Term Insurance for Single Women

Financial independence is important for each and everyone, and women are no exception. Also, having a good financial plan that you can provide for your family members is even better. This makes the term plan an essential part of a woman’s financial planning. When it comes to buying a term plan for a single woman, building strong financial support is important.

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A term insurance plan can provide stability and security to the family members of a single woman to continue their lives with enough funds in their absence.

6 Reasons Why a Term Insurance Plan is important for Single Women?

It is true that marriage comes with a number of responsibilities in the form of your better half and ultimately, children but there are sufficient reasons to buy a term plan even if you are not married or not living with your partner or got divorced. Let’s discuss them in detail:

  1. Protection of your family members

    A term plan is the right option for single women to create a financial safety shield for their family members. As sole earners for their parents and other dependent members, single women should buy a term insurance plan easily to make sure that their family members can live a financially protected and stable life in their absence.

  2. Health Coverage against Critical Illness

    With the daily hectic schedules and other responsibilities, single women have to take care of their health like lifestyle illnesses or even other diseases such as ovarian cancer or breast cancer that might be a result of excessive stress. You can add a health rider or critical illness rider to a term plan that helps enhance the term plan coverage largely and secures you against the disease that is mentioned in the policy documents.

    Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar
  3. Pay More in Later Ages

    Most young individuals who have just started their careers are very much conscious at the time of spending money. They don’t consider buying term insurance as they think other things are more important where they can invest their earnings. With the increase in age, the premium of a term insurance plan also increases, and therefore it is a wise decision to purchase the plan when you are healthy and young. Let’s understand this with the help of an example:

    Term Cover Rs. 1 Crore Rs. 1 Crore
    Policy Term 30 years 30 years
    Term plan purchased at the age of 25 years 30 years
    Premium amount (in Rs) 498 per month 556 per month
    Five things to know before buying Term Plan Five things to know before buying Term Plan
  4. Take care of Career Objectives

    Apart from the stress of a number of responsibilities, a single woman enjoys a certain rate of independence which helps to opt for new ventures and achieve their dream plans. Though, the investments in starting phase of any business might build some debts that need to be repaid over a time period. A term insurance plan makes sure that the family members do not feel the pressure of these debts in case of the unfortunate demise of the policyholder.

  5. Repayment of financial liabilities

    Your parents might have taken an education loan to fund your education. After getting a stable job, it becomes your responsibility to pay off all the loans. So buy a term plan that helps you to repay all the education loans, car loans, and any dues on your credit card, in case something unforeseen happens to you.

  6. Tax Saving

    With term insurance plans, tax liabilities can be reduced for a single woman. Women can claim a tax deduction of up to Rs. 1.5 Lacs on the premium amount paid towards a term plan u/s 80C of the ITA, 1961. These types of savings can help invest in different opportunities and form a strong financial plan.

Do Insurance companies offer Term Insurance for Single Wife?

Yes, insurers like Max Life Insurance – Non-working spousal cover, ICICI iSelect 360 offer term insurance for Single Wife. Term insurance plans were bought during the time when they were together as a married couple, and now want to get separated or divorced. Upon filing the divorce, the couple generally draws up a list of financial assets before deciding how these assets are to be divided.

As a single wife, you can buy a term insurance plan to protect your family members from any financial crisis and the plan also offers various benefits:

  • High cover at low premium rates

  • Retirement Funds

  • Coverage for your long term future objectives

  • Riders that enhance the coverage of your term plan

Wrapping It Up!

Term Insurance Plan can provide single women stability along with the peace of mind. Knowing that their family members are protected can also give a single woman, the confidence to excel in their occupation, live a comfortable life, and start new ventures.

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