Why do women need Term Insurance plan as much as men?

A term insurance plan safeguards you and your family from many of life’s uncertainties, such as an unfortunate fatal life event, an unforeseen dismemberment, or an unexpected diagnosis of a terminal illness. Several years ago, only men, who were typically the bread winners of a household, were the only ones who applied and became holders of such policies. With times, the part women play in a society have changed drastically.

In the case of millions around the globe, working women are contributing equally towards a household to their male counterparts. In many cases, women are even surpassing the contributions made by their spouses towards the expenses of the household. These changing times have more or less necessitated for a working woman to have a term insurance policy in place. Read on for the specifics.

Term Insurance benefits for women

  • A great investment opportunity

The managers of several term insurance plan or other forms of insurance schemes tend to add the term insurance premium paid by the insured to financial instruments that have an equitable growth rate. It is due to this benefit that makes term insurance plan a rather smart way of investing and growing a woman’s life savings. Such instruments are particularly useful if you want to get ahead of the inflation rate.

  • Coverage of several women-specific illnesses

The past few years have seen an ascension of growth of cancerous tumours amongst women. As per a recent survey, almost 40 percent of the cancer cases that came from India were instances of breast and cervical cancer, which are only specific to women. Several term insurance plans provide cover for such ailments. An insured woman can avail the benefits in the form of a lumpsum amount (for hospital expenses) of the same right after they present the diagnosis report.

  • Lower term insurance premium payments

Surveys have concluded that women tend to have a longer lifespan than men, which automatically translates to a much more favourable risk profile in the eyes as well as the minds of an insurer. This means that a perfectly healthy woman will typically have to pay a lower amount as premium towards their term plan as compared to their male counterparts. However, the same, much like in the case of males, will depend upon the prospective policyholder’s health history and age at the time of applying. If you are want to calculate your premium, you can use a term insurance premium calculator which is available online.

  • Double cushion for your dependents

The unfortunate passing of one of the breadwinners of the family can prove to be an emotionally as well as a financially difficult affair for its members. Also, as mentioned previously, the men as well as the women of the family have collectively started to step into breadwinner roles of the family. If, unfortunately, due to some or several reasons, both the breadwinners are unable to provide for their dependents, what would it mean for them? How will they maintain the lifestyle they are accustomed to? This is where term insurance benefits can come in handy. If both the working men and women of a family take up term insurance schemes, they can effectively prevent the money-related turmoil that their school or college-going children may have to face in their absence. If you are a single working mother, it would even be more prudent for youbuy term insurance, due to you being the only earning member of the family.