Why Women Need Term Insurance?

Women today share in financial responsibilities of their families, with most having careers. Over 67% of Indian women are bread earners or share in the earning for their families. However, when talking about financial planning, most women tend to leave the decision-making to the men.

Working women need to be smarter about their finances and need to use their earning capacity to secure their futures. Insurance is beneficial as an investment, as well as a savings tool. It is advisable for women to secured additional coverage that is separate from their husbands for the following reasons.

·      Protection

Working women share the responsibility of tending to their families, along with their spouses. It is equally important for them to protect their loved ones, elderly parents, and dependent children. While in the prime of life, it is hard to consider your demise, but circumstances are often beyond our control. Availing term insurance gives you the peace of mind that your family will be financially taken care of in case something untoward happens to you.

·      Retirement

Experts advise women to not be satisfied with the retirement plans that may have been availed by their spouses. Relying solely on the retirement planning made by one earning member can be a huge mistake. Keep in mind that you will have to adjust to a single income lifestyle. Although your financial responsibilities may reduce with age, you should consider the increased incidence of illness associated with the onset of aging. Securing your future with insurance coverage is therefore vital.

·      Wealth Creation

Choosing investment-oriented insurance plans provides several benefits. Some of these include savings and protection, while also offering taxation benefits. Using insurance plans to meet certain goals, such as buying property or starting a small venture can be beneficial.

·      Children’s Education

If you were to suddenly pass away, funding for your child’s education may be difficult for your spouse. With an appropriate term plan, you will be able to provide financial security to your loved ones. The money available after your demise can be utilized towards your child’s education, ensuring they do not have to give up their dreams of higher studies due to lack of funds.

Insurance through term plans is important for women, not just for feminist ideals, but because it makes practical sense. These policies are beneficial in taking care of your financial requirements, while ensuring your independence.