Why Life Insurance Is A Must Have For Working Women?
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For a very long period of time women have been suppressed by society under the gender norms that society had created. However, with the changing times and development, women have been empowered socially and are contributing to create a better future for their family by teaming up with their spouses to earn a living. It is very important to understand that women can engage in financial planning to secure the future of their families other than household activities.
Why Life Insurance Is A Must Have For Working Women?
Here are some reasons that support the idea of life insurance for working women:
1. Financial Protection
The main objective behind purchasing a life insurance policy for working females is to provide her and her family with financial protection from the uncertainties of life. In case of an unfortunate demise of lice assured (working female of the family), a death benefit shall be provided to the nominee to fulfill their immediate financial responsibilities and make arrangements for future resources.
2. Affordable Premiums
Some life insurance providers offer attractive premium prices for women as women are considered less risky. However, every household does not have a working woman, they are provided with an option to pay lower premiums.
3. Future Financial Planning
Relying on your partner’s life insurance policy may not ensure financial security to you and your partner in your retirement. As inflation increases it will become difficult to rely on one person’s insurance policy for retirement especially when the dual income transitions into single income. There may be less requirements but your medical expenses may increase so it is best advised to have a life insurance plan as long as you are working.
4. Tax Benefits
The premium paid on a life insurance policy is tax deductible under Section 80C and 10(10D) of the Income Tax Act. Death benefits and in some cases maturity benefits are also tax free. As a working woman you can make more efficient tax savings decisions if you choose to purchase a life insurance plan.
To conclude
Women are the strength of every household, they are capable of providing emotional and financial support to their families. Therefore, every woman should consider life insurance in her financial planning to create a financially secured future for their families even. With the help of life insurance policy a woman can ensure financial security of her family even in her absence.
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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.
