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Why do Women Need Life Insurance?

Women in India today come with varying financial backgrounds. With education empowerment, women today are self sufficient financially and can look after themselves without having to depend on anyone or their spouses. Although there is a huge section of women in the country who are housewives/homemakers, another portion of this segment hold senior job positions. With technology, women today also have the opportunity to work from home, while single women too have now learnt to earn and fend for themselves and their dependents.

Women have empowered themselves financially, however, when it comes to creating a financially corpus for themselves and the family, the onus still lies on the men. This attitude towards financially planning and insurance needs to shift towards women as they seem to make some smarter financial planning.

This will not only help them share in the financial responsibility but also ensure that they secure their financial status for now and for the future. Women may be working, homemakers/work-from-home moms, single moms etc, each section of this huge gamut should have an adequate insurance policy for these reasons.

Stay-at-Home/Work-From-Home Women

It’s not an easy job, looking after the house, the kids, piloting the housework, cooking, cleaning, working and the list goes on. Women who stay at home or work from home have an unpaid never-ending 24/7 shift. All the more important for them to need a good insurance plan in times of unfortunate events. If the woman of the house expires, there needs to be sufficient financial support so that dependents of the house can be taken care of. The men can use the money as it will allow them to cut down on their work hours and help create a normalcy at home for the kids. The extra money can also go into paying for helpers like the creche, housemaids, cooks, etc. Else the spouse could learn a new trade which can help them be financially secure.

Divorced/Single Women

Single women without dependents need a good enough corpus to help them secure them financially after they retire. The benefits of having an insurance are similar to any insurance meant for an individual investor. It helps them lead and maintain a lifestyle long after they no longer receive their monthly income. Divorced women and single moms need a good corpus so that their child education plan is financially secure and any impending debts are paid after their death. With investments in Life insurances and ULIP’s single/divorced women also gain that much needed assurance when they retire.

Working Women

Working women, who are married or unmarried should make the most out of investing in insurance policies. With dual income families on the rise, there is a significant earning in a particular household. Although expenses are equally high, there is a good chance to save for the future so that they live their golden years fruitfully. Moreover, in case one of the spouse dies, the surviving woman can make use of the claim to pay off medical expenses if any, pay off liabilities and even turn the corpus into an asset. The possibilities are endless if the working woman invests in an individual insurance policy, as it prevents any sort of financial derailment.

Wealth Creation

With the sum assured from the insurance policy women can seek to start their own business in the future. With wealth in-hand, women can pursue a long lost hobby further invest in policies or SIP’s, travel or even buy valuable assets. Investing in insurance policies  ensure that women have a secure saving, receive tax benefits as well as protect themselves.

Securing Their Retirement

If you are a working woman and your spouse has invested in a retirement plan, its high time you hit that road as well. Even a little investment every month will ensure that you and your family have a sizeable income to enjoy after you retire. Especially if you are used to dual income, relying on a single spouses retirement plans will not suit your goals. Moreover, old age brings with it illness and medical needs, with a dual retirement policy meeting your financial requirement will be much easier. 

Written By: PolicyBazaar - Updated: 21 January 2021
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