Why should mothers opt for life insurance?

May 09, 2021 11:58 AM

With time, women have taken on the responsibility of shouldering the family’s financial needs and with this, it is time for them to acknowledge the importance of life insurance for themselves.

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Of all the rights of women, the greatest is to be a mother. Indeed as Mother’s Day is approaching and we pay tribute to one of the most important people in our lives, the roles and responsibilities that mothers take are often overlooked. The roles of mothers, in general, have changed and evolved over time. For a long time, it was the father’s responsibility to take care of the family’s financial needs. With time, women have taken on the responsibility of shouldering the family’s financial needs and with this, it is time for them to acknowledge the importance of life insurance for themselves.

Life insurance is a crucial element of any individual’s financial plan; all mothers require life insurance including those who are not working professionals. Term life insurance pays out a lump sum if the policyholder meets an untimely demise within the policy period, thus proving to be an inexpensive way to protect the family’s financial future. It helps in providing the family with funds to pay off debts, any form of disability or critical illness. Additionally, a term insurance plan is an excellent way to ensure a lifetime of financial security for your family.

Single Mothers- All mothers should have life insurance, but it can be argued that single moms need it the most. When couples invest in a plan with the possibility that one spouse will remain to care for the children. Single parents do not have this luxury. Your children look to you as their means of survival.

Working Mothers- Income replacement is one of the most important reasons to buy life insurance. In case of uncertainty, a term life insurance policy provides a death benefit to beneficiaries—that rely on your income to survive. As a mom, your children rely on your income for food, clothing, shelter, education etc.

Stay-at Home Moms – They might not work outside the home to provide an income, but do a lot of work inside the home to save money – home chores, managing kids and other responsibilities. In case of her absence, the father will have to take care of the children and ensure the mother’s duties are managed well.

Financial Independence in the long term – Life Insurance is critical for mothers to prepare for their future expenses. Whether a long term-life milestone or a provision for children, insurance plans are a great way to save for goals and provide a sense of financial independence.

Saving for the future- It is important to maintain the dual-income in case of your or your spouse’s retirement. A life insurance policy ensures that you continue to contribute to the welfare of the household.

Coverage for critical illness- Medical emergencies can prove to be a great burden, so invest in policies that cater to critical illness planning. In case of expensive treatment, one doesn’t have to break a bank and can protect the family from the burden of high bills.

Protection for children and leaving behind the legacy – Life Insurance provides children with the capital needed for a successful future. The money can help go a long way towards education, marriage, buying a house or making personal investments.

Insurance policies help everyone create a financial cushion for themselves and their loved ones. They are instrumental in preparing for unforeseen circumstances. And as Mothers have always taken up the central role of a caretaker in the family, they are responsible for the financial needs of the family as well. And adequate insurance is of utmost priority to strengthen the contingency plan and secure the future of their loved ones.

by, Vinit Kapahi, Head of Marketing, Aviva India

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