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Here's why Women should invest in Term Insurance Plans

By PolicyBazaar
  | Published: 07 March 2020 | Last Updated On: 08 February 2021

Buy a term plan and secure your family

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AED 100,000 cover starting at just AED 7/month

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Women in today’s era have surpassed all barriers of society and are no longer the ‘weaker gender’. In fact, women in the 21st century are strong, independent, courageous, and self-assured. Women are not only becoming independent and but are also providing for their families. Modern-day women have taken the forefront in all the fields including finance. By finance, we are referring to the financial contribution of women for their families. Women are not only providing for their families but also seeking financial protection for using the one most important tool viz. term insurance. 

A term insurance plan offers coverage for a fixed period known as the term. In case of any ill-fated event that leads to the death of the policyholder, the provider pays a death benefit to the nominee of the plan. In the case of term life insurance, the entire premium is allocated in providing financial security, hence they are considered pure risk protection plans. 

Although a term life insurance will not make immortal it will definitely help your dependents to make the ends during phases of financial instability. For women term, life insurance plans act as a shield that safeguards their family and dependents. 

Term life insurance plans in the UAE allow women to gain financial independence in numerous ways; we have picked some of the major ways. Here’s a quick rundown- 

Accrued Lump Sum

A key benefit of investing in insurance plans is long term savings. Accruing small investment over time helps to build up a sizeable amount of savings. The accumulated savings can be later utilized in order to pay for a child’s education, marriage, and other expenses. Furthermore, the accumulated savings can also be used as an emergency fund. 

Fortification of Household Finances

Women play multiple roles right from responsible and loving mothers to business tycoons. Just the way women play different roles at different life term insurance plans play multiple roles in safeguarding the futures of their dependents and loved ones. Term insurance plans yield death benefit which often turns to be the major source for managing day to day expenses after the demise of the insured. 

Retirement Planning       

Retirement is like long-awaited vacations you get all the time to pursue your hobbies and passion, travel and explore and spend the twilight years of your life the way you’ve always dreamt of. Several insurance plans offer coverage after retirement as this phase of life marks economic unproductivity which causes hindrance in paying outstanding debts.

Apart from providing financial security during phases of financial hardships term insurance plans build a corpus for your children. With the financial cushioning you can make sure that your children chase and fulfill their dreams without worrying about the finances. 

Why are Term Insurance Plans Suitable for Women?

A lot of people believe that term insurance policies provide no major benefits during the lifetime of the insured and question their utility and importance. Contrary to the common belief term insurance plans not only safeguard your family members and dependents but provide coverage against severe ailments and accidents via add-on riders. 

A term insurance policy is one of the most crucial components of a well-versed insurance portfolio. Furthermore, women today contribute equally to managing the finances of their households. Similarly, it is important for the modern-day women to gratify financial protection to the dependents in case of any unforeseen events. 

Advantages of Term Insurance Plan for Women

There are numerous advantages of term insurance plans for women in the UAE. Here’s a quick run-down. 

Monthly Income

Very often accidents lead to temporary or permanent disability which eventually affects the flow of income. In case the insured is bedridden due to disability be it temporary or permanent the insurance provider pays a specific amount every month which helps the family of the insured to make ends meet. 

Critical Illness Health Coverage

Modern lifestyle and habits are a major causative of critical illnesses like cardiac problems, organ failure, cancer, strokes, etc. In case the insured is diagnosed with any of the critical illness the term insurance plan covers the incurred medical expenses. An important factor to be taken into consideration here is that several providers offer critical illness coverage as an add-on rider, so it is important to check the price and services offered under the rider. 

Double Sum Assured

Another distinct feature that makes term insurance plans highly suitable and advantageous for women is the double sum assured. To understand this feature let’s consider an exemplary situation. Suppose the cover amount via regular policy is AED 125000, by opting for this add-on rider one can obtain twice the cover amount i.e. AED 2500000. The rider is extremely useful as by paying a nominal amount you can choose to double the coverage. 

Special Disability Rider

The majority of the term insurance plans in UAE cover a group of ailments between the tenure of the plan. However, with the special disability/ disease rider, one is entitled to top received more than the sum assured in case the demise of the policyholder occurs due to the given ailment. 

Conclusion

The prime objective of purchasing a term insurance plan is to secure the dependents of the family from financial hardships in your absence. Term insurance plans are one-stop solutions for females that protect themselves and their families from the strokes of uncertainty on the trail of life. Women in the 21st century have proved that they are not weaker gender anymore.