Working or not working, women these days are equally contributing to the family's financial planning process. So, in case you are not working make sure your earning spouse is well covered against life's adversities with a term plan as in his absence other than the emotional loss you might also suffer financial loss.
In the other case, if you are a working women meeting out financial responsibilities of the family, you sure need to have the term insurance cover. Financial planning without a term plan in your portfolio would serve no purpose as at the end you need to prepare for life's uncertainties. The financial safety that comes with a term plan is highly rewarding and is available at a comparably low-cost.
A lay-man can understand term insurance as an insurance plan in which the policyholder pays a fixed amount as premium and for it a sum assured value is decided. This sum assured value is payable to the beneficiary or nominee of the policy, if the insured happens to die during the policy term.
Even in a case when your spouse already has term insurance in his portfolio, you need to add it in your financial plan as you are also contributing to the family's finances. Nonetheless, you should decide on opting for the plan, considering whether or not you have the option to substitute your future income flow and in your absence the family does not suffer financially. As without a term cover in place your partner's income might not turn out to be sufficient to maintain the same standard of living.
Amount of Financial Protection you need
There is an Income Replacement Method to calculate the total term cover you need that would be enough to replace the loss of income in case the earning member dies. For individuals less than 40 year, a term cover equal to 20-30 times the annual income should be chosen. The cover should always be decided based on the current expenses at hand and future liabilities.