Women contributed to 36% of the insurance market in 2019, according to an IRDAI report, and that number has only increased over the past financial year. There are some very good reasons for this sharp increase, not least of which is the common sense behind buying insurance. We are in the middle of a pandemic, and while that is something that affects all of us equally, there are some things in particular that women need to keep in mind before buying insurance for themselves –
- Coverage: Does your health insurance offer cancer cover for specific types of cancer like breast cancer, ovarian cancer, fallopian cancer, uterine cancer, among others. Check your family history to ensure any other types of coverage you may require are also covered.
- Specific requirements: Ensure that pregnancy and childbirth related issues as well as loss of pregnancy issues are covered.
- Children’s education: Children’s education is another area that women with children or who are legal guardians of minors should check for before buying. This should include a change of city coverage as well.
- Spouse’s death: Spouse’s death and incapacitation should not be a matter of critical financial emergency, and your insurance should make sure of it.
- Retirement: A retirement plan should not just be for working professionals, and even stay at home women who have a fixed monthly income can be entitled to one, so make sure your insurance covers it.
- Taking care of your parents: If you are an only daughter and worried about your parents’ security should something happen to you, buying insurance that lets you include your parents as beneficiaries is a good idea.
- Investment alongside: Long term investment should be an ideal for all insurance buyers, and women should invest in areas of interest to them. It is a better safety net than the traditional custom of women saving money in cash at home.
- Insurance for loans such as car loans or home mortgages are a good investment for women who are looking to be financially independent and have housing security.
- Job loss cover will also be of additional help in ensuring that women are not left stranded during periods of unemployment and that their independence is maintained.
- Finally, make sure your term insurance is flexible in terms of age and accessibility, and offers a good payout ratio.
With these in mind, you will contribute to maintain your independence and security through everything life throws at you. For more information and a wide range of financial products to improve your life, go to Finserv MARKETS!