A woman’s position in the home and in the workplace has evolved significantly over time. As a result, women need life insurance now more than ever, regardless of whether they are the primary providers for their family as executives in the corporate world, single parents who work 9 to 5, stay-at-home moms, or entrepreneurs and part-time workers.
Today, many women are the breadwinners of the home, single mothers, or earn more money than their husbands. Hence, the need to buy life insurance is more pressing than ever. Women should step up in this case and get policies that protect them from future calamities or unforeseen events. Let us understand why.
Why Women Should Think About Life Insurance
The following are some advantages of life insurance for women:
Ray of Comfort
For every woman, providing for their family’s physical and financial security always comes first. Life insurance is entirely in sync with this primary objective. It gives her spouse, dependent parents, and children a financial safety net even in the event of her physical absence. In addition, life insurance plans are specifically created to compensate women with severe illnesses for the income they lose while undergoing prolonged treatment as well. This is possible through the addition of a crucial illness rider to the policy.
Life insurance plans like ULIPs and endowment plans also help women build wealth, so they may eventually fulfill their short, medium, and long-term financial goals. These include paying for their children’s education, marriages of their children, and saving for retirement. In addition, savings-driven life insurance policies provide prospects for wealth growth, lucrative returns, and tax advantages.
The policyholder’s risk profile is typically considered when setting the premium for life insurance. The premiums for a policy are higher in case of a riskier policyholder profile. Since women are thought to have a lower risk profile compared to men, women can benefit from life insurance policies with more affordable rates.
Life Insurance for Single Women
Women, who are single and have no dependents, frequently hold the belief that life insurance is not necessary for them. However, in the case that a single woman passes away, other family members may be forced to shoulder her financial obligations, such as loan and debt repayments. By choosing a life insurance policy, the insured woman’s family can pay off these bills in her absence. This can happen without any future financial stress to be borne by her near and dear ones.
Life Insurance for Single Mother
Single mothers shoulder a great deal of responsibility for their children, and life insurance provides a steady safety net in this case. It safeguards the child financially in case of the mother’s untimely and unfortunate demise within the policy period. At the same time, child plans and other insurance plans with investment options offer life coverage and an opportunity to create wealth for the child’s education and other future needs.
Women today actively participate in a professional jobs in addition to playing the role of breadwinners. According to the most recent census, women make up almost half of the population of India, and female labor force participation has significantly increased. With these shifting patterns, women are starting to understand that they, too, have their own financial objectives that require careful planning. Therefore, researching financial tools, such as life insurance for women, is essential to building long-term savings and achieving female financial independence. Nowadays, it has become very convenient, and it is prevalent to buy life insurance online.
Prior to buying a life insurance policy, it is generally essential to carefully study the terms and conditions of the same. Women should choose life insurance plans on the basis of their needs. From the basic financial safety of their loved ones to investment options, there are many choices at their fingertips today. Men should also take the initiative to ensure that the women in their lives are suitably covered by insurance.