Gone are the days when a man used to be the sole earner of the family, nowadays women have slowly proved themselves at every stage, not only as managers but also as breadwinners of the family. In today’s era, both husband and wife earn their living. In a few cases, women earn more than their partners and in some cases are the sole earner of the family. However, people have noticed that women usually do not take their finances seriously and skip on investing in an effective life insurance plan. Usually women are unsure about purchasing a life insurance plan that many companies like Colonial Penn can offer.
This article will help you in understanding why it is important for a working woman to get insured under a life insurance plan.
Monetary security
If you are the breadwinner of the family or you can say the only member of the family, then you have to make sure that your family would not suffer in case of your absence or untimely death. If you do not offer much needed security to them then there are high changes that it will affect them severely both emotionally and financially as well. Even, both of you are working, still you need to invest in a life insurance plan to provide complete safety to your family in case of your demise.
Adding to your savings
Well, gone are the days when women use to save money in glass jars and make the mistake of investing money in chit funds. The women of today’s era are smart, intelligent and they know the accurate way of investing their hard earned money. And investing in an adequate life insurance plan is one of such ways to secure future of your loved ones. This will not only help in getting good returns but also provide a safety cover.
A Cover in case of a Fatal Illness
An adequate life insurance plan will be there for you to deal with all medical expenses related to a critical disease that will surely reduce the financial pressure on the family with the help of a considerable amount. In case you get diagnosed with a few illness that carries has severe repercussions, then you will be at least sure that you will receive a lump sum amount from the same. In the unfortunate event such as your death, you will be at least sure that your family will be taken care of by this plan.
Streamlining Costs
According to several studies, it is clear that women have a much higher life expectancy as compared to men. So, when it comes to life insurance plans, women tend to get better plans at better premium as compared to men. Thus, for women, it is a win –win situation along with several financial gain and security for a long run.
Retirement Savings
Relying on your partner’s insurance policy for a long run would not be a beneficial option. With the same, you may not be sure about the financial security and sometimes it would not be enough for both of you during your post retirement days. With an inadequate cover, you will end up spending more than you have. In such scenarios, an adequate life insurance plan will be there to help you out and will also assist in controlling your finances.
Security for your children
The primary concern of every mother is related to their children, their future, and financial security. You will always want to make sure that you and your children will never face any difficulty when it comes to take care of themselves and their education. You want to give the best to them-good education and a good life even if you are no longer there to assist them. A proper life insurance policy will make sure that your children’s safety and well-being even when you are long gone.
The types of life insurance policies that should consider include:
A term life insurance plan
This is a best term insurance plan in 2018 which makes sure that your loved ones are financially secure after you, even in case of your demise as well. The premium rates will be substantially lower for women as compared to men and it is advisable for all to buy the same at a young age.
Endowment life insurance plan
Such plans serve high profit for your long term goals. It will help you in planning for your financial future effectively. With the same, you will be able to save money for big events that includes children’s college education or their wedding.
A plan for illness
There is no doubt in saying that medical complications can occur any time. Life Insurance plans covering critical illnesses will make sure that you have enough funds with you to get the quality treatment and that your family is not crippled by heavy medical bills.