Life Insurance for Women

Gender distinctions are beginning to blur in the modern world. As women are excelling in every area, they are also gaining financial freedom and independence. Today s women have taken up the title of breadwinner as well. They are enhancing the comfort of a family's life by sharing the cost of a family's expenses, a mortgage, and the children's school costs. On top of that, they're even helping their retired parents with their finances. Apart from working women, the work done by stay-at-home mothers also has significant economic value. If external help is needed due to household tasks and caring for children, it will boost the family's expenses. That's why, it's important that you recognize the importance of the financial contributions that women, such as yourself, make to the family. In times of crisis, life insurance can be one such tool that protects you and your family's financial stability.

Women have many responsibilities that they juggle on a daily basis. From working full-time jobs to taking care of the home and children, women are constantly on the go. In addition to the many day-to-day responsibilities women have, they also tend to take on the role of caregiver for their parents and/or children as they get older. This added responsibility can often times lead to women being financially responsible for more people than men. Given all of these factors, it’s important for women to have life insurance in case something happens to them and they are no longer able to provide for their loved ones.

One of the main reasons women need life insurance is because they typically earn less than men. Women earn an average of 78 cents for every dollar men earn, which can make it difficult for families if the woman is the primary breadwinner. 

Women are more likely to suffer from the effects of death than men. Women comprise 60% of the population, but account for 80% of all hospice care. They also make up two-thirds of all people who will experience a disability in their lifetime. In addition, women are more likely than men to be the primary breadwinner in a family. These factors underscore the importance of life insurance for women.

Women need life insurance for a variety of reasons. One reason is that women often have a longer life expectancy than men. Another reason is that women often have a greater role in their families than men, both financially and emotionally. This means that if something happened to the woman breadwinner, her family would be left in a difficult situation. A life insurance policy can help protect these families from financial hardship.

Importance of Buying Life Insurance

According to statistics from Census of India, about 48 percent of Indian population is comprised of female individuals. Yet, women took only 36 percent of the life insurance policies issued to the country, in 2019. Although there is still a gap between the female and male life insurance holders, with an increase in media coverage and awareness of insurance among women, an existential shift is slowly happening in this field. Therefore, it is very important to know how to own your life by ensuring yourself.

Life insurance is necessary in order to protect your financial future, and it will help save your money by making provisions for your future. Scientists have also discovered, in fact, that women tend to outlive men, so you'll want to stay financially prepared for a longer period of time. In order to better achieve your goals over the long-term, it's critical to get a life insurance plan.

Benefits of Life Insurance

Protecting loved ones

Your intrinsic nurturing ideas induce you to consider the safety and welfare of your loved ones as a primary priority. By investing in life insurance, you can better ensure the financial security of your loved ones in the event of a sudden occurrence. It is useful for bringing peace of mind, offering health care and increasing your productivity.

Lower premium amounts

According to the National Health Profile 2019, the life expectancy of females in India is 70.2 years, while the life expectancy of men is 67.4 years. Your life insurance policy costs may be lower if you undergo a health assessment.

Building wealth

By nature, women usually work meticulously to create cash flow for future obligations, including life insurance, and can help accomplish much better returns and protection.

Regular income after retirement

Aside from being enjoyable and satisfying, a life insurance plan can also help your departure be taken care of for your heirs and help you plan for your own financial independence after you retire. Planning for wealth through schemes like ULIPS and endowed asset management can give you a financial cushion that will continue supporting you during retirement.

Protection against critical illnesses

Apart from various health ailments, such as heart failure or kidney disease, which affect many different people, women solely face the threat of certain kinds of cancer, such as breast cancer or cervical cancer. These critical illnesses not only take a long time to recover from but can be expensive for you and your loved ones to fight throughout. With an critical illness insurance coverage, you are able to prepare yourself mentally and financially to meet these challenges.

Obtaining tax benefits*

The tax benefits of a life insurance policy may include access to various provisions.

Utilising cash value benefits

If you have a life insurance policy with a cash value, a loan may be taken out against it. This can help you meet unexpected financial needs.

Types of insurance to choose from

Depending on your goals and needs, there are many available life insurance products for you to select from. You can decide between traditional or market-linked life insurance depending on your risk appetite. Here are some of the options available to you:

• Term insurance offers large coverage for affordable prices and provides peace of mind in the event of your passing.
• An endowment plan is just like a regular savings plan, but with added benefits like providing a life cover.
• An ULIP is an incremental investment plan that helps you build your wealth by taking advantage of market fluctuation.
• Annuities and retirement plans can act as a source for regular income following retirement.

Whether or not life insurance serves the everyday needs of the family or financial long-term goals, it's certainly an important expenditure. A small investment on your part now will provide rising future security for the whole family.