March 1, 2014 3:40 pm
Can an Unemployed person get Term Life Insurance from any life insurance companies? can you name those companies?
Dear Rahul, that’s not with Aegon alone. Almost all insurers offer covers for wife @ 50% of husband’s cover. My answer was aimed for primary earner.
Dear Shaurya, the answer is NO. The insurance is there to cover the financial loss of family in the event of death of policy holder. As the person in question is unemployed, there ‘ll not be any financial loss hence no insurance cover.
2-3 weeks back, i got call from one of the insurance company( i am not sure about it but i think it’s Aegon religare).They told me that, if husband is working and has taken term insurance (say Rs 50 lakhs) then they are ready to give term insurance for housewife (the insurance cover will be 50% of the term cover taken by husband).
My question is that how can and why insurance companies afford to do that? Isn’t it against the normal theory of insurance mentioned by you in your answer?
Why would you want to buy term insurance if you are unemployed? I am sure you have better ways to spend money than give it to insurance companies as premium.
In fact, how would you pay your premiums? And what benefits are you expecting out of the term insurance?
PS: You here refers to anyone in general and does not imply I am assuming you are unemployed.”
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