Why It’s Important for Women to Buy Life Insurance

July 21, 2021

As a woman, it is very easy to excuse yourself from buying insurance by stating that you have no dependents and it’s not important to buy life insurance for Women.

Women have been raised to not ‘worry’ about finances, seeing the men of the house making most money-related decisions. But that has changed.

In India, women buy life insurance products with a view to getting their lives covered against uncertainties of life.

Women have Started Buying Life Insurance

In recent years, there has been a surge of 4-5% in women policyholders. More and more women are inclined to buy life insurance coverage due to rising awareness of the importance of social security, insurance offerings with low-cost and easy access to policies.

As per a recent study conducted by IRDAI about the participation of women in life insurance, women constitute 48% of the country’s population and they account for 32% of the total number of policies bought and first-year premium in life insurance.

Today, we have women leading the charge of big multinational companies, efficiently managing teams in the office, balancing home and work, along taking care of their own money. Why not extend this independence to taking decisions on life insurance

For working women

Women and men are increasingly sharing 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 parties to have insurance.

In the absence of one of the partners, having insurance can make it easier for the other to manage unforeseen expenses.

Moreover, having 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 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 a 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 these costs.

For Single Women

Single women may think they don’t need any insurance since they have no dependents. However, what they fail to realize 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 life insurance is a smart move to ensure that doesn’t happen. Moreover, if you are a single woman earning for your family, the death cover after your demise will help your family to take care of their expenses.

Women have a central role to play in both their families and their workplace. Having 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, marriage, etc. Life insurance policies will ensure that your family can easily meet their financial expenses, even in your absence.

Women buy life insurance and take care of their entire household along with sharing family’s expenses (if working).

The untimely demise will result in a huge loss for a family. However having a term life cover, ensures financial backup for the family.

Don’t wait for time to run out, get a life insurance cover and ensure financial protection for your family.

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