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Reasons Why Working Women Should Have Life Insurance

Updated On Jul 30, 2021

For ages, the patriarchal society has oppressed women by keeping them in clutches of rudimentary gender norms. However, today's women are more socially empowered and are teaming with their spouses as co-breadwinners to meet their family’s demands and ensure a better future for their children. Hence, it is high time that they recognize that, in addition to sharing all other responsibilities in the family, they must also engage in wise financial planning that can help them safeguard their life against financial uncertainty. The following article will further convince you to purchase a life insurance policy through some arguments in favour. 

 Why Should Working Women Have Life Insurance?

Here are some reasons that support the argument of life insurance for working women. 

1. Financial Security

You should not compromise on protecting your family if you are responsible enough and share financial responsibilities and obligations with your husband. So, if something happens to you, a term life insurance policy will provide you with the comfort of knowing your family will be protected in the future through the payout benefits. 

2. Low Premium 

According to a survey, women have a longer life expectancy than men. This implies that females are less risky for insurance providers to insure. Hence, ladies are given lower premium prices than males when it comes to life insurance. Moreover, since every household does not have a working woman, they are given the option of paying lower monthly rates. Therefore, life insurance becomes a more cost-effective and appealing purchase, with several benefits of life coverage and financial savings.

3. Long Term Goals

Various expenses such as home loans, car loans, a child's higher education, marriage etc., can be met through term insurance death benefits. This way, you can ensure that the financial burden does not fall on your surviving spouse and children if something happens to you. Planning ahead of time and obtaining the appropriate insurance policy cover will assist you in putting money aside for such an occasion.

4. Retirement Planning

Even if your husband has put money into a retirement plan, you will not be immune to financial difficulties in your later years. With the ever-increasing pace of inflation, it will be tough to rely on one person's retirement savings, especially since you will be transitioning from a dual income to a single income lifestyle. Your requirements may be lessened, but keep in mind that your medical expenses will increase as you get older. Hence, it is essential to have a plan. 

5. Tax Benefits

The premium paid on a term insurance policy is tax-deductible under Section 80C of the Income Tax Act. Furthermore, the death benefits from a term plan are tax-free. As a result, these benefits assist women in making more efficient tax planning decisions.

Take Away

Women provide not only emotional but also financial support to their families. Therefore, every woman should include a term plan in her financial plan to financially protect their family even if they are not present. So, rather than buying the latest technology, clothing, shoes, or housewares, you can gift yourself and your family insurance coverage that will protect them in testing times. 

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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