Getting married entails a huge responsibility towards your new family. Once you are married and have children, there is nothing more important than safeguarding their interests.
For every decision you make thereafter, you are required to first assess how this will affect them. This includes the different investments you make or the plans you set into motion in order to ensure their wellbeing in the future. This also includes the term insurance policy you wish to buy in order to continue taking care of them even if you are no longer around.
You will often spend a lot of time assessing the different investment and insurance options available to you, which are guaranteed to protect your family in the most efficient and beneficial manner. The Married Women’s Property (MWP) Act is one such instrument that ensures that your insurance is used exclusively to take care of your wife and children once you are no longer around.
For a married couple to opt for the MWP Act while looking for a term insurance policy to purchase can prove extremely helpful in the long run. Even as you are checking the different term insurance policies available to you, make sure to check the term insurance calculator on Finserv MARKETS to determine the policy premium payable by you.
Read on to learn about how the MWP Act secures protection for your family even when you are no longer around.
- Emphasises family welfare:
By opting for a term insurance plan under the MWP Act, the policyholder ensures that the sum payable on their death, or the sum assured, is delivered entirely to his immediate family and not caught up by any procedural formalities regarding who the beneficiaries are. The MWP Act ensures that the family receives the funds quickly and without any hassles.
- Sum assured used for intended purpose of policyholder:
When a policyholder opts for the term insurance plan, his intention is to ensure his family’s continued wellbeing even in his absence. By opting for a term insurance plan under the MWP Act, the policyholder is able to ensure that the sum assured is entirely handed over to his wife and children, who can then use the amount to meet the needs of the family. For instance, the sum assured cannot be used to repay any outstanding debts of the policyholder or for meeting anybody else’s claims.
- No separate benefits for children required:
In many cases, parents end up setting up a trust fund for their children by applying under the Trust Act. Instead, by opting for term insurance under the MWP Act, parents are not required to make any separate provisions for their children as this method ensures that they have access to funds when required.
- Offers women increased access to capital:
The sum insured amount received by the family and children can be used by the policyholder’s wife to start a business or begin investing in a way that it leads to future returns. This ensures the family’s continued wellbeing even after the policyholder is no longer around.
While there are several benefits to getting term insurance under the MWP Act, it is essential to note that you cannot use the Act to convert a previously purchased term insurance plan. Use the term insurance calculator on Finserv MARKETS today to learn how much you need to pay as premiums as you and your better half get ready to find the best term insurance plan under the MWP Act.