A Life Insurance Policy Is A Must For All
Women, be it housewives, working women or single women, should buy a life insurance policy. For working women, the life insurance policy is necessary so that her family is able to continue with the same living standard after her death. For those who are single, the life insurance policy will help to clear off any debts that they may have and also act as a retirement investment. For housewives too, a life insurance policy is a must because when they are not there the husband will have to spend extra on a help.
It is important to buy the life insurance policy as early as you can. This lets you reap better benefits and also the premium is lower when you buy the life insurance plan at a younger age.
What types of life insurance policies should a woman buy?
There are a number of life insurance plans find out more and you need to shop around to understand what is best for you. It could be a little confusing for you to start but knowing these plans will let you take an informed decision.
- Those who are young should opt for a term insurance plan. This is a life insurance plan that offers pure risk cover. The premium amount is low and in case of your death, your nominee will get a substantial amount to continue with their life. However, if you survive till the end of the term then there are no benefits of this plan.
- Endowment plans are also a good option where the insurance also has a maturity benefit along with life cover. Here in case, you die then the nominee will get the sum However in case you survive the term then you are eligible for the maturity benefits.
- Whole life insurance is where your entire life is covered and you also get periodic payments.
- A ULIP or unit-linked insurance plan is beneficial for your retirement. The plan, however, saves into equity funds and thus it is a risky form of investment options.
Insurance for your children
Buying an insurance plan for your child at an early stage is also a recommended option. This will let your child have enough money for its future needs. The plan will offer cash flow and also will cater to the needs of the child.
Uncertainty is a part of our lives and an unexpected event could happen at any time. Thus it is important that every individual is properly insured so that his family is protected financially in the case of an unforeseen event.