Be a Superwoman: Invest and Insure

Be a Superwoman: Invest and Insure

Women are always far behind men in things like financial planning which includes Investment, Insurance etc…
Today, a rapid increase in women representation is seen in the employment sector and a good amount of them include wives and mothers. There has also been an increase in earning women representations in Indian households. Women have a great role in taking major decisions like housing loans, the financial security of parents and children along with their husband. But even when women are contributing to the financial base of the family, they are far behind men in things like financial planning which includes investment, insurance, etc.
Even while fulfilling the financial responsibilities along with husband in taking home loans, paying a portion of its EMI, paying children’s tuition fees on correct time, gathering money for the medical checkups of parents- most working-class women don’t have any investment planning or insurances like their spouse.
Take life insurance as an example: ‘Insurance is not needed for people who are not earning’- is a basic principle. It is due to the reason that the sudden death of those persons won’t affect the financial level of family members. The same reason is said for housewives. But life insurance is essential for working women. Working women should get a life insurance for safekeeping the future financial level of their parents and kids.
Most of the times women take life insurance in the wrong way as most of them choose endowment or money back policies that also include investments. But these policies are not capable of fulfilling the aim of life insurance, so one should be taking a Term insurance or protection policy. These policies can provide a high sum assured to the insured person’s family in case of the insured’s sudden death. For women who take housing loans with their spouse, term policies are also insurance for the loan.
Women should also pay attention to investing in protecting the future life of their parents and children, who depend on them, along with saving for retirement life. As investment risks for parents should be lessened, one should consider regular investing through shares if they are ready to take some risks for the good future of their kids. Women between the ages of 35-40, who are investing for their retirement life, should also include 60-65% share related products to that investment.