Sat. Jun 22nd, 2024
Why having a term insurance plan should be every woman’spriority?

Gone are the days when women would stay within the confines of the four walls of their house, taking care of the kids and the entire family. Women in the 21st century are an integral part of the modern workforce, working hard just like their male counterparts. In fact, there are even several women these days, who even go ahead with their decision of single parenting to their child or who support their family as a sole breadwinner.However, when a woman does all of these, she also has to consider the situation when she is not there anymore and her child or family has to live the life on his/her own since life is uncertain for one and all. One of the prudent ideas for women these days is to take term insurance. This will give your family the required financial support even when you are not around anymore.

Nevertheless, before you go for the best life insurance policy for a woman, you first need to check all the reasons that justify the point of buying term insurance for women.

  • For the protection of the family:You are an integral part of the family; therefore, you need to think about the future of your family. In an event when you are no more there in your family’s life, the void certainly cannot be filled but at least the coverage your family will get can help them pay off loans and even can make the future of your dependents secure.
  • Freedom from liabilities:There are several liabilities that youas a couple take care of when you both are working. However, in a situation when you cannot be around any longer, the entire responsibilities have to be handled by your husband, which can be a little tough on him. And if we consider inflation, single income is not enough to give a great life to the kids. In one such circumstance, the death benefit that your family will get out of the term insurance plan can turn out to be a great help for them.
  • Kids can get good higher education:We all want our kids to get the best education, don’t we? And to make it happen, we work hard to give them the best of the education so that they can excel in their lives. However, if all of a sudden one of the members of the couple passes away, it can be really tough for the other partner to meet all the needs. The coverage provided by the insurance company can at least help your kids to get the best education that can help them to build a great career.
  • Provides tax benefits:If you do not save from what you are earning, no matter how much you make money, it will be of no use. When you buy a term insurance plan, it will provide you with tax benefits.
  • Lower premium rates:Premium rates charged by many insurance companiesfrom women are lower than the ones charged from men. Therefore, you can pay less yet keep the future of your family secured.
  • Savings for the later life:Although there are very few companies that offer a term insurance plan for housewife; however, you can look for one with maturity benefits and find out the coverage it offers. Even if it is minimal, you can save some money over the years and use it in the later stage of your life.

There are various types of term insurance plans offered by several companies in India. It is always a great idea to compare them before making the final decision. You can visit the website of IIFL Insurance to compare the term insurance plans from different companies and choose the one that is affordable for you and suitable for your family.




By admin

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