Why Women Need Life Insurance
World over, women in the family are always seen as the ones who have to make sacrifices.
In India this is more so. Women put themselves last. They keep making way and smoothening the path of the other family members.
Contribution of women in Indian society has come a long way. They now shoulder the financial responsibilities of the family also and wonderfully manage their careers.
Women today are taking up leading roles in finance and banking sector.
Who needs Life Insurance
The family of a working woman is dependent on the income of two working parents.
Your income has a significant impact on the quality of the family’s lifestyle.
Your income probably pays for the day to day living expenses or it may be being saved for bigger things or for retirement.
Life Insurance will protect your family and act as income replacement for your lost income in case of your unexpected and premature death.
Stay at Home Moms
Your job is a full time job with many important duties and responsibilities.
You play multiple roles of Manager, Administrator, Chef, Caregiver, etc.
Your fantastic budgeting skills ensure that all expenses are kept within a decent limit.
Your skilled budgeting and juggling ensures that your family runs smoothly and the needs of the entire family are fulfilled within limits.
Imagine if you die tomorrow – will your husband be able to budget the household expenses as expertly as you are able to do. No chance of that!
He may also have to pay extra to hire help to look after your kids and home.
He may have to work shorter hours or take up a part time job to devote more time to the children and home.
This will surely come at the cost of loss of pay and decreasing income but with higher expenditure.
Then is it not reason enough to be insured so that your insurance amount can at least take care of the financial problems in your absence.
You may be a single mom by choice or because you are widowed or a divorcee.
This means that you are the single most person responsible for your child’s welfare.
Your child is emotionally and financially dependent on you.
If you die prematurely, your life insurance will at least provide for the material well being of your child.
Your child will not have to live off the charity of close family and friends and be treated like a burden.
Often, you think that you do not need life insurance because you have no dependents.
Think again, you may be sole caregiver to your aging parents or have that sibling who you have to put through college.
Or you may be having loans and debts to be paid off. If nothing else, your life insurance can come in handy in your old age and help ease your retired life.
Types of Insurance Plans Women Can Buy
Term Life Insurance Plan
Term life insurance will keep your dependents financially secured.
The term plans are available at a concessional rate for women.
It is better to buy a term plan early. The younger you are the more beneficial it is for you with regards to lower premium and more number of years of coverage.
Endowment life insurance plan
Endowment life insurance plan can help you with savings.
Endowment plans can help you meet your short term or long term financial goals. A saving plan can also help you save for important milestones in your life like education and marriage and marriage of your children.
Unit-linked insurance plans (ULIPs) either involves making a lump sum amount towards the policy or paying for premium at regular intervals.
While the sum assured (or death benefits) ensures a protection cover to your loved ones in case of your untimely death, the corpus obtained on maturity of the ULIP policy helps attain your financial goals.
Women Need Life Insurance For Sure !
Man or woman, both will succumb to death for sure.
The need for insurance is very real and important for both.
Only the type of insurance policy depending on the health, requirement and financial standing of the women will differ.
Life Insurance plans today , provide protection with saving and investment options, so go for it RIGHT NOW !!
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