Why Do Women Need To Buy Insurance?

In India, life insurance is traditionally sold as a policy for the principal earning member of the family—men. However, things have changed now, and many women work to earn a living. In some cases, they are even the only earning member of the family.

Earlier, financial awareness of women was low, and they relied on their fathers, brothers, husbands and sons for financial decisions. Sometimes, they simply sign Life Insurance papers without understanding the implications. But that too is changing now.

Continue reading to understand “why insurance is important for women?” and “what are the options available?”

Life insurance in India is very popular as it caters to a lot of families. Only a tiny amount of women make up the nation's total insured populace, which is less than a third of the public.

This is because:

1. The financial awareness of women is low and they don't take much interest in discussing money with family members.
2. They believe in their family members and agree to that.
3. Women get lower salaries than men because they have the same qualifications and skills.
4. Women can live longer and have babies with certain health problems. They don't have insurance for issues like arthritis and osteoporosis.

But Women Need Insurance. Here’s why?

Women Need Insurance to Attain Financial Independence- Money-back, ULIPs are necessary for women just if she isn't the main earner in the family. She will have financial independence with a life insurance plan. She will also see a decrease in her dependence on others for expenses.

Women Need Insurance to Build a Financial Safety Net for Her Loved Ones- High risk cover is provided by term life insurance policies. This is useful for women who don't have a partner or who don't have enough money to keep the family fed. Her death can have serious consequences for her family. The family will benefit from the death benefit.

Women Need Insurance to Save for Specific Goals - Women can support their husband by saving money for their child’s future in various child plans or any specific-goal related savings through investing in various life insurance instruments.

Women Need Insurance to Live a Worry-Free Retirement -The regular source of income in retirement is job/work stops. Saving in retirement plans allows you to get regular income after you stop working. Women can survive on their own without having to depend on anyone.

Women can consider that some critical illnesses can be covered by that. The health insurance plan provides a fixed financial benefit that will cover medical costs and losses if you are critically ill, a long term problem or if your income goes down.