Finance & Investment, The need for women life insurance policies

by ADDI VARDHAMAN - Date: 2008-06-25 - Word Count: 408 Share This!

Summary: Both husband and wife should have separate life insurance coverage. The separation offers extra financial security to the family.

Insurance policies that offer life coverage are not a common practice among Indian women.

Traditionally they were the home-makers and the insurance facility was confined to the bread winning male member only. But there is a gradual positive change in this attitude now. Though they are bounded by social obligations, they have started buying the investment- oriented insurance policies. Insurance policy which offers life life coverage is no more a forced form of savings. They are purchasing these policies l not only to provide some cover to family, but also to earn a significant amount on maturity.

Life insurance is primarily a protective tool by which an individual is empowered to transfer the financial risk (to his/her family) of his/her early or untimely demise to the concerned insurance company. How do the insurance companies compensate the financial loss caused by the above situation? The answer to this question needs introspection as well as thorough analysis of the rationale of the policies. Apart from the the emotional loss, there is also a financial loss that occurs to a family , when the breadwinner or earning member of a family meets unfortunate premature death.

The home makers should buy life insurance to demonstrate caring and to feel comfortable that they have indeed done something to secure their family's future in case of any unfortunate event. Whether they need insurance or not is really an irrelevant question. Ensuring that the husband has sufficient cover is far more important for a housewife than ensuring that she has sufficient coverage for her life. It is an out of box thinking that if the husband has sufficient life cover, there is no pressing need for a woman to buy insurance policy for the same purpose.

Premiums on life insurance policies vary from company to company but in general it is within the affordable limit. The perfect approach to buying life cover is to consider whether the risk covered by the policy has the potential to jeopardise the family's future. The housewife has to introspect on whether her death besides an emotional loss could cause any financial damage. If financial loss is there, she should not waste time and purchase a policy as soon as possible.

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