When you're single, it's easy to give in to the thought that you do not need life insurance, as you have no dependents. However, this is a misconception. Life insurance can be used to pay off debts you may have acquired. You'll get tax benefits, and can cover miscellaneous expenses that may otherwise befall on your other relatives. You could think of taking out a women's plan, which will cater to your specific needs as a young, single, independent woman
Most families are increasingly dependent on dual incomes to cover daily living expenses. This kind of income also creates a corpus for perks like leisurely activities or travel pursuits. You might find a unit-linked-insurance plan convenient. You can fund other long-term financial goals such as a retirement or education costs. As a working woman, life insurance can protect your financial objectives.
You might find yourself among the increasing number of women business owners. Insurance in such a case can provide you the necessary support to maintain your expenses. Your business may experience transitions and turnovers. Having an insurance policy in such scenarios will prove to be handy for you. A retirement plan will give you a pension that kick starts your finances in your golden years.
For any number of reasons you may find yourself as a single mother. Consider a child's plan to balance out your finances. As a lone parent, you're probably the primary caregiver for your child or children. Insurance in this case will provide you with the monetary support you will need to ensure that your child's future is secured. Both you and your child will be given a bright future to grow and succeed with insurance.
Keeping up a household is credibly a full time job. Imagine if your family had to hire outside help to cover all the responsibilities you take care of as a stay-at-home mom; the costs would probably be astronomical. An insurance policy is supplementary to the numerous responsibilities a mother is in charge of. Something like a term plan can keep a home running in the fiscal sense, if anything were to happen to you.
Many women are in charge of taking care of aging family members as well as children at the same time. Caring for your parents or other relatives from your parent's generation comes with added costs, like that of specialised health care. Your daily expenses tend to increase. Your responsibilities in these situations are greater. Medical insurance can be like a helping hand that can share in your caregiving.
There are several reasons why insurance is an important facet in everyone's financial plan. As a woman, you shouldn't overlook this crucial asset protection strategy. It is not good news if you've no insurance coverage or are underinsured. Underestimating the value of insurance can get you in a fix. Avoid this unnecessary hassle by being insured and staying insured. HDFC Life has a number of insurance policies offered offline and online per your convenience. These are tailored to suit your every need, and will give you peace of mind.
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"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
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