The age of empowerment has brought about a sea change in the way women interact with the subject of finance. Where earlier, they would hesitate to make major monetary decisions without consulting an expert, they now prefer taking matters into their own hands. This is especially true when it comes to planning for a secure future. Along with safeguarding the financial security of their family, women are starting to seriously think about looking after themselves, too. This is where term life insurance comes into prominence.
Term life insurance provides the policyholder with coverage for a specified period of time. If she passes away in that duration, her nominee will be entitled to death benefits. And while every individual should have a life cover, here are a few reasons why women must consciously invest in a policy like this.
1) It protects their family
As the strength of women in the workforce continues to rise, so does their level of independence. In some families, she is the sole earning member, and in others, her contribution is quite significant and cannot be overlooked. This makes it extremely important for her to plan ahead in case a tragedy befalls. A term plan will ensure that the financial needs of her loved ones are taken care of even in her absence.
2) It prepares them for risks
Women are generally considered to be at a higher risk of developing chronic health conditions than men. Having a term insurance policy will protect them against these risks and provide them with the coverage they need to make sure that if something unfortunate were to happen, their families will not suffer a financial setback.
3) It makes them more independent
Both single and married women want to live life on their own terms, and a big part of that is having fun without worrying about the countless what-ifs. With a term plan to back them up, they can travel the world. They can engage in all kinds of adventures knowing that they are financially secured.
4) It takes care of monetary obligations
Single women tend to procrastinate getting insured because they don’t see the need for it, yet. This is a mistake. One of the biggest advantages of investing in term life insurance is that in the event of the policyholder’s passing, the death benefits can be used to pay off any debts they might have accumulated over the years, such as car loans, home loans, or education loans.
The increasing popularity of term insurance combined with its rising demand among women has encouraged insurers to offer more women-centric plans. These plans are designed to cater to their diverse needs. These needs range from securing their children’s education to taking care of major debts. Search the market for a plan that suits you best. Such a plan will enhance your own life as well as that of your loved ones.