6 reasons that make life insurance a must-have for women
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6 reasons that make life insurance a must-have for women

  • Highlights

  • Insurance helps secure your financial independence after retirement

  • Help your dependants pay off important loans and mortgages

  • Secure your family’s future and quality of life with insurance

  • Maintain a steady income for your household

Investing in a life insurance policy is an important form of financial protection—often more so for women. For homemakers or stay-at-home mothers, a life insurance plan can prove to be a financial safety-net for unforeseen emergencies. While working women may bring in a pay check on a month-to-month basis, it is equally important to make provisions for an income post-retirement. Here’s a look at why all women should consider taking out a life insurance policy.

1. Cost-effective policies for women

Women tend to live longer than men, according to several research studies, and so life insurance premiums tend to be a lot lower for women than they are for men. If a family is to take out only one life insurance policy, it would benefit their savings to take one out for the women of the house, so as to cut costs and avail of more attractive coverage.

2. Financial independence in the long term

A life insurance policy is a great way to prepare for future expenses—whether a long-term life milestone, or a provision for your children. Endowment life insurance plans are a great way to save up for those goals, and provide you with a sense of financial independence even if you aren’t an earning member of your household.

3. Saving for your future

If you’re a working woman, it is important to ensure that your household maintains its dual-income well after your and your partner’s retirement. A life insurance policy for the both of you is a way of ensuring that you continue to equally contribute to the welfare of your household far into the future.

4. Paying off loans, whether personal or business

In the event that you are rendered incapable of repaying any loans you might have in your name, you don’t want to saddle your children or beneficiaries with those debts for the long haul. Leaving them with a life insurance plan could be a financial relief, and help them settle your affairs with minimal disruption to their own.

5. Coverage for critical illnesses

Medical emergencies can prove to be a great burden on a family’s resources, so consider investing in a specialise policy that caters to critical illness planning. In the event of an illness that requires expensive treatment, you don’t have to break your bank, and can protect your family from the burden of high medical bills.

6. Leaving behind a legacy

A life insurance policy provides your children with the capital they need to ensure a successful future. Irrespective of what point they are at in their lives, the money from the policy can go a long way towards education, buying or building a house, or making investments of their own.

Life insurance offers you a large amount of financial independence and long-term stability, irrespective of whether or not you are an earning member of your household, securing your and your family’s future.

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