Traditionally, women have always been financially conservative, as compared to their male counterpart. When it comes to finances, most women are more likely to think long-term and worry about saving money for their future needs. This, to a large extent, has extended to their discerning attitude towards life insurance as well.
Right from managing the day-to-day finances to keeping the family’s future financially secure, as a woman, you have to consider it all. If you are living paycheck to paycheck, you may look for financial tools that are inexpensive and are probably willing to take a lower return on your money to have long-term protection.
That is why you would be pleased to discover that a Life Insurance Policy will help you fund your day-to-day living expenses, and perhaps provide you with some extra money to spend on the grand-kids.
Need for Life Insurance
Peace of mind:
The biggest priority for most women is the security of their family, both physically and financially. Besides financially securing the future of the family, the right life insurance policy serves as a safety net for children, parents who need care-taking, or siblings with special needs, or other dependents.
For the conservatives, buying Life Insurance early on will go a long way in saving their income and securing a substantial coverage, while one is still in good health and qualify for the best rates. It’s a safety net against eventualities of death, permanent disability, financial emergency, or sudden loss of income. It helps build a corpus for a child’s education, marriage, retirement.
Long-term wealth creation:
You can invest in Life Insurance policies that will mature around the time to help them fulfill their specific goals. Investment-oriented policies offer benefits of protection, savings, good returns and tax benefits. However, these need to be viewed as bonus rather than primary consideration.
It has been scientifically proven that women live longer than men. This means that saving for retirement is even more vital for you than it is for others, as aging comes with mounting medical expenses. For this, you need to not only look into a suitable retirement policies, but also a health cover that will secure you financially in your incomeless years.
As most women control the day-to-day finances of their family, it is vital that they take into account unexpected eventualities. In case of such an eventuality, when you are not around to take care of your family, your family will be grateful that you provided the best you could for them. If there’s a cause that you’re passionate about or you’ve got someone you’d like to take care of financially (even if they’re not dependent on you now), purchasing a Life Insurance policy helps.
Often, women, like men, with no dependents think that it’s pointless to buy Life Insurance. What is disregarded is that life insurance can provide funds to pay off certain loans, debts and taxes, which might otherwise become a liability for family members. A young, healthy, single woman can purchase Life Insurance at reduced premiums. The older one gets, the higher the premiums will be.
Increasingly, more and more families are running on two incomes. Hence, a working woman’s income can have a significant impact on the quality of her family’s lifestyle. It is important that the lives of both the husband and the wife are insured; whether it’s to avoid their families’ futures being derailed in case of premature death or disability, or to ensure quality education for their kids when they’re gone. Life Insurance protects your family by providing proceeds to meet everyday expenses, handle contingencies and cater to essential overheads.
In addition, if you’re one of the plethora of women who now run their own businesses or hold important positions in private businesses, having a Life Insurance Plan would ensure its continued existence, even in your absence.
Whether widowed, divorced, or a single mother, you are responsible for your child’s support. Life Insurance offers a steady income to cover existing and future expenses of the child, in case of the mother’s demise.
Select a policy that takes into account your specific requirements, be it age, debt, children, no children, their age, overall health and the amount of money the family will need to survive. Depending on the investment, objectives and risk appetite, one could select from traditional products, Unit-Linked insurance products or Term Plans.
Always re-evaluate your policy requirement at different life stages. Life insurance is an attractive and important tool for every woman and every man that helps address major expenditure during your lifetime. It’s important you start now, not only for peace of mind, but because premiums are cheaper if you start early and you can be assured of your family’s dream and financial security, in case of any eventuality.