5 reasons why working women need a life insurance policy
India is a country where the women workforce is a major contributing force towards the country’s economy. There are many families where the women are the sole breadwinners. Women also occupy top and senior positions in many organisations. While this is something that will make anyone proud, it is always important to not ignore the impact it has on their personal life.
If in a situation where the sole earning member of the family were to pass away suddenly, it could have a drastic impact on their family members with the risk of an uncertain future. To avoid such situations, it is always better to have a life insurance policy handy. If you are a working woman, read more to know why you should invest in life insurance.
A life insurance policy is a type of policy in which the insurer pays a sum to the family of the insured. This sum is known as death benefit. If the policyholder were to pass away during the term of the policy, the insurer will pay the death benefit to the beneficiaries of the policyholder, which is usually the immediate family of the insured.
Why working women need life insurance?
If you are a working woman who is considering investing in a life insurance, listed below are reasons why you should:
1. The future of your child
For any mother, the well-being of her child will be her utmost priority. This is more emphasised when the mother is a working woman. Providing a good education to her child, sending him/her abroad for further education and planning for his/her marriage are some of the concerns that a mother always has. If the mother were to pass away suddenly, it could leave with an uncertain future. This is why investing in a life insurance can help in securing the future of your child without any hassles. The death benefit would help in specifically securing the future of your child.
2. Financial future of your family
If you are the sole earning member of your family, this means all the major expenses of the household are dependent on your income. Even if you were to fall sick and not go to work, it could have a severe impact on the daily expenses. However, if you pass away suddenly, your family could end up staring at a financially uncertain future. With depleted savings and no other source of income, they could be forced to borrow money and increase debts. Having a life insurance will help in providing the necessary financial assistance to them to manage the necessary expenses.
3. Recovering savings
Medical emergencies are inevitable and unpredictable. If you are the sole breadwinner of your family, you could end up spending a lot on the medical expenses. This could impact your savings a lot if you did not have a health insurance at the time of the emergency. Depleted savings could have a negative impact. What could make it worse is your untimely demise. That could leave your family with depleted savings for expenses. However, the pay-out from your life insurance could help in recovering those savings and keep them financially afloat.
4. Adjust to the cost of living
Due to the rising cost of living, the day-to-day expenses of every household is heavily impacted. This can be a financial burden if the household has only one earning member. If most of the income is spent on household expenses, this could mean lower savings. If the earning member suddenly passes away, the family could be left in a financial turmoil because of both, the cost of living and lower savings. The sum assured from your life insurance policy could help in easily adjusting to the rising inflation and maintain healthy savings for your loved ones.
5. Financial independence for your partner
As an earning woman, you would be the person handling all the finances of the household. While this could be helpful for your partner, it could also be disadvantageous if you were to pass away suddenly, and the savings ending up being not sufficient enough for your partner’s future. In such situations, the life cover of your life insurance will help in providing the financial independence your partner needs. The money would help him manage expenses and plan a secure future.
These are just a handful of reasons why you, as a working woman, should opt for life insurance. If you want to know the types of life insurance policies you can invest in, you can get in touch with your insurance advisor.