Essential Facts About Home Insurance

Understanding the basic facts about home insurance is crucial to protecting your investment whether you are a first-time home buyer or an e...

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07/06/2017

Life Insurance For Women: Is It Important?

So many reasons abound as to why life insurance should form an integral part in every individual's financial planning, still, most ladies and women disregard this basic asset in the strategy of protection and are therefore more likely to be uninsured or underinsured as compared to men. Therefore, even if you are a single woman, one half of a couple or you belong to a more extended family network, even if you work from home, you are part of a laborpool, or you head your own business, life insurance is very important to secure the transference of your wealth and assets, and most essentially,to secure the interest of your family and loved ones in the future.
Insurance for women screenshot

Let us take a look at some of the classes of women and the importance attached to their getting insured:

1. SINGLE WOMEN:

As a single woman, it is very simple and easy to believe that you have no need for life insurance because you have no one depending on you, but what is often forget or ignore is that life insurance can be used to settle your debts, estate expenses, final taxes, and any other costs or expenses that may turn out to be a financial hardship to your surviving relatives.

2. WORKING WOMEN

Present day families are depending more and more on two-fold incomes to take care of everyday living expenses, to cater for extras like travel and recreational pursuits and to provide the capital needed for much longer-term financial goals such as educational loans or retirement benefits. So, if you are a working class woman, a life insurance payoff can go a long way in reducing the effects of the loss of your income on your spouse or family's lifestyle and the financial objectives they may have in the future.

3. BUSINESS OWNERS

If you are a businesswoman or business owner, life insurance can furnish you with provisional cash to finance your business expenses such as payroll or other operating costs while you are in the process of selling it to another person and while the settlement of your estate is going on. It will come in handy when you are structuring buy/sell preparations and to take care of any possible loss of other important members of your company.

4. SINGLE MOTHERS

As a single mother, your primary responsibility is to support and cater for your child's wellbeing. Life insurance provides you with a continuous income to support your child's future growth and success. 

5. STAY-AT-HOME MOTHERS

Taking care a household is an all-time job. If you have to hire professionals to take care of some household chores such as cleaning, the costs would be seriously powerful and staggering. So, if you choose to take up these responsibilities, the hours your family members put in at work could be significantly reduced. Here is where life insurance comes in. Your life insurance policy can help you pay for these services that you need to keep the household running and also allows your spouse or family to continue working.

6. FAMILY CARE-GIVERS

 Many women are into family care giving. That is they provide care to aging family members and also act as nannies or governesses. Taking care of elderly relatives may consist of out-of-pocket medical expenses, adult day-care, specially designed mode of transportation, etc. Your life insurance policy can provide the funds if there is a possibility of these financial obligations continuing even after your death.

BOTTOM LINE
Whether you are a single woman, a business woman, a single mother, working woman, full-time house wife or a family care-giver, having a life insurance policy will go a long way in easing your financial stress when you are alive and even after you have passed on.

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