Business Other News 27 Apr 2019 Why it’s important ...

Why it’s important for women to buy life insurance?

DECCAN CHRONICLE.
Published Apr 27, 2019, 3:13 pm IST
Updated Apr 27, 2019, 3:16 pm IST
Women have been raised to not ‘worry’ about finances, seeing the men of the house making most money-related decisions.
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.
 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.

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.

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 then must this independence not be extended to 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 the 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 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, a life insurance pay-out after you’re gone, can help your family take care of themselves.

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, or your travel plans. Life insurance policies will ensure that you have enough saved up to enjoy those glorious years of your life with minimal stress.

Autohored by Mr Subhash Nagpal, Founder & CEO , Comparepolicy.com

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