Term life insurance is the first step a single woman can take to secure herself and her family from any unforeseen circumstances. A term plan assures that your nominee receives a sum assured in case of any untoward incident. However, it has no cash value, and the amount is given only in the case of death or critical illness as per the plan.
Following are the five tips for single women to purchase a term life insurance plan:
1. Affordable:Term insurance is inexpensive compared to the life insurance plans since there is no question of any regular returns. These policies only come into effect if the policyholder passes away or is diagnosed with a critical illness as per the policy terms and conditions. Additionally, purchasing a home early in life can help you save on premiums.
2. Accounts for debts and expenses:Single women may have car loans, home loans, credit card debts, and educational loan, which may cause a burden for the family member left behind. Several term insurances for women offer to waive off the premiums in case of critical illness.
3. Tailor-made policyOne of the significant reasons why a single woman should purchase a term life insurance is that it can be customized or tailored as per the individuals’ financial needs. This can offer a sense of relief to single women in terms of payment of premium of the term life insurance. One no longer needs to adhere to the exact plan; a flexible term plan can suffice all their requirements.
4. Provide support to the business:If you are a single woman, chances of having your own business are high. A term life insurance policy can support your business in case of your untimely death or during illness. It can ease the financial burden on the other stakeholders of the business.
5. Leave A Legacy:You certainly want to leave a legacy for your family members and not debts. A term insurance policy will ensure that your family members receive enough money not just to survive but live their lives with dignity and fulfil their dreams.
As a single woman, you will undoubtedly have many things to look after, but that certainly should not be the reason to ignore your financial planning.
Learn more about our online life insurance plans.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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