Why Should Women Go for Term Insurance Plan?
Back in the day, men were the primary caretaker of a household. The financial responsibilities depended on their income. Therefore, they purchased life insurance to safeguard their family in case they lose their lives in an unforeseen situation. Now, things are different, and a lot has changed for the better. Women these days are much more financially independent and equally, take care of the household finances. They make money and invest money. There are several households these days that are run by a woman alone or via partnership. As society is progressing, women are being more financially literate and planning for their future. Buying insurance is one such step a woman can take in order to safeguard the life of her loved ones in her absence.
While there are several types of life insurance, here is why women should opt for term insurance plans –
Why buy term insurance?
As a woman, there are several financial needs and responsibilities that you cater to. When you are looking for a life cover, term insurance can be your perfect fit. Term insurance provides life cover to individuals for a stipulated time period. The biggest perk of term insurance is that, with affordable premiums, you can get a huge sum covered. It protects your loved ones without digging a big hole in your pocket. Here are some benefits of term insurance –
Securing your loved ones
Your family’s financial health is impacted in the case of your sudden demise. Term insurance acts as an income replacement in your absence. An earning member of the family should buy insurance irrespective of gender. Women have a higher life expectancy than men, and hence, get offered lower premium rates comparatively. Buying term insurance will ensure that your nominee receives the sum cover and is covered financially in your absence, too.
An investment for the long haul
While women are walking with men at work, studies reflect women do not invest their money as much as men do. Buying insurance will be one of the important financial decisions for the long haul. When you buy an online term plan or offline, you are securing the life of your loved ones. Affordable premiums do not dig a hole in your pocket. Also, apart from the financial benefits of a term plan, it also helps you save income tax.
Riders that secure against critical illnesses
Life these days is unpredictable, with growing pollution and unhealthy lifestyles causing life-threatening conditions. There are certain diseases and critical conditions that are specific to women, like breast cancer and cervical cancer. These have increasingly become common over the last few years. Statistics show that 30% of the cancer cases in India comprise of breast cancer. 12% of cancer cases in India are cervical cancer. When you buy an online term plan or offline, check the riders the insurer is offering. There are riders you can club with your term plan that provides cover against critical illnesses. So, if you get diagnosed with an unexpected critical illness in the future, your insurance bears the medical expenses and treatments. These illnesses require huge funds. A critical illness rider ensures you don’t have to worry about the expenses of your treatments.
A safety net for retirement
While planning your finances, you need to ensure that you have enough funds post-retirement to live the life you want. There are several term insurances that a woman can purchase for availing of maturity benefits. When the tenure of the policy is over, you will get a sum assured as per your policy. With the growing inflation and health expenses, it is good to plan your retirement as early as possible.
The above term insurance benefits reflect the importance of having a life cover. It empowers you and leaves you stress-free. It ensures that your family is financially secure, with or without you. When you are browsing through various plans, use the term plan premium calculator online to know your premiums. Choose a premium that you will pay through the years with ease.