In today’s era, women are socially empowered and are working side by side with men in nearly all profession. To keep up the standard of living and build better future for their children their input to household income has become very significant. A lot of women nowadays have truly become the main breadwinner or co-breadwinners however when it comes to insurance, they regrettably undervalue their own value and don’t take financial fortification offered by life insurance against many risks in life. Here are some of the imperative reasons that will aid you to realize why working women or a homemaker needs a life insurance policy.
You should not compromise on protecting your financial responsibility when you are liable enough and share the financial responsibility with your husband. Life insurance will give you the mental peace that your family will be protected in the future in case something happens to you.
There were traditional methods which were used by a woman in the past to save money by putting money in a jar or investing in a local chit fund. Conversely, at the moment market-linked life insurance products like Unit Linked Insurance Plans (ULIP plans) can offer you better returns and at the same time offer life insurance protection as well.
The medical expenses are mounting gradually and if one contracts a critical illness, the occurrence can be distressing and can pull up a family’s financial position in paying the heavy medical bills. A term plan offers a blend of life risk cover together with critical illness protection through a rider or inbuilt feature in the base plan. If you are diagnosed with a critical illness, the respective sum assured is paid. But if the critical illness results in death, in that case also family gets the balance amount as per the policy agreement which can help the husband deal with future expenses of dependent children.
The life expectancy of a woman is more than a man as a result of which ensuring females is less risky for insurance companies and they are offered preferential rates over males when it comes to life insurance. This makes life insurance more gainful and a smart buy, presenting lots of benefits, life coverage, and financial savings.
If your husband has invested in a retirement plan that does not make you impregnable to financial worries in your old age. With the continuous growth in the inflation rate, depending on one person’s retirement might become difficult to uphold the existing lifestyle. You can utilize life insurance products for an organized and ordered financial planning for retirement.
Each and every mother wants a quality life for their children getting a good education, a dream wedding. Due to this hard work, children are capable to get access to the best facilities. Every mother would want to ensure that no obstacle comes in the way of her children’s wishes. Life insurance helps to get the financial protection that will ensure children’s dreams are fulfilled and targets are fruitfully met even in the nonexistence of their dear mother.
As you can see, life insurance is very crucial in the life of every working woman as they play a vital role in managing household expense and moreover it also provides good tax benefits. Select the right life insurance plan which will give you enough coverage as per your necessity giving you peace of mind in an otherwise nerve-racking work life!