- Date : 12/11/2019
- Read: 3 mins
Single women should consider diversifying their investment portfolio with options, such as ULIPs to build wealth and secure their future.
In a lot of ways, single women often have to bear the brunt of financial prejudice. From the need to cater to one's own finances independently to the responsibility of creating a financially secure life for a future family, single women need to be extremely cautious regarding the decisions that they make. One of the most important aspects of being able to achieve this independence is managing your finances and building your wealth.
Research shows that women often expect men in their lives to handle investments. In fact, a lot of women directly hand over their salaries to their spouses for better management. But when you’re the captain of your ship, it’s important to understand and make the right financial moves.
Choosing the right investment and insurance options
Whether you want to save for that exotic vacation or plan for your child’s higher education, you cannot ignore the importance of investments. But given the massive plethora of investment options available today, which one should you choose?
Of course, there are some no-brainer choices to help you get started. For instance, buying health and life insurance is a must when it comes to protecting your family in case of an untoward incident, especially when you’re the sole earning member. That apart, should you aggressively invest in stocks, mutual funds, or simply park your money in a fixed deposit account?
The first step towards getting financially stable is acquiring higher financial literacy. You can either consult with an expert or do your own research.
When it comes to investments, a prudent choice for single women is leveraging the unit-linked insurance plan or ULIP. Here’s how ULIPs can help single women:
You grow your money along with the freedom to fund emergencies
ULIPs are a fantastic option for single women looking to grow their savings. It also gives you the freedom to dip into the corpus to fund contingencies.
You can secure your future and build wealth
It’s imperative for women managing everything solely to safeguard your future and attain financial stability. Besides being a fantastic option to secure the future of the family, ULIPs are more than just another investment option. It safeguards your future while building wealth through loyalty programs and longer policy tenures.
You can leverage safer investment options with other benefits
ULIPs are also a wiser investment choice that comes with tax benefits and multiple other features, so you can save more money that you can spend on your own needs. Depending on your risk appetite, you can easily depend on ULIPs to safely diversify your investment portfolio.
Shouldering responsibilities as a single woman takes a lot of courage, but it’s also highly fulfilling. We hope the above-mentioned tips will help you in living your single life as a total boss! Take a look at everything you need to know about ULIP's and develop a more holistic understanding regarding this insurance and investment instrument.