Term Insurance: An Inevitable Requirement for the 21st Century Women

Term Insurance: An Inevitable Requirement for the 21st Century Women PolicybazaarAverage Rating / 5 ( reviews)
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Women in the 21st century have surpassed all barriers of society and are no longer considered to be the weaker sex. There are empowered more than ever before and even provide for their families financially. More and more women globally are becoming breadwinner or co-breadwinner of their families. However, when it comes to financial planning and building portfolios they let men take the forefront.

Due to the fact that women have emerged as equal participants in providing for their families and building resources, there are a  plethora of reasons for women to opt for term insurance plans in the UAE. Term insurance plans are simple, affordable and flexible forms of insurance that offer financial cushioning against unforeseen events on the trail of life. Term insurance plans are an integral component of a well-versed insurance portfolio that secures the future of one’s family and loved ones.

Women need financial protection just the way men need it since nobody is aware of what does the trail of life holds for us. Securing the future of one’s family offers financial security and stability in your absence. If you are a housewife or a working woman there are numerous reasons you should purchase a term insurance plan. However, before we shed light on the various reasons let us first understand what are term insurance plans.

What are Term Insurance Plans?

Term insurance plans are one of the most affordable, flexible and simple forms of term insurance plans available in the market. The plans offer coverage for a limited period typically known as the term of the plan. The term of the life insurance plan usually varies from a minimum of  5 years up to 30 years based on the requirement of the buyer. Term insurance plans offer high coverage amounts at affordable monthly premiums that make one of the most popular insurance products available in the market.

Term insurance plans work by providing a death benefit in case of any event leading to the demise or disability of the policyholder within the policy period. If the policyholder passes away the policy period then the nominees are not entitled to receive any maturity since term insurance plans have no maturity benefit associated with them. Term insurance plans are available at quite economical prices that do not add additional benefit over the pocket of the buyer.

Importance of Term Insurance Plans for Women

There are numerous reasons that make term insurance plans an absolute must for women, here’s a quick rundown-

  • Financial Protection: Working women in the 21st century have several responsibilities. Whether it is providing for the family or supporting parents, the financial support provided by females cannot be underestimated. Due to the fact it is equally important for women to get themselves insured via a suitable insurance provider that provides the right term insurance plan. In case of uncertainty that leads to the demise of the policyholder, the insurance plan will take care of the dependents making sure that they don’t have to struggle during phases of financial hardships for necessities.
  • Paying off Debts: More and more women are opting for educational loans and various other kinds of loans to meet their financial requirements in the UAE. Buying the right term insurance plan will ensure that their dependents don’t have to struggle with debts in case of any event that leads to their demise. Term insurance plans provide the sum assured that can be utilized by the dependents of the policyholder to clear outstanding debts which reduces the financial burden. Insurance companies pay off the outstanding debts along with providing the sum assured that helps the dependents to make ends meet.
  • Retirement Goals: Retirements are like long-awaited vacations, you get all the time to travel, explore and pursue your long-left hobbies. However, it is imperative to plan for retirement as early as possible to ensure that you live the twilight years of your life peacefully without any worries. A term insurance plan is one of the steps you can take towards your retirement planning that will help you to secure your future. Furthermore, term insurance plans that are coupled with maturity benefits are quite suitable to cover expenses of the twilight years along with providing the required financial protection.
  • Preparing for the Future Family: Getting married and having a family is one of the biggest responsibilities in human life. The responsibility requires financial assistance along with efforts to bring out the best. In a country like UAE, managing a family is expensive and therefore buying a term insurance plan is the right choice to provide the required security for you and your loved ones.
  • Coverage against Illnesses: Insurance seekers have the option of adding on several riders to enhance the protection quotient of their term insurance plans in the UAE. One such vital term insurance rider is a critical illness rider that provides coverage against various critical illnesses like cancer, cardiac issues, organ failure, etc. Getting a term insurance plan not only ensures coverage against ailments but considerable peace of mind.

In a Nutshell

Women in the 21st century should realize their contribution and should make sure that they have the required protection against uncertainties on the trail of life. Statistics indicate that not more 38% of the total women in the UAE are getting themselves insured with the right term insurance plan mainly due to lack of awareness and various other societal constraints. Buying term insurance plans is vital to ensure financial freedom for women and their dependents in the UAE.

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