Why it’s important for women to buy life insurance

As a woman, it is very easy to excuse yourself from buying insurance by stating that you have no dependants. Women have been raised to not ‘worry’ about finances, seeing the men of the house making most money-related decisions. But that has changed.

Women have Started Buying Life Insurance

In India, women are increasingly buying life insurance products with a view to get their lives covered against uncertainties of life. In recent years, there has been a surge of 4-5% in women policyholders. More and more women are inclined to buy life insurance cover due to rising awareness on importance of social security, insurance offerings with low-cost and easy access to policies.

As per a recent study conducted by IRDAI about participation of women in life insurance, women constitutes 48% of the country’s population and they account for 32% of the total number of policies bought and first-year premium in life insurance.

Today, we have women leading charge of big multinational companies, efficiently managing teams in office, balancing home and work, along with taking care of their own money. Why not to extend this independence to taking decisions on life insurance?

For working women

Women and men are increasingly sharing the load of expenses when it comes to running the household – whether it’s rent, grocery, children’s education, or loans. So, this makes it important for both the parties to have an insurance. In the absence of one of the partners, having an insurance can make it easier for the other to manage unforeseen expenses. Moreover, having a life or term insurance will make sure that if one partner dies, the other isn’t suddenly burdened with debts and other expenses. Additionally, if you are a woman running a business, it makes more sense to buy an insurance that would ensure its continued existence even after you’re gone.

For Stay-at-Home Women

Running a household is no less than a full-time job, especially if there are kids or aging parents in the family to take care of. However, in the event of a woman’s untimely demise, the entire burden of running the household, plus managing work, will fall on the man. This might force them to hire help, which will only add to their expenses, or even work shorter hours that will reduce their income. However, if a woman is insured, the pay-out in case of death will help significantly in offsetting all these costs.

For Single Women

Single women may think they don’t need any insurance since they have no dependants. However, what they fail to realise is that in case they die with car loans, education loans, taxes or any other kind of debt, the burden will end up falling on their parents or siblings. To avoid that, buying a life insurance is a smart move to ensure that doesn’t happen. Moreover, if you are a single woman earning for your family, the death cover after your demise will help your family to take care of their expenses.

Women have a central role to play in both their families and their workplace. Having a life insurance is not only beneficial in case of untimely death, but also to plan long-term financial goals, like an easy retirement, your child’s higher education, their marriage, etc. Life insurance policies will ensure that your family can easily meet their financial expenses, even in your absence.

A woman takes care of her entire household along with sharing family’s expenses (if working). The untimely demise will result to a huge loss for a family. However having a term life cover, ensures financial backup for the family.

Don’t wait for time to run out, get a life insurance cover and ensure financial protection for your family.

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