Here are four important reasons why working women need to invest in a Term Life Insurance right away. Read on.
Let’s face it – those days are long gone when only men were the sole breadwinners of the family. Today, women are not only financially independent but also an equal contributor towards the family’s finances. Therefore, any unforeseen incident resulting in a woman’s death can have an adverse impact on the family’s future too.
This is when a Term Insurance comes to the rescue. It provides a safety net to people with liabilities, be it a man or woman, against any hardship. Here are four important reasons why working women need to invest in a Term Life Insurance right away:
Check this: Life Insurance Buyer’s Checklist #In60Seconds
Financial Security Of The Family
One of the most important reasons to buy a Term Life Insurance is to provide a safety net for your family if something were to happen to you in the future. Death doesn’t come with a warning. So, if you are contributing towards your family’s finances, even if you are not the sole breadwinner, you must take into account any untoward event that can hamper your family’s financial well-being when you are not around.
Your financial responsibilities can fall on one your family members, like your spouse or kids, who may not be ready to for these challenges. Therefore, a term plan can act as a replacement for the loss of income and ensure that the family or a single spouse is not burdened with additional responsibilities, in case of demise of the other.
Additional Reading: What To Look For In A Life Insurance Plan
It’s Cheaper For Women
A Term Insurance plan is one of the cheapest types of Life Insurance and it’s even less-expensive for women. Studies conducted on life expectancy showed that women have a longer life expectancy than men. And this very fact brings the cost of Life Insurance down for women. Also keep in mind that the younger and healthier you are, the lesser it will cost you. Get a Term Life Insurance today.
After your demise, the last thing you would want is your family to deal with your financial liabilities. So, if you have taken any big-ticket loans such as a Car Loan, Home Loan or Personal Loan, it’s important to buy a term plan of the same amount to make sure that your family is not burdened with unreasonable debt if something happens to you.
A Term Insurance can help you save taxes too! Under section 80C of the Income Tax Act, 1961, the premium you pay on your Life Insurance policy is eligible for a maximum tax benefit of Rs. 1.5 lakh if the policy has been in force for at least five years. In case the policy is terminated or surrendered within five years, the deductions are added to income and taxed accordingly.
Likewise, the proceeds in case of death of the policyholder or maturity of the policy are subject to no taxation under Section 10(D).
Death is unavoidable and the least you can do is secure your family’s future by buying a good Term Insurance policy to help them tide over difficult times. So, go ahead and explore your options right away!
Additional Reading: The Definitive Guide To Buying Term Life Insurance