The concept of family and dependency has changed in the last decade. But the core value of care and security for loved ones in your absence remains the same. The notion that the entire family is dependent on a man is outdated. Women also share responsibilities and financial loads, so the system has become more co-dependent. Let us understand how benefits of term insurance can be crucial for women.
Term Insurance for women and term insurance for housewife covers the beneficiaries or their family’s financial security in case of their untimely death. When buying a term plan for women, the considerations remain almost the same for men. Typically, you must evaluate your needs and choose a plan that fits your needs at the best price. A term plan calculator can help calculate your estimated premium and manage your budget.
Reasons Why Women Need Term Insurance:
Regardless of gender, securing the financial future of your loved ones is crucial. Term insurance is not just restricted to males, hence, women must also opt for adequate insurance to secure their family’s future.
● Family’s Financial Security
Taking care of a family is an important responsibility, and the family members must be protected financially, even in the woman’s absence. Although the vacuum may not be filled, financial support can help the family tide over financial challenges. The beneficiaries can use the death benefit payout for their daily expenses, finance education for children or paying off the debt.
● Comfortable Retirement
Term plans with maturity benefits can help in retirement planning as well. The maturity benefits can help supplement your retirement income. These plans may have options for regular payouts or survival benefits after maturity, helping in maintaining the standard of living post-retirement.
● Female-Specific Illness Coverage
Statistics say that 30% of cancer patients in India have Breast Cancer, and about 12% of cases have cervical cancer. Women are at risk of being diagnosed with these illnesses. Term Insurance may provide coverage and benefits if diagnosed with such diseases.
● Lower Premium Rates
Premiums for term insurance are rated differently for men and women. This is because women’s life expectancy is more than men’s. On average, women live 5 more years than men. Hence, women are eligible for lower premiums. However, you must note that the actual premium depends on factors like age, health condition, coverage required, etc.
● Repay Loans
Women have ambitions and financial goals. Sometimes, these goals and dreams require monetary support, which can be fulfilled through loans. In case of unfortunate death, the proceeds from the term insurance can be used to settle debt or repay loans.
Wrapping Up:
A term plan for women is not only a way to secure her family’s future in her absence but also empowers her and gives her a sense of financial security throughout her life. Therefore, every woman, be it a homemaker, professional or business owner, must have an adequate term insurance plan.
Frequently Asked Questions (FAQs)
Que: Is it necessary for women to have term insurance if they are not the primary breadwinners?
Ans: Yes, term insurance provides women with financial security and peace of mind, regardless of their role as the major breadwinner, by covering debts, childcare, and future financial requirements.
Que: Isn’t life insurance traditionally targeted towards men due to higher death rates?
Ans: While men have historically had higher mortality rates, term insurance is also necessary for women, providing critical financial support and stability for their families in the event of an unexpected death.
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