A pure term life insurance plan could be the first step for divorced women to take control of their financial responsibilities
Anyone going through a divorce will never have imagined an institution as 'eternal' as marriage could come to an abrupt end. Yet, here we are, staring at a shocking 122% shoot in divorce rates as on 2014, in the Mumbai metropolis alone.
When it comes to financial decisions, Indian women especially, often let the men in their lives make choices for them. Accustomed to 'outsourced assistance', a recently divorced woman could have a hard time taking stalk of financial planning which sits well with her newfound single status and future. This consideration becomes especially critical if there are children or dependant parents involved.
Irrespective of the levels of savviness in the matters of finance, a term-plan life insurance figures as the hygiene step towards fulfilling financial responsibilities that now single-handedly fall on the woman's shoulders.
FIGHTING IT OUT
|
- Irrespective of the levels of savviness in the matters of finance, a term-plan life insurance figures as the hygiene step towards fulfilling financial responsibilities that now single-handedly fall on the woman's shoulders.
- Particularly in cases where women find no need for life insurance because they have no dependents, she may have rationales in place to invest in options such as unit linked insurance plans (ULIPs) or mutual funds
|
Particularly in cases where women find no need for life insurance because they have no dependents, she may have rationales in place to invest in options such as unit linked insurance plans (ULIPs) or mutual funds – determined mostly by the proclaimed plum returns. But we can all agree your investment choices, aspiring for returns while you're alive, is no reason for your kin or relatives to be paying off the loans or taxes you had incurred, after your passing.
A pure term life insurance plan, being part of your investment portfolio mix will guarantee such a situation never arises, in the event of your unfortunate death.
As mentioned earlier, having a term-plan is more of a duty if there are children or other loved ones financially dependent on you. Your prudent foresight will come to your family's aid in the form of the insurance pay out they will receive, should you pass on. This will shield them from today's sky-high cost of living and keep them afloat, in your absence.
Dreary as divorce is, not to mention the emotional havoc it wreaks into most lives, it's certainly a reality of the so-called 21st-century-living. It does not just come with the myriad financial vulnerabilities, it involves a complete rethink to every area the woman's very life, extending far beyond how her wallet is impacted. Add to that, the uncertainty of ones' lifespan itself.
As you can appreciate, there is no cover against the emotional turmoil of dissolved marriages or death. However, life insurance can take some unpleasantness away from the whole situation for all practical reasons.
(The writer is deputy chief executive officer at IndiaFirst Life Insurance)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Life Insurance")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}