to facilitate the responsibilities that need to be taken care of. The advantages of having critical illness coverage are as below:

1. Financial help towards expensive medical treatments 
2. Coverage against loss of income 
3. Lump Sum payment provision for medical costs

2. Personal Accident Coverage 

Accidents can happen at any time and any place. Personal accidents insurances help to hurt less, given they provide compensation for medical treatments, temporary and permanent total disability.  

In case of an accident or death by accident, Personal Accident insurance will process the claim in lump sum. This will help ease the financial woes as well as aid with out of pocket expenses, you’ll need to incur to hire additional help or your loss of income for longer leave of absence. 

The claim of this insurance is 

1. Directly reimbursed to the insurance holder in case of an accident or his/her nominee in the case of death by accident 
2. The compensated amount can be used to pay medical bills, meet unwarranted expenses or pay for day-to-day hired help