When and Why Should Women Need Life Insurance – 5 Reasons

Understanding life insurance in today’s scenario requires you to look at a number of things together. Firstly, we have improved life expectancy, medical conditions, nutrition and a lot of other things which not only narrate the blessings of science and technology but also throw light on how our lifestyles have improved. Secondly, we have those advertisements and heartbreaking stories in which women lost equity or bank balance to overcome expenses because their husbands had not taken out insurance. Thirdly, there are improved or degraded financial conditions.

Let’s resolve the case. Improvement of lifestyles has not reduced the number of emergencies.  Secondly, if your husband has not taken out insurance because you are financially stable or any other reason, yet you still have the right to take out insurance. Whether you are independent, a single parent, or never married someone, there are countless reasons that make insurance a must-have. Here are the most important reasons to save bucks even if he disagrees.

1. Retirement Planning

No matter if you are single, married or a single parent, you would definitely want to live your golden period without depending on anyone and without the fear of failing to pay your medical bills or living on green belts. Retirement planning is basically a combination plan which defines how you will manage your old age expenses. It includes finance resource to pay off mortgage and resources provided by the federation to make your retirement period securer and stress-free. The latter includes medical retirement plans, housing plans, business plans, security plans, pension, social security, death coverage and others.

Tip: There is a good variety of whole life insurance plans available online. If you want to save big money on life insurance then choose whole life old age insurance plan instead of individual plans.

2. Working Women – Dependent and Independent

For independent women, there are enough reasons to take out insurance. But the list is long enough for dependent women as well. A majority of families have both partner working for bread and butter. No matter if you are a dependent woman supporting your partner or an independent woman with dependants or kids to support, you will need insurance plans to save your family from derailing.

Tip: Ideal insurance plans for women working as employees include medical and study insurance plan. For businesswomen, it is important to get business and finance insurance plans along with life insurance. If you don’t work and stay at home then you can help your partner to find and get online life insurance.

3. Marriage or Study

Marriage is a bond which not only defines your mutual understanding but also the ability of you two to keep your financial commitments. Starting a new life is exciting but starting a new and insured life brings peace of mind and excitement both. For newlywed couples, there are a number of insurance plans in the market. You can also get online range of life insurance products or ask people around you for references and ideas.

Tip: Don’t hesitate discussing the financial matters, your concerns and liabilities with your partner-to-be. Our tip is to prepare your life insurance plan before marriage and sign the documents as soon as possible for stress-free years ahead.

Another important reason for women to take life insurance is when starting a new degree or resuming your studies. Many women continue their studies after marriage as well. Even if you are an independent woman, taking out life insurance will definitely save you and your family a fortune.

Tip: Before taking out insurance, apply for scholarships to help you cover the maximum of your educational expenses.

4. Before Having Kids

Unfortunately, with dropping global economy and trembling GDP, kids have become more of responsibility than of charm and excitement. Life insurance plans can repave the path of this responsibility by bringing you peace of mind. As a couple, you are already financially dependent on each other and independent as an individual. After having kids, automatically you both will have someone completely dependent on you. Life insurance will save your partner from doubled responsibilities in worst case of death of one partner. Secondly, life insurance becomes the stress-partner if circumstances become worst and go against increased life expectancy at birth.

Tip: Most of the life insurance plans are available as jubilee and premium insurance. Plan your family and calculate the difference in your finances after 10 years. After making all calculations, pick life insurance plan which ideally suits you to pay periodically.

5. A Gift After You

People struggle throughout their lives to help their families live their dreams. But your life insurance is something that can help them even when you are not among them. Life insurance money is a lasting legacy which can be used to pay the college fee of your kids abroad, for starting a new business or going on world tour. You can also suggest using this money for charity and other divine purposes after your life.

Tip: You can add many zeros to your life insurance money by starting it at early age. The earlier you start, the bigger would be insurance money.

True to its name, life insurance is not just a saving plan for unfortunate events but it is also a lifesaver and income resource for your family even after your life. It is a package that lives for long and this is the most important reason to get life insurance sooner than planned.

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