Here’s Why Every Woman Needs Life Insurance

She runs the household. She also runs the show at work. She can be a wife and a mother. She can also be a lawyer, entrepreneur or commercial pilot. Fighting against the clock is one of her many superpowers. She is unlimited. What limits her then from fully securing her future? Women rarely plan their finances with as much meticulousness as they plan other important functions for themselves and their families.

According to a study on the participation of women in life insurance by the Insurance Regulatory and Development Authority of India (IRDAI), while women make up 48 percent of the nation’s population, they only account for 32 percent of the number of policies purchased and the first-year premium in life insurance.

Whether a woman is a homemaker, unmarried or a working mother, it is essential that her life is protected with a life insurance policy.

Here are the reasons why every woman needs a life insurance policy:

Her family depends on her completely

The woman of the house is always responsible for the well-being and nurturing of the family. But these are not the only responsibilities that today’s women have. Indian women, especially in urban areas, work shoulder to shoulder alongside the male members of their family and support the household, financially.  In such circumstances, the untimely demise of a woman will directly affect the financial situation of her family.

Running a home is a very important job

Homemakers are often not given their due just because they do not earn an income. But, their devotion and support to their family is equally valuable. The loss of a wife or mother is an irreplaceable emotional loss. It also puts the entire responsibility of caring for the children on the father’s shoulders. With a full-time job and the responsibility to provide for the family, a man may not always be capable of fulfilling both the roles. This will invariably lead to extra expenses such as house help and a caretaker for the children.

Life Insurance is not just for married women

The lack of having a husband and children does not mean that a woman does not need life insurance. A single working woman may have liabilities such as EMIs, car loan etc. In case of her unfortunate demise, the burden of paying off these debts would fall on her parents. Even if the parents may not be financially dependant on her at present, this could change as they get older.