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Why Women Need Life Insurance?
- DetailsWritten by PolicyBazaar -
- Hits : 1377 -
Modified 04 July 2016
The common perception is that women don't need life insurance because they have no dependents. This is far from truth. Times are changing; through the last decade, the fraction of the women in the workforce has steadily been on rise. At present, an increasing number of woman are taking up the role of breadwinners in the family, solely or along with their husband. But it seems plain strange that most of the women are uninsured. Even those who are insured, have a substantially lower cover than men. Even the women themselves never think about getting insured.
So the question naturally arises, does a woman needs life insurance and if yes, why? The most simple and straightforward answer to this is, yes, a woman does need to get insured and for the same reasons a man do. How else can you assure financial security to your loved ones, make up for the lost income and help them overcome the financial liabilities, in case of your untimely death.
It is becoming costly to live a decent life. The husband's paycheck alone, no more suffices to meet all the household expenses. A woman's earning adds up to the husband's income, to make the much needed financial supplement. This added income goes in meeting short term financial obligations as paying bills as well as in long term savings as your child's education corpus. If you are a married working woman, the single most important question to ask yourself is, if you were to meet an untimely death, would your husband’s income alone be suffice enough to maintain your family's present standards of living. If not, there's no reason you still haven't got a life insurance.
As far as stay-at-home moms are concerned, who wouldn't agree that managing a home is a full time job and quite challenging one. Being a homemaker, you take up a multitude of roles and responsibilities and your family realize that the things you do for them are invaluable. In case of your unfortunate demise, it is natural that your spouse will have to bear all those responsibilities that will eventually affect his professional life, which in turn would possibly affect his income. A life insurance cover will make sure he does not face any financial crisis at a time when he must already be passing through an emotional turmoil of losing you.
As a single working woman, you might have a hard time figuring out why in the world would you need a life insurance cover for. Might we remind you, you are overlooking the fact that life insurance is not just a financial cushion for your dependents but also the savior to help them get over your financial liabilities. No women would want to leave her family with a goodbye gift of a bouquet of due payments and unpaid expenses. Just imagine your aging parents living on some gentle source of income have to pay off your debts and loans because the assets you left behind weren't enough. If you have a life insurance cover, your death proceeds can be utilized to make up for the outstanding debts, loans and taxes. Besides, as a young and healthy single working woman, you'll get your life insurance policy fast, cheap and easy.
Getting a life insurance becomes all the more important for divorcees and single moms. As a single mother, you solely take care of your child and it becomes your duty to financially secure his/her future. Ideally you should opt for a life insurance cover big enough to make up for his education and living expenses.
Getting a decent life insurance cover is kind of imperative when you are the single daughter of your parents. Being the only child, you have financial responsibilities towards your parents, even after you get married. Getting insured will make sure that if something is to happen to you, your parents will thrive a financially independent life with your death proceeds.
Whether you are single or married, a working woman or homemaker, have children or not, getting a life insurance is very crucial. There are many variants to a life insurance and what suits you totally depends on subjective factors such as age, salary, standards of living and financial habits. Just evaluate your needs and make an online comparison of the best life insurance quotes today.
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