Why do working women need life insurance?

Women today are more empowered socially and are working hand in hand with their husbands to provide for their needs and build a better future for their children. More than two thirds of women in India are breadwinners or co-breadwinners in the family. But when it comes to their financial planning they are happy to let the men in the family take over.

Unfortunately, the attitude towards money is still pretty much the same as it used to be decades back as far as the ladies of the house are concerned. Working women must realize that if they are sharing every other responsibility in the family, they must get to some smart financial planning as well that can help them secure their lives against uncertainties that may affect their financial status. Life insurance plans are the vehicle that can be used for savings as well as investments. If you are not convinced yet as to why to need life insurance cover that is separate from that of your husband, here is a lowdown on the things life insurance can achieve for you:

Protection: 
Since you share the responsibilities of your families with your spouse, you must share the responsibility of protecting your family, dependent children and elderly parents. You do not want to be morbid, but getting life insurance cover for yourself gives you the mental peace of having protected the future of your family, in case something happens to you.

Helping with household expenses:
Women are usually the ones controlling the finances of the family. It is therefore likely that you need to think about expenses such as putting your children through school, putting them for other vocational classes or things like putting money aside for a wedding in the family. Planning in advance and getting the right kind of insurance plans will help you put your money aside for such kind of expenses.

Creating wealth over the long term
if you have specific goals in mind such as buying property or beginning a small business in the future you can invest in life insurance policies that will mature around the time horizon with such goals in mind. Investment oriented life insurance policies can offer you the benefits of protection, savings and even give you tax benefits. 

Retirement goals

If you are feeling secure because your spouse has invested in a retirement policy, we urge you to wake up and smell the coffee! Depending on one person's retirement savings will be difficult considering the fact that you will have to make the transition from a double income lifestyle to a single income one. Your needs may be reduced, but do bear in mind that old age comes with mounting medical expenses too that does not come cheap.

Thus as you can see, life insurance is a must for you as a woman and it is has nothing to do with feminism! It’s as plain as taking care of your individual financial needs and continuing to be independent. So instead of buying the next range of gadgets, clothes, shoes or cookware, go ahead and do some online shopping, this time for insurance plans!

[Source:  http://economictimes.indiatimes.com/why-do-working-women-need-life-insurance/articleshow/47367582.cms]