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Life insurance for women is a crucial part of financial planning for the whole family. Imagine the matriarch of your family becoming ill or passing away. A tragic event will not only result in an emotional loss but a substantial impact on the operations of the household as well as the finances.

The impact of being a wife, mom, caregiver, and so many other hats women wear can take a toll on your body. While an illness or tragic event is never a happy topic to discuss, it is very important to ensure you have the right plans in place, especially if you are a contributor to your family income or the sole provider.

If you are single, life insurance can help pay off your debts, taxes, medical bills as well as offset expenses your family may incur. If you are a caregiver, single parent, or a working mother, life insurance can help buffer the loss of your income. It can also support future expenses for your children or family. Considering these factors, women should seriously consider investing in life insurance that offers living benefits.

Don't underestimate your worth
A common mistake when it comes to life insurance for women is underestimating their worth, aka not having enough coverage. Whether you are a female breadwinner or a stay at home mom, you need to ensure you have insurance coverage for your family's financial needs. This is a huge amount that could be beneficial to your family if something were to happen unexpectedly.

Of course, everyone's financial situation is different. Determining the amount of life insurance you should have can be a challenge. One of the most recommended methods is known as "The dime formula." This formula has you take a more detailed approach to your finances. It has you consider your total debt, final expenses, mortgage payoff, and the cost of education for your children. Similar to creating your financial plan, you will need to plan out precisely what type of coverage you should have.

About Living Benefits
Living benefits can be part of your term life or whole life insurance and provides coverage while you are living in addition to the death benefit. This key benefit is a lifesaver for many families who experience a terminal, critical, or chronic illness and require steady income to cover expenses. This is where living benefits kick in to provide supplemental income to the insured. Living benefits can provide coverage in three major categories of illness.

1.Terminal illness: An illness that will result in death in 24 months of diagnosis by a physician.

2.Critical illness: Examples include ALS (Lou Gehrig's disease), Heart Attack, Stroke, Cancer, Blindness, Sudden Cardiac Arrest, Major Organ Transplant, etc.

3.Chronic illness: A doctor has certified, within the past 12 months, that you are unable to perform 2 out of 6 "activities of daily living" for a period of at least 90 consecutive days without assistance or you are cognitively impaired.

At the end of the day, you want to protect yourself and your family with the right life insurance. One that ensures you are all well taken care of in the event of illness or a tragic accident.

Budgeting your life insurance policy
As with any expense, you want to be sure you budget for the cost of your life insurance policy. This is a necessary expense, and if it means cutting out other unnecessary expenses to cover it, you should do it. Again the cost of life insurance for women will vary based on age, health history, occupation, policy type, etc. Remember to speak with an agent to ensure you get the best policy that fits you and your family's financial needs.

When should you invest in life insurance?
Investing in life insurance is best done while you are still young and relatively healthy. The older you are, the higher the risk class you could be placed in. This impacts the cost of how much you will pay for insurance.

When is the best time to buy life insurance for women?
When it comes to life insurance, regardless of gender, it's best to purchase a policy you can afford at a younger age. This is because life insurance premiums are the lowest when you are younger. However, if you are older and in good health, you can shop around to get the best possible rates based on your age, depending on the underwriting process. If you are thinking about life insurance, the next best time to buy it is today.
The people you named as your beneficiaries when you began that life insurance policy may not be the ones you want to have listed now.

Any number of life changes can encourage a change in beneficiaries. You might have a falling out with someone, but more often it’s a joyous occasion, like marriage or the birth of a child. When these sorts of life events happen, it’s always wise to review and update life insurance policies. Let’s walk through some of the most common significant life events that can affect your life insurance in this way.

Times to update life insurance

One of the most important times you should update your life insurance is when you make the big commitment to get married. When starting out, often you don’t have as much income or expenses to be concerned about, but you want to plan ahead for the future. You and your new spouse may only be making a little over minimum wage now, but you will probably be making more later in life. This means a different standard of living and a required amount of money needed to maintain your lifestyle. If a spouse dies, life for the other spouse goes on and responsibilities remain—mortgages, transportation, insurance, education and college, maybe a business, and more. With life insurance though, a spouse could continue on as though the household still has the same income as if the other were living. Not only should you look at the coverage limits, you also want to ensure you update your spouse as a beneficiary so you know they’d receive the money.

So you bought your life policy when you were a bright, young newlywed, head over heels in love, and had your first baby. Eventually, you got a divorce and got remarried. You don’t want to have a situation where your one single policy pays out to your ex because you never changed the beneficiary and updated the policy. If you have the greatest ex in the world, the ex may be understanding and spread the benefits, but it’s better to be safe than sorry.

Be sure to keep your agent abreast of any major life changes, including things like divorce or changing beneficiaries. There’s no need to feel embarrassed; they’re there to help you plan for these life changes, not judge you.

Having a baby
Having a baby is an amazing experience. Perhaps that’s what prompted you to buy life insurance to begin with. You’re enthralled with your “mini me” and want to be sure there’s future protection.

Sometimes another child comes along and by then life is so hectic life insurance is the last thing on your mind. However, this is exactly when you should contact your insurer to update the changes. Your policy needs to be updated with your new child’s information and review your coverage to be sure it’s still enough.

Always update your policy for subsequent children if you decide to have more.

This is also a good time to purchase life insurance on your child as well. Your agent can show you all the options and benefits, and it’s typically a very inexpensive policy.

The right policy can convert into your adult child’s life policy, and protect them should they have the misfortune of developing a childhood disease that makes them ineligible for life insurance later in life. They could even borrow against the value of a whole life policy for college.

Buying a house
Homeownership is an exciting rite of passage that can come with many complications. The chances are that you’ve taken on a mortgage along with that new house. While there’s nothing wrong with mortgages—they’re the most common way to buy homes—they do present an extra complication in the case of your death.

If you or your spouse die, and a significant portion of the family income passes as well, then you may find the mortgage payments on your house to be unpayable. Therefore, some people choose to increase the size of their life insurance policy or explore mortgage insurance once they become homeowners.

Another thing to consider is the person you have listed as your beneficiary. Perhaps you and your spouse didn’t have high expenses and didn’t list each other previously. If not, now is the time to change that. You’ll want to make sure whatever payout your policy provides is available to your spouse to help with the mortgage payments. 

Starting a business
Starting a new business is a risky endeavor, but it can be an incredibly rewarding one. When you create a new business it is an excellent time to review your life insurance policy. You’ll want to make sure that it provides sufficient coverage and that your beneficiaries are in order.

It’s not uncommon when starting a new business to take on a considerable amount of debt. Also, these endeavors tend to cut back on income, at least in the short term. Working on the new business often means no longer spending as many hours on your previous employment. These two factors mean that during the early stages of a new business, your family can be especially vulnerable if you die.

At this point, when bills are more common than paychecks, making sure that your life insurance policy has sufficient coverage is essential. The general idea is to offset the debt of the business endeavor and the loss of income as much as possible.  

The takeaway
It’s essential to keep your life insurance policy up to date.
Significant life events are an excellent time to review your life insurance policy.

The person you want as beneficiary can change over the years.

The size of policy you need can change due to certain life events.

Your life insurance policy is only as good as you make it. If you don’t take the time to update your life insurance after significant life changes, you might end up with a policy that doesn’t meet your needs. By checking annually to make sure that your policy size and beneficiary list are what you want, you can keep your policy tailored to your specifications. Whether this means increasing the size to offset business debt or changing the beneficiaries to include a new grandkid, the goal is to have your life insurance compliment your life.

Hypertension is a common condition. With the increasing rapidity of people's lifestyles and multiple stress factors from work, school and more, hypertension can be seen in most individuals. It can also lead to various other health problems. This is why it is advisable to get health insurance for hypertension patients.

Hypertension often requires long-term treatment, prompt check-ups and monitoring. To help cover such costs conveniently, it is important to have a comprehensive health insurance plan for hypertension patients.

Benefits of Hypertension Health Insurance

If you are trying to buy a health insurance plan to cover hypertension-related contingencies, it is important to know what benefits you should look out for. The following are some benefits that can provide cover for hypertension patients.

Ambulance Cover
Hypertension patients might require ambulance support suddenly and promptly. To have adequate cover for such situations, an Ambulance Cover is beneficial. It covers the costs required for ambulance support.

Annual Health Check-Up Cover
If you are a long-term patient and require regular check-up and assistance, consider an annual health check-up cover. All extra, as well as scheduled check-ups, get sufficient cover under this type of cover. This is also beneficial to buy if you have a family history of hypertension so that you can look out for the condition in yourself with regular health check-ups.

Cashless Hospitalisation
Although hypertension is largely unproblematic, it may lead to sudden emergencies that require immediate hospitalisation. A Cashless Hospitalisation benefit helps for easy admission to a hospital, which can be very helpful if the patient is in a critical condition.

Extensive Cover Benefit
An Extensive Cover Benefit provides comprehensive benefits for all policyholders. It includes hospitalisation costs, post-treatment care and more. This is one of the best options for chronically ill patients who suffer from serious issues. Why Should I Choose Hypertension Health Insurance? If you are hesitating about getting health insurance as or for a hypertension patient, consider the following benefits that you will receive if you have one.

Peace of Mind
Having a comprehensive and robust health insurance plan can give you incredible pe ace of mind. You can rest easy, knowing that no matter what medical emergency occurs, you can afford to tackle it. Not only is it good for yourself, but also for your family.

Prompt Medical Attention
With a health insurance plan, you can be assured of prompt medical assistance so thayour condition does not escalate or leads to other problems. Hypertension, although mostly unproblematic, may give rise to sudden problems that require immediate medical attention.

No Financial Burden
Let your treatment not be a financial burden for yourself or your family. Health insurance will not only ensure your finances remain stable but also ensure you get the best treatment without thinking about the costs.

Since the emergence of the coronavirus disease in 2019 (COVID-19), the world has come to a standstill, forcing governments to impose lockdowns and people to confine themselves to their homes.

The pandemic-declared COVID-19 has resulted in a health crisis, destroying healthcare infrastructure and economies worldwide. It is the third recorded outbreak of a coronavirus. Till now, the virus has infected more than 147 million people and claimed more than 3 million lives.

Today, India ranks among the top three countries which have been hit worst by Covid-19. This health crisis has resulted in high inflation, especially medical inflation, and unemployment in the country.

One of the biggest challenges of COVID-19 is its huge treatment cost which can take a toll on the finances and mental well-being of different sections of society, especially the poor and the middle-class. The growth reflects that now more and more people are starting to consider a health insurance plan as essential as other necessities for survival, in a country where insurance penetration stood below 4% in the pre-covid times.

Over the past year, we saw a steep upward trend in the sale of comprehensive health insurance plans. During the pre-covid times, the number of people who purchased comprehensive insurance plans was approximately 32%, while now after being hit by one of the biggest pandemics, this percentage has shot up to 55%. The data shows that COVID-19 has increased consciousness circling the importance of preventive health insurance in the country.

One of the key reasons for the increase in the sales of health insurance plans is the fact that all health insurance providers were mandatorily made to provide coverage for COVID-19 treatment under their regular health insurance plan by the Insurance Regulatory and Development Authority of India (IRDAI).

In July 2020, the IRDAI also made it mandatory for insurance companies to offer COVID-19 specific short-term health insurance plans namely Corona Kavach Plan and Corona Rakshak Plan. These two plans were specially designed to help policyholders meet the healthcare cost incurred due to the coronavirus disease. The regulator had also earlier in the year launched a Standard Health Insurance Product (SHIP) by the name Arogya Sanjeevani Policy to help people enjoy a standard and comprehensive health insurance coverage. All these steps by the IRDAI contributed positively to the health insurance well-being of the policyholders by keeping them insured against medical contingencies during these tough times.

In a nutshell, the COVID-19 pandemic has made us all realise the importance of health and health insurance plans. It has made us come to terms with the fact that how crucial it is to remain financially shielded as emergencies, especially medical emergencies, come without a warning sign and can result in a financial strain along with emotional grief. However, while purchasing a health insurance plan it is also important to check the coverage of the plan.

You must check if your plan provides enough coverage for pre and post hospitalisation, inpatient and outpatient hospitalisation, annual health check-ups, or for any specific disease against which you wish to remain shielded. You can also enhance the coverage of the plan with the help of various rider options like critical illness cover, maternity cover, OPD cover, room rent waiver cover, etc., and customise the plan as per your exact requirements.
Please mark all your queries / responses to
Information provided on this newsletter has been independently obtained from sources believed to be reliable. However, such information may include inaccuracies, errors or omissions. and its affiliates, information providers or content providers, shall have no liability to you or third parties for the accuracy, completeness, timeliness or correct sequencing of information available on this newsletter, or for any decision made or action taken by you in reliance upon such information, or for the delay or interruption of such information. , its affiliates, information providers and content providers shall have no liability for investment decisions or other actions taken or made by you based on the information provided on this newsletter.