Life Insurance 926 views May 12, 2021

With time, mothers have achieved the freedom to take care of the financial needs that were used to be the father’s responsibility alone in a family. Modern mothers share an equal contribution in making the crucial financial decisions of the family. Considering the current situation, all types of mothers — Single mothers, Working mothers, Stay-at-home mothers — should opt for life insurance, besides taking other viable financial calls. With life insurance, these mothers can secure their family’s financial future if something unfortunate like a death happens.

Term Life insurance is one of the most popular products that provide a lump sum amount in case of the policyholder’s untimely death during the policy period. Irrespective of whether a mother is working, staying at home, or a divorced (single) mother, it is necessary for each of them to opt for life insurance.

In this article, we will be discussing the types of mothers who should opt for life insurance and the reasons behind choosing the same. So, if you are a mother, this could be an informative read for you! Let’s start!

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How Does Life Insurance Help Meet the Needs of Caring Mothers?

As we mentioned earlier, every mother should opt for Life Insurance to provide the much-required financial shield to her family members. We are discussing the utility of life insurance plans in detail below. Please check!

Single Mothers

Single mothers are those mothers who take care of their children without a partner. Such mothers are the ones that need life insurance the most. The reason being they don’t have a partner who can take care of their children in case of their death. With the help of life insurance, single mothers can have the assurance that in case they die during the policy period, their children and dependent family members will be able to maintain the lifestyle post their death.

Working Mothers

Working mothers should also have a separate life insurance policy along with an independent plan for their husbands. In the case of working mothers, one of the crucial reasons to choose life insurance is income replacement. A term life insurance provides a death benefit to the nominee or beneficiary in case of the policyholder’s death. If both you and your husband are working, it would be tough to manage all the expenses with a single income in case you pass away. Life Insurance ensures the financial safety of your loved ones in such a case.

Stay-at-home Mothers

Many people have this misconception that only working women need a life insurance plan. Mothers who stay at home and save a substantial amount by managing different things (daily house chores, taking care of children, etc.) should also buy life insurance. In a situation where mothers pass away unexpectedly, husbands can take care of all the mothers’ duties with the lump sum amount received with a life insurance policy.

Why Do Mothers Need a Life Insurance Plan?

We are showing some additional reasons because of which mothers should buy life insurance. Please check!

Financial Independence

As you know life insurance provides a lump sum amount in case of a policyholder’s death. Being mothers, women can save for the upcoming crucial milestones in their life (child’s education, marriage, etc.) without thinking about the financial liabilities. Life insurance plans bring a sense of financial independence to the mothers’ life as they feel ensured about the well-being of their loved ones.

Future Savings

The life insurance plan also helps you create wealth over the policy term. So, if you are planning for a dual-income during the retirement years of yourself and your spouse, life insurance can be a good choice!

Critical Illness Coverage

Critical illness can ruin your hard-earned savings in no time as modern treatment costs are very high. When you choose a life insurance plan with critical illness coverage, you can prevent yourself from exhausting your savings towards such treatment costs.

Tax Benefits

Life Insurance plans also provide tax benefits on the premium paid and on the benefits received on maturity under Section 80C and Section 10(10D) of the Income Tax Act, 1961. So, mothers can also use life insurance as a tax-savings too!

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