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Insurance Basics

Taylor & Francis Group

5 important reasons why women need life insurance

Sometimes, women, like men, believe that it’s not necessary to get their lives insured because they don’t have any dependents.
 

Given the way the world is today, with its booming tech and intellect alike, it’s no surprise that there are certain uncertainties that come along once in a while and throw us off course. Thus, it’s never been more important that we all jump onto the safe and secure wagon that is Life Insurance.

Women, too, are no exception. Whether you are single, married, unemployed or breadwinning, there are so many pertinent reasons why every one of them must have life insurance. Here are 5.

1. Working women

More than ever before, families are now functioning with two working parents. Both their incomes contribute significantly to the financial security of the family and it’s equally important that both their lives are insured; whether it’s to avoid their families’ futures being derailed in case of premature death or disability, or to ensure quality education for their kids when they’re gone.

In addition, if you’re one of the plethora of women who now run their own businesses or hold important positions in private businesses, having a life insurance plan would ensure its continued existence, even in your absence.

2. Single women

Sometimes, women, like men, believe that it’s not necessary to get their lives insured because they don’t have any dependants. However, what’s oft overlooked is that life insurance can provide the necessary funds needed to pay off car loans, educations loans, taxes and all other debts, which otherwise might be the responsibility of other family members. If you do have dependents, life insurance can help them stand on their own two feet in your absence. In addition, the eventual pay out of Whole Life insurance policies can be used to supplement retirement income. 

Related: 5 things to know before you buy life insurance

3. Stay at home moms

Running a household is a full time job that would cost your family even more money than it does if you weren’t the one doing it. In the unfortunate event of your untimely demise or disability, your spouse would have the added burden of taking care of the house. This would mean that they’d have to work shorter hours, so they could take care of the house and kids, or, even worse, be forced to hire help. Both of these would simultaneously reduce their income and increase their expenditure. A lump sum life insurance pay out would offset that.

4. Retirement planning

While the above reasons cater to unfortunate eventualities, there’s also the happy possibility that you get to have the wonderful retirement you’ve always dreamed of having. There are certain things women, whether single or married, would like to experience and achieve in their golden years, and life insurance policies like ULIPs and Whole Life would assure that you have enough saved up to do that when the time is right. 

Related : Retirement planning infographic

5. Leave a lasting legacy

There’s also the question of dreams coming true- be it your spouse’s, kids’ or parents’. You want to leave enough money behind for your kids to get the quality education they deserve and the lavish wedding they desire, or for your spouse to travel the world like they always wanted to do rather than work harder than ever to make up for the lack of your income. Some women also aspire to leave behind sizeable donations for charitable organisations, and life insurance is a great way to ensure that you are able to do that.

As demonstrated above, life insurance  is important for every woman and every man, and no matter where you’re from or where you want to be, it’s important you start now, not only for peace of mind, but because premiums are way cheaper if you start early!

 
 
 

"The question isn’t who is going to let me; it’s who is going to stop me"

- Ayn Rand -

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