Women might be an integral part of society. Whether you are working, non-earning, or a single mother, you can play a major role in the social system. Although women have a significant amount of contribution in the society, they are underinsured. According to a report, over 50% of the urban women population does not have adequate life insurance coverage.
Today, you can select from a number of insurance plans for your long-term safety. One popular choice amongst women to receive financial support for a specific period is term life insurance. A term plan can be a protection plan, which can cover your loved ones in your absence. With a term plan, you can ensure the financial protection of your family members over a long duration.
Apart from safeguarding your loved ones financially, you can select a term life insurance for the following reasons given below based on your job roles, as a woman:
- A working mother
A working mother has several financial responsibilities towards the family, whether it is your spouse or your children. Since your family members might depend on you financially, they might suffer in your absence when you aren’t around to provide for them. Therefore, you should purchase term insurance to offer financial support to your dependents in your absence. A term policy can provide death benefits to your nominees for their financial well-being.
As a breadwinner of the family, your children and spouse can depend on you to fulfil their financial requirements. However, if you and your spouse both are the earning members of the family, buy term insurance. Under a double income household, the uninsured members can meet the routine and household needs in the absence of the primary insured person.
- A non-earning member
As the non-earning member of the family, you might bear the entire responsibility of the house. From looking after your child’s educational needs to doing routine chores like cooking, cleaning, and so on, you might look after everything in the family. While you manage the household duties, your partner might fulfil the financial needs of the whole family. Therefore, you might depend on your spouse to provide for you financially.
If anything happens to you in the future, the entire responsibility of the household can fall on your husband. During this stage, he might not be able to work rigorously in your absence since he might also have to take care of the family. If you have a term insurance coverage, your spouse can meet the financial requirements of your loved ones in your absence with the help of the death pay-out, while working at the same time.
- A single parent
The life of a single parent can be challenging. Whether you are a divorcee or a widow, you should have term insurance for the financial security of your loved ones. As a single parent, you might be the one who accomplishes the financial goals of your children until they settle down. Your child’s goals can include higher education, extravagant wedding plans, and so forth.
Since your children can be dependent on you financially, they would feel helpless in your absence. If anything happens to you in the future, your children wouldn’t be covered financially anymore. However, having a term plan during an unfortunate event would help your children in maintaining their standard of living in your absence.
To sum up, every woman should own a term insurance plan irrespective of their job roles in the family. A term plan can offer comprehensive coverage at a low cost to ensure your family lives without any financial burden in your absence. Select the right type of term plan for your family based on their financial requirements.