More than ever now, Women are more empowered socially and are working in almost every profession on the shoulder to shoulder with men. Their contribution to the household income has become very essential to maintain the lifestyle and build better future for their children. Many of them become the main breadwinner in many professions today. But unfortunately, underestimate their own value and don’t take financial protection offered by life insurance against many risks in life.
Below are some of the important points that will help you to understand Why Life insurance is important for working women.
Financial protection, regardless of your employment or marital status
Today, many women are making more money than their husband or working as a single parent and the head of household. You should not compromise on protecting your responsibility. Life insurance will provide the mental peace that your family will be protected if something happens to you.
Life insurance helps to grow your savings
Small savings like placing cash in a jar or investing in a neighborhood chit fund were the conventional techniques which were utilized by a woman in the past to spare cash. Be that as it may, now market-linked life insurance products like Unit Linked Insurance Plans (ULIP designs) can give you better returns and in the meantime offer life insurance protection.
Protection for critical illness
We as a whole know medical expenses are rising step by step and on the off chance that one gets a critical illness, the experience can be traumatic and can evacuate a family’s budgetary position in paying the hefty medical bills. A term plan can give a blend of life risk cover alongside critical illness protection through a rider or feature in the base plan. On the off chance that you are determined to have a critical illness, the respective sum assured is paid. Furthermore, If the critical illness results in death, at that point likewise family gets the balance amount according to the policy agreement which can enable the spouse to manage future costs of dependent children.
Life insurance protects your interests
In case you’re single and you don’t have any children, despite everything you may have a requirement for life insurance. On the off chance that you convey a high amount of debt, have a co-signer for a loan, or in the event that you deal with a maturing or sick parent or relative, having life insurance will help ensure your domain, your co-signer, and those you care for.
In the event that you don’t have insurance, however, do have debt, normally the executor of your estate will sell whatever they can to enable pay to off your debts when you die. If you have a co-signer on a loan, however, that person will be responsible for repaying it.
On the off chance that these situations don’t have any significant bearing to you, you can most likely put off purchasing a life insurance policy temporarily. However, remember: It’s more affordable to buy a policy when you’re more youthful rather than when you’re older.
Life insurance is less expensive for women
According to a study, the life expectancy of a woman is in excess of a man. Ensuring females is less dangerous for insurance companies. Because of this females are offered preferential rates over males when it comes to life insurance. This makes life insurance more cost-effective and an attractive buy, offering lots of benefits, life coverage, and financial savings.
Savings for retirement
If your husband has invested in a retirement plan that does not make you invulnerable to financial worries in your old age. With the consistently developing inflation rate, depending on one individual’s retirement might become challenging to maintain the current lifestyle. You can utilize life insurance products for a systematic and organized financial planning for retirement.
Bottom line:Life insurance is a key part of a one’s financial success and security so it’s in everyone’s best interest to ensure women don’t overlook this critical consideration.
Also, you can read about Best LIC Plans for women to invest in 2018 – 2019, it will be helpful for you.