Women are mostly in the role of caretaker, whether it is for their children, their parents, or their husband. The chief role is to nurture them. Women play a very important role in everyone’s life and especially in a family they hold a unique place. As is the case, they also need a life insurance policy for the security of their family and loved ones. A term life insurance is important for women as it is quite helpful in securing their future.
Why life insurance is so important for women?
There are several circumstances in our life which happen without our knowledge or they are not in our hands and we cannot control them. Death and life are of the same kind. To be on the safer side in the aspect of financial matters, life insurance is important for women too.
If a woman passes away in your family, the emotional stress is difficult to surpass. Proper plans and life insurance policies should be taken well in advance to meet any unforeseen situation. Additionally, if the women are a sole earner of the family then this life insurance becomes way more important.
On the other hand, if you are single and living all alone, then in that case also life insurance will help you pay off your debts, taxes, medical bill and many more, hence life insurance is important for women. There are several other living benefits that one can avail of.
Some of them are discussed below:
What does living benefits mean then?
Living benefits are nothing but those benefits which you can avail when you are alive. This important benefit can be fruitful for those who are dependent on you. Living benefits can be availed under three major conditions of illness.
- Terminal Illness
- Critical Illness
- Chronic Illness
#1: Terminal Illness
These are the kind of illnesses in which the applicant will die within 24 months and that it has been declared by the physician.
#2: Critical Illness
These are that illness which is critical like, cancer, stroke, blindness, major organ transplant, and many more.
#3: Chronic Illness
After the diagnosis by the physician, it has been found that in the past year you are not able to perform 2 out of 6 activities in day to day life. This non-performance of activity should be for a continuous 90 days span and then only it will be considered as a chronic illness.
Being secured for the above kinds of illness assures you that your family is well taken care of in tough times.
At what time you should invest in life insurance?
Buying life insurance is important for women. And at an early stage of life is a fruitful thing to have. The earlier you buy it, the more benefits at fewer premiums you will be able to receive it. At a younger age, the life insurance premiums are low whether you pay monthly, yearly, or quarterly.
It is important to make a trustworthy person as your life insurance beneficiary. This is because during sudden death, all benefits are transferred to the beneficiary and he or she becomes the owner of the amount.
Read Also: 9 Tips On Who Should Be Your Life Insurance Beneficiary?
Lawyers also play a vital role. They decide the will, the verification, and all other parts of the legal process.
Will opting for term life insurance for women give them maximum benefit?
The role of women is there in financial as well as domestic these days. This applies to men as well and there is no disparity between them. Handling and sharing of economic activities ease the burden of the family.
Women are no less and they contribute equally in all aspects of family life. Being aware of this fact, a term life insurance is important for women and it is a plan which is quite beneficial to all of them.
A term life insurance is nothing but a simple plan in which the beneficiary can avail of the facilities or the benefits after a fixed term. If we go for a normal life insurance plan then there are many benefits but the premium is high if we compare with a term plan. On the other hand, if you choose a term insurance plan, the benefits can be there at a very low premium and it is quite affordable.
A perfect term insurance plan secures her family against all odds. She remains tension-free that even in her absence; nothing will remain incomplete or untouched because of any kind of financial aspects.
A term insurance plan is a must-have for all women, irrespective of their marital status and employment position. If a woman is married she should go for life insurance along with her husband. This is a family floater plan and it is too good for a family.
The women who are working professionals, for them; individual life insurance is the perfect one. The term life insurance is important for women as it provides financial security and going for the same plan will give you less premium if compared with other plans of life insurance. The reason behind this is that women have more life expectancy than men.
Read Also: Life Insurance for single parents: Everything you need to know!
For the women who are single mothers and they have a child or children dependent upon them; term life insurance is strictly essential.
Conclusion
Any life insurance evades all kinds of tensions and that it is an inevitable part of work. Every woman whether single or married must understand the importance of insurance. Term life insurance on top of all is the best one.
It is always advisable that if you are a person with less knowledge and want to go for the first time in buying these policies, then taking the help of financial advisors are very good. Documents are easily provided by the life insurance company and now reading it is your part.
Read all the documents carefully and then move ahead in signing the papers of any life insurance plan.
Keep revising the plans’ terms and conditions every year. Most of the things in the plan are taken over by the life insurance company itself but some are the responsibilities of the policyholder to cross verify.
Remain assured all the time after purchasing a life insurance plan that you will have complete financial security during your life and even after it.
