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Importance of Life Insurance Coverage for Women

February 28, 2012 | Comments: 0 | Views: 171

Men and women buy life insurance with the same purpose of protecting the financial needs of their family in the event of their death. They secure lump sum money that will let their loved ones live a comfortable lifestyle when they are no longer living to provide them with their needs.

Why Women Need a Policy

Nowadays, as there have been a number of women who have become breadwinners in their own families, it has been important for them to get covered by a policy. The benefits that their beneficiaries can get from their policy can replace the income loss when the breadwinner passed away. Such benefits will save them from financial troubles when there is no one to help them pay their daily expenses and mortgage.

Some women stay at home to be plain housewives and mothers and this role certainly doesn't generate any income for the family. However, mothers and housewives should think that their role is very important for a family so her partner can spend enough time to work and even if they are at home, they still need to get a policy for themselves. The possibility is that when the wife dies her husband would need to perform the role of his wife while doing work at the same time. He then needs to leave from work or minimize the number of his working hours. Obviously, the income of the family will be affected; however, when the wife has life insurance, this problem won't be experienced by her loved ones.

Available Policy for Women

When it comes to life insurance policies, men and women have the same options to choose from. The most common types of policies are term life and whole life policies. A term policy covers a policyholder within a specified period of time. If you pass away within your term period, your insurer will pay your beneficiary but if you live longer than this period, your policy will expire and your beneficiary won't get paid when you die. Meanwhile, a whole policy will cover you for the rest of your life. Compared to term coverage, whole coverage is more expensive but you will have to pay for a fixed amount of premiums.

Moreover, even if a woman gets pregnant, there's no special type of policy that she can get. However, there are things that she needs to take into account when she answers the questions that her insurer asks to calculate her premiums. When she applies for life insurance, she will be asked to supply her weight and tell her insurer whether or not she smokes and drinks alcohol. When she is pregnant, her answers to these questions could be different because she is expected to weight more when pregnant and she is unlikely to smoke or drink in this condition.

She needs to consider these concerns as these will affect the amount of premiums that she is expected to pay when she buys a life insurance policy while pregnant.

Source: EzineArticles
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