Housewives ‘need life insurance too’

Housewives are equally as likely to need life insurance as men, a report claims.

Industry experts have said that the insurance needed for a housewife can be estimated by compiling the costs incurred through her absence, according to the Economic Times.

Debashis Sarkar, director of marketing at Max New York Life Insurance, told the newspaper: “Life insurance is all about replacement of financial loss on the death or disability of an individual, so that the life can go on as earlier in financial terms.

“Housewives may not be working but they do take up multiple responsibilities that can be translated into financial value.”

The Economic Times claims that nearly 60 per cent of married women are spending all their time attending to mothering duties and housework, but many assume that by being in the house, they are not putting themselves at risk.

Legal and General recently released research revealing that more Britons insure their possessions than their own life.

While 66 per cent of those asked in a survey said they had house insurance, just 44 per cent had taken out life cover.

Tags: loss, financial terms, New York Life Insurance Company, term life insurance, value."the economic times, Debashis Sarkar, britons, Max New York Life