Separate term insurance for couples: when it makes sense

Sunny Bhatia, EVP and National Head of Sales at Turtlemint, said families are gradually shifting from individual protection planning to a more holistic view of family financial security. "We are witnessing a gradual shift from individual protection planning towards a more holistic approach to family financial security," Bhatia said. "Traditionally, life insurance has been associated with replacing the income of the primary breadwinner, which has often left non-earning spouses and other dependents underinsured."

Bhatia said dual-income households increasingly consider protection for both spouses to safeguard their lifestyle and long-term goals. Greater financial literacy and access to digital tools help consumers assess the protection needs of different family members, he added.

There is no one-size-fits-all answer. Couples should assess each partner's economic and household contributions, liabilities, current situation, and future goals before deciding on appropriate cover. Separate plans can provide a more comprehensive safety net, ensuring the family's finances remain stable even when one partner is gone. When in doubt, a certified financial advisor can help tailor the decision to individual circumstances.

This article is for informational purposes only and does not constitute financial or insurance advice.