Why Should Women Choose Term Insurance Plans?

In recent times, women have been more involved in various fields and industries historically filled by men. Due to the rising cost of living, both men and women in many households have had to work outside the home in order to earn more income. The loss of an income earner in such situations can result in a financial crisis. In some single-parent households, women act as the only provider in the home. If they have no financial protection, such as a life insurance plan, their demise can result in financial hardship. Similarly, the death of either spouse can affect the financial balance in the home.

What Are Term Insurance Policies?

Term insurance policies are a type of life insurance plan. They are one of the cheapest life insurance options available. If you purchase a term policy, you will only need to pay a fixed premium amount in most cases. It is advisable to purchase a term insurance plan as it offers financial protection in the event of the policyholder’s demise. Even for married women, the loss of income due to death or other factors can affect their dependents. However, if they have a term insurance plan, the payout from the policy can be used to take care of different expenses after their death.

Overview of Different Types of Term Insurance Plans

  • Level Term Plans offer coverage for a fixed period with a fixed death benefit and premiums.
  • Yearly Renewable Plans have no specified policy term, but the policyholder can renew their coverage after every year or term.
  • Increasing Term Policies allow the holder to increase the death benefit amount at the cost of increasing premiums.

Benefits of Term Life Insurance for Women

There are many term insurance plans that are specifically offered to women with extra benefits, such as

  • Special premium rates
  • Comprehensive coverage with the freedom to choose a critical illness rider
  • Non-smoker premium benefits

Getting one of these policies with extra benefits can help alleviate the effects of a potential loss of income. Some term insurance plans offer the option of choosing a critical illness cover. This means if the holder is diagnosed with a critical illness, such as cancer, they can file a claim to cover the treatment costs and hospitalization expenses.

Also, purchasing a term insurance policy can offer financial protection to your children if the unthinkable happens. These policies pay out the death benefit after the policyholder’s demise if the policy is still active. This death benefit can be used to cover various expenses such as college expenses, feeding, upkeep, etc.

Term insurance plans are a good insurance option for women due to their low cost and coverage options.  Contact ISU-Wissink Insurance to learn more about how a term life insurance policy can provide you with the benefits you need. We are willing to assist you with all your coverage needs today.