The man of the house always purchases the life insurance cover, this is the common notion that Indian families are surrounded by. Even though the times have changed, women are not only the primary care giver but also are increasingly becoming primary breadwinner as well.
The whole objective of a life insurance is to replace the lost income. Be it wage earning or stay at home moms, it is important for both to avail a life insurance policy. Let us read why:
The need of insurance for working women:
If you are a working woman and your income is a significant contribution towards the needs of your family, then it is important for you to buy a life insurance policy. And, the good news is that in most countries the premium for life insurance for women is considerably cheaper than that of men. Moreover, we live in the digital age where looking for an affordable life insurance cover is as convenient as shopping for clothes online. Purchasing an online life insurance policy will find you the policy that best suits your needs and budgets.
In case of your sudden death, your loved ones along with the emotional grief may also have to face financial crisis. Even though your financial contribution to the needs of the family is low, ensure that you cover it using a life insurance policy. So that your loved ones so not lose out on valuable income on which they now rely.
Reasons why stay at home moms need life insurance policy:
If you are a stay at home mom, your contribution to the family matters much more than the monetary contributions. What if something happens to you, who would take care of your kids while your partner worked? And irrespective of whether you earn or not, you would like to leave some kind of safety for your loved ones, right?
Now that you know that your contribution is valuable in many ways, here are two types of life insurance policies that you can purchase:
Term life insurance:
Term insurance is a type of life insurance coverage that offers financial coverage to the policyholder for a specific period of time. The sum assured is pre-determined. The premium of life insurance policy is comparatively cheaper than that of other policies. However, no benefit is paid if policyholder survives the term period.
Whole life insurance:
The coverage in this type of policy is comprehensive and provides extensive coverage to the beneficiary of the policy. Whole life policy requires the policyholder to pay out premium on regular basis until the sum assured is paid out to the family at the time of death.