As a homemaker and as a working woman, having your own set of investments is of utmost importance. Not only does it help secure your loved ones but also enables you to gain a financial backup. By choosing the right type of insurance policy, you can fulfil future life goals while having a life cover against unfortunate incidents. But if you still aren’t convinced about getting a life plan, allow us to take you through the top 5 reasons as to why a woman should opt for life insurance.
Financial security
Who wouldn’t prefer leaving their loved ones with a financial backup just in case? Even if your spouse is earning, the well-being of your parents and children is always a concern. However, life insurance offers you peace of mind with a high coverage plan. By opting for term policies, you can select a high sum assured amount to cover most of the expenses at a cost-effective rate. To ensure you choose the right amount of coverage, you can find several life insurance calculators that help you estimate the cover. In the event of an unfortunate mishap, your family would be self-sufficient no matter what.
Opportunity to save up
Did you know that life insurance comes with a savings option as well? Except for term insurance, you can select from numerous types of life insurance plans having an investment or a savings component. This kind of insurance feature helps you create wealth over a period of time and fulfil future life goals. And as a woman, you may have dreams of buying your own house, caring for your retired parents, higher education, etc. With life insurance, you can ensure these dreams come to life without any hitches.
Discount on insurance plans
Offering insurance to an individual means taking on certain risks to secure them. Thus, oftentimes insurers assess the amount of risk involved in insuring a certain person. But as a woman, you can reap the benefits of lower premium rates while purchasing a life insurance plan. Why so? Statistically, the life expectancy of women is much higher than men, which is a crucial aspect, considered by companies. Therefore, as a female applicant, you can get a discount on your insurance premium when compared to a male policyholder. However, you must remember that other factors like health conditions, lifestyle habits, family medical history, etc. also play a role in deciding your premium rate. If you do not have any such issues, then you can enjoy high coverage for a cost-effective amount!
Safety net against mishaps
Unfortunate perils can affect anyone in life without much warning. But with a life insurance policy, you can gain security against some of these mishaps. This is possible with add-on covers, which are extra components available at a nominal rate. Some popular covers are accidental death rider, a permanent disability rider, critical illness cover, loss of income rider, etc. Both homemakers and working women need such security in life to financially protect their family. The lump sum benefit paid out under the rider can be used to manage the family finances and medical bills. So, you can consider combining your insurance policy with some crucial rider benefits for maximum coverage.
Security from debts
Many individuals also opt for insurance plans to secure their debts or loans. If you have taken a high home loan with your spouse, you can opt for life insurance to mitigate such risks. In case something were to happen to you, the family would have to bear the financial burden of your debt. Thus, insurance is a good way to safeguard against educational loan, home or mortgage loan, etc. However, you must estimate the amount correctly after accounting for the principal as well as the interest payments to avoid any financial trouble.
As a woman, financial independence is crucial in today’s age and thus, making the right investment decisions is a must. With the above pointers, you must have understood the importance of life insurance and why it is a suitable investment option. So, don’t put it off anymore and purchase an insurance plan now! Before signing off the policy documents, take complete advantage of the free-look period!