Women play an important role in every households and society. Choosing a good term insurance for women is essential because it is an easy and pocket-friendly way to provide for the financial security of family and loved ones.

Whether they are working in offices, running businesses or are housewives, women provide loving and essential support to their loved ones. Their mere presence buffets their family and loved ones through the many trials and tribulations that come in the journey of life. Thus, women should definitely look towards term insurance for their family’s secure future.

According to an article in the Financial Express , there has been a rise in the number of policies bought by women. In 2021-22 women bought 35 per cent of the total policies sold as compared to 2019-20 when women bought 32.3 per cent of the policies.

Although the number is still small, it reflects an increase every year in women buying insurance policies. Insurance is a major arrow in the quiver of financial safety and women need to use it more often. Buying insurance should be considered by working women and even self-employed women.

Reasons Every Woman Should Invest in Term Insurance:

Under term insurance policies several of the financial worries of a woman are covered.

  • Access to a secure future for your family: Life insurance can be viewed as an investment rather than an option. It takes care of financial needs of loved ones, in case of the untimely death of the life assured. Term insurance provides a way for the family and loved ones to secure their lifestyle and bear some of the financial consequences of loss.
  • Cost Friendly: Each investment brings its own flavour and benefit to financial planning. One of the main benefits of term plans is that their premium amounts are low as compared to the benefits offered. Earlier you buy a term plan, lower the cost as the premium increases with age. Plus they provide a death benefit to take care of family needs in case of the unfortunate demise of the life assured. Thus, term plans are an essential element in financial planning.

  • Add-ons: Some insurance companies offer term plans which offer more than just death benefits. For example, under Future Generali Care Plus Plan one can opt for an add-on accidental death benefit.

    Some term insurances provide a critical illness benefit too. This feature allows policyholders to cover the treatment expenses of the medical illnesses mentioned in the policy by offering the critical illness sum assured. For example, Future Generali Express Term Life Plan is a pure term plan with an in-built terminal illness and accidental death benefit.

How Should Women Choose a Term Insurance Policy

While deciding on a policy, consider these crucial factors:

  1. Choose a term plan that best suits specific needs: Everyone’s needs are different and depend on their life stage. A coverage and premium that suits a young adult in a first job will not be the same as that for a person in their 30’s in a senior role or a single mother looking after her children. A policyholder should consider their life stage, and assess their current lifestyle, expenses, and income before deciding on their term plan.
  2. Go for optimal coverage as per human life value calculation: Human Life Value is a calculation to estimate the inestimable— the value of policyholder’s life for their loved ones. Human Life Value Calculator is freely available online One way to decide on a term plan and coverage is to use the value given by the human life value calculator as the optimal coverage. Based on HLV score, policyholder can gauge the finances her dependents will need to fund their expenses in case of her unfortunate demise.
  3. Policyholder may opt for additional add-on benefits, if available, to make coverage more comprehensive: Different insurance companies offer different term insurance riders under their term insurance plans. Policyholders can add a rider to their base policy to be prepared for the uncertainties of life. Some riders are- accidental death benefit rider, terminal/critical illness benefit rider, accidental disability benefit rider and more.

  4. Opt For Term Policies Where Premium Amount Gets a Higher Coverage: Term insurance provides life cover at an affordable premium and is designed to fit any pocket. Before buying a policy, it is always advisable to check with financial advisors on the best life cover which secures family needs and a premium amount which can be easily budgeted for payments. Insurance provides another upside for women because they get discounted premium rates. So, women can get a higher cover than men by paying a same amount of premium.

    To know more about how term insurance can help you or the premium you need to pay, you can visit our site or talk to our trusted and experienced advisors.

CONCLUSION

Women must understand the importance of investing in life insurance and its benefits. It is not only a guaranteed way to create a financially secure future for family and loved ones but some plans also provide additional benefits like accidental death or terminal illness which can provide much needed support in times of crisis.