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How Women, whether single, married or even a home maker can benefit with a Life Insurance Policy

Sunday, March 25th, 2012

While women have attained an equal footing with men across education and careers there are still matters where women need to provide for their futures and security. Investing wisely and taking out insurance covers with various available policies are good ways of providing for any future eventuality. Insurance policies are available as health, accident, education for children covers and even as life insurance. A life insurance policy is a good way to invest a certain sum every month or every year to get a benefit in case of death. The beneficiary is usually a spouse or children and this is also one way of providing for their future.

More and more women have tough and exacting careers and many of them have learnt to invest wisely with the various saving options available but not many still take life insurance seriously. While Life insurance has been popular for a long time statistics show that not many women, working women that is who have taken out life covers. Part of the reason could be that not many are aware of the many benefits of having a life cover and another could be that the thought of investing a sum of money without returns could be a deterrent. Working women contribute equally to their household expenses and in case of death this could make a huge impact on the running of the home that could include mortgages, other loans and children’s education payments or in their savings. A life insurance policy could help to cater for some of these and would ease the pressure off the family.

There are insurance policies whose terms are flexible. Women looking for policies can choose from a Term Insurance or a Whole Life Insurance. These are self explanatory, a Term Insurance is for a term which means that one can choose to pay premiums for a certain term or duration and the Life cover is applicable for that term. Term insurances are easier on the pocket due to their shorter durations but a Whole Life Insurance is for the entire life and here too premiums are paid till the death of the policy holder. It is important to understand the finer points of how policies can benefit the policy holder. For e.g. a renewable policy is always a better option for women as initially the premiums are manageable especially if you just started earning but as income increases and the job stability increases the policy premium will become more affordable. So, with a renewable policy a woman can easily renew an existing policy for another term without the entire paperwork and medical tests being required. This is why a convertibility option or a renewable option must be a preferred option instead of having to take on a new policy.

A Life insurance policy for a working woman is also a way of ensuring that her family is not suddenly burdened with managing on a single income if you pass away unexpectedly. Many policies are very affordable yet offer a great cover for families of policy holders. This kind of protection also gives a working woman the satisfaction of knowing that her family will not suffer financial as well as emotional troubles if she passes away. Even a stay at home woman contributes to the household in immeasurable ways. The contribution of these women is often underestimated and very often the family saves on babysitting, housekeeping, laundry and even driving costs thanks to a selfless person at home who runs all the errands and looks after the home. An insurance policy in these cases is a way to invest well as well as to further provide for the family when one major family support is gone.

Single women usually feel that they do not require a policy. Someone with youth on her side feels that death or accidents happen to others. Other single women feel that as there are no dependants there is no need for a policy especially a Life Insurance policy. But, insurance policies can benefit such single women as well. A policy that will help to pay for funeral expenses, hospital bills, mortgage or even any other debts will help to ease any pressure of any surviving family member like siblings, old parents or even friends. A life insurance policy or a term life policy will help with cash to pay for these expenses. Even single mothers benefit themselves and their children by taking out a good policy. While expenses and budgets might be very tight for a single mom it is still very important and very possible to find a good policy that has a premium that can be afforded. Many good policies are possible with just a few budgetary constraints and the benefits of these for your children in case of your death are a lot. Investing this way will also help you feel relaxed about the future if it holds any surprises.

There are so many options available online when a woman looks to invest in a life insurance policy. A standard rule of investing in a policy is to buy a policy that will insure the holder for at least 10 times of her present salary. Convincing a partner or spouse to buy a policy is also beneficial as many companies have excellent benefits for a joint policy. Many insurance companies have their own sites where information on all their policies is readily available. There are also representatives who are available 24×7 to explain a policy and its benefits and to answer any query. One can even ask for an agent to visit with more details. Always read through the terms and conditions before signing up for anything and investing in a reputed company or a recommended policy is a good way to start. The internet also makes it very easy to compare services, features, end benefits and premiums between various companies and their policies. Choose wisely so that you get to help your next of kin benefit with your investment and prevent them from facing any financial burden after you.

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