Today, women are as active in a household’s finances as men are. There can be many cases where a woman is the sole bread earner of the family. This means that she has the same responsibility of securing her family that a man would have. Hence, even in this case, term insurance is a must-have product.
Term insurance allows women to secure their family financially in case of their death. Women are found to be better at the planning stage of any objective. This includes financial planning as well. Since, the government and various organizations want to promote women to work and be actively involved with money. Young women have a few unique advantages of buying term insurance. They include:
- Debt protection
Much like everybody else, a young single working woman is likely to have debt. The biggest of them all could include education loans. Since, women’s education has been a long-standing issue and education costs have been at an all-time high, the only way to afford an education is through loans. This means that you pass out of your college with a degree and a debt. Other loans can include home loans, credit card loans, car loans, personal loans, etc. While you are working, you may have a way of paying back these loans. But, in the case of your untimely death, your dependents will have to find a way to repay these loans. A term insurance policy ensures that in case of your death, your family receives enough money to pay off your debts.
- Pursuing professional goals
People from all walks of life have some ambitions, something they want to achieve. Whether it is pursuing a different career or starting a business, you will need to spend a lot of money in the early stages. However, every penny you spend on your ambition is a penny that does not go into the security of your family. In such a case, you buy a term plan with a high life cover. This way, you family is financially secured and you can spend a larger share of your money on pursuing your goals.
- Future needs
Everybody wants to live their life on their terms, and why should they not. The older notions of getting married at 25 or having children a couple of years later do not resonate with women today. While that is a good thing, it makes life a little difficult to plan for. This is especially true in the case of financial security. Not having a clear idea of your future means you have no idea of what your future requirements will be. This passes on to your family as well. In such a case, it is better to buy term insurance be prepared for everything.
- Lifestyle illnesses
Lifestyle illnesses are ones that are caused due to dietary and living habits. These include diabetes, heart conditions, etc. For example, if you live in a region with high levels of air pollution, you have higher chance of developing respiratory diseases.
It is often found that women are more prone to certain lifestyle diseases than men are. Since, these illnesses decrease life expectancy, securing your family financially becomes more important. To do this, you should buy a term policy as soon as you can.
Term plans are extremely popular for a whole host of reasons. Two of the biggest reasons out of those are that they are extremely affordable, and they purely focus on protection. Hence, for a low price, you get a term insurance for family protection, and then shift your focus to other important things. Use a term insurance premium calculator to know your annual premium amount today!