What Woman Should Know Before Buying Life Insurance?

A life insurance policy is known to provide peace of mind. However, we see women lagging when it comes to buying a life insurance plan. As per the IRDAI’s annual report for 2020-21, the number of life insurance policies provided to women in FY 2020-21 is nearly 93 lakhs, which is a 33 per cent share as against a share of 32.23 per cent in the FY 2019-20.

Since time immemorial, women have remained the epicenter of homes. Previously and even now, women are responsible for managing their homes and children. With the evolution of technology and globalization, women are comparatively more independent than ever before. Despite this, many fail to understand the importance of having life insurance policy and still rely upon their male counterpart to make the decision.

Life insurance meaning

Remember that your life matters the most. As a woman, you juggle different roles of a professional, daughter, wife, sister, mother, and grandmother. And if you are the breadwinner of the family, then life insurance is a must. Having life insurance protects your family’s stability and financial future in the case of your untimed death.

As there are various life insurance options available today in the market, it may be difficult for you to choose the appropriate one. Listed here are some smart tips you may consider for selecting appropriate life insurance as per your suitability –

Determine your requirements –

The needs of every person are distinct. The same stands true for a woman. Every woman has unique requirements in terms of age, dreams, and responsibilities. Let’s suppose, if you are a single mum, you may want to ensure that your kids’ dreams and higher education requirements are met with ease in your absence. Or if you are a single working woman, you may want to protect your family against any random health condition or ensure that outstanding debts are repaid in full in your absence.

Ensure to recognize distinctive requirements as well as goals, based upon your lifestyle, age, marital status, income, occupation, dependents, and other necessary parameters. This will assist you in selecting a suitable life insurance plan from various policies available today.

Opt for adequate life insurance

There is a wide range of life insurance policies available in the market to choose from. This may result in great confusion. A term insurance plan is looked upon as the purest kind of life cover. Here, your family gets the assured sum if you die during the policy tenure. Nowadays, you may even find an improvised form of term insurance in the market. These improvised versions are designed to mitigate your specific requirements like availability of a top-up option, regular income, enhanced cover to meet your crucial milestone etc. Additionally, such an insurance plan may come with low premiums for women making life insurance policies an affordable option.

Nowadays, an online life insurance calculator is available on various insurers’ websites, which allows you to select the appropriate insurance as per your requirement and suitability.

Cover up health requirements –

Genetically and biologically, women are usually exposed to various health risks. These include diseases such as cervical and breast cancer, besides other severe conditions. And during pregnancy, women witness a different set of problems – before, during and after giving birth. Postpartum depression and gestational diabetes are also some of the pregnancy-linked complexities.

While with medicine, such conditions may lessen, the cost involved in managing and curing them may be difficult to manage if you are not financially stable. In such cases, your insurance plan may come in handy and prevent you from draining away your savings and investments. Term insurance plans may come with comprehensive protection wherein adding a health rider can help you avail coverage for such issues including accidental death, and disability due to terminal illness.

Ending note –

Before you buy a life insurance policy, ensure to conduct your own research to make an informed decision. Your personal circumstances must ideally decide your policy’s length. Your aim must be to opt for life insurance that offers optimal benefits at minimal premiums. Having said this, any kind of life insurance plan is better than not having one. So, ensure to avail one as soon as possible.

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