TomorrowMakers

Life insurance has gained more popularity among working women. Are you curious to know how? Here is how the number of life insurance ownerships in working women has increased significantly. Are you curious to know how?

Life insurance ownership

This article briefly explains how life insurance ownership has increased with time, covering the following points:

  • What is life insurance?

  • Why is life insurance essential?

  • How has life insurance coverage grown with time?

  • How has life insurance gained popularity among working women?

Life insurance is a contract signed by an insurance company and an individual. It ensures that the insurance company will provide a beneficiary to the individual on the individual's death, illness, or accident in exchange for a premium. 

Life insurance is essential as it ensures that even after something happens to an individual, be it illness, accident, or death, their spouse and family members can avail of the beneficiary the insurance company provides. It prevents financial loss in such uncertain situations. 

Also ReadEmployer-Paid Insurance

How Has Life Insurance Ownership Grown With Time?

The life insurance sector had stunted growth earlier due to a lack of knowledge, trust, and penetration. However, now the situation has changed. Increased exposure to life insurance policies and their benefits attracts more customers to own insurance policies. 

Life insurance is one of the best investments for an individual and their family's future. Nowadays, people throughout the globe have started to realize the importance of saving money and investing it in the place. Hence, there has been exceptional growth in the life insurance sector. 

Also ReadHealth and Disability Insurance

How Has Life Insurance Ownership Gained Popularity Among Working Women?

The life insurance ownership rate for men is about 74%, and that of women is 71%. Although men are at the lead, working women are quickly filling up the gaps to catch up with the rate of men. Awareness of the policies and term plans in working women has drastically increased from 52% to 58%. Along with this, the insurance ownership terms increased from 22% to 27%. (From Livemint)

These increases in the rates are mainly because of the realization of the non-millennials about how important it is to save money, progressing through the crucial stages of life. On the other hand, working women are getting more knowledge and exposure to it, hence the rise. 

Also Read: Life Insurance

Conclusion

Life insurance is a contract that ensures that the individual receives a beneficiary in return for a premium in case of mishaps. It prevents financial losses and protects the spouse and family members of the individual from monetary problems. Men are more likely to own life insurance,  but over time an increase in the ownership numbers among working women is observed. 

Also Read7 Best LIC Plans to Invest in 2023

This article briefly explains how life insurance ownership has increased with time, covering the following points:

  • What is life insurance?

  • Why is life insurance essential?

  • How has life insurance coverage grown with time?

  • How has life insurance gained popularity among working women?

Life insurance is a contract signed by an insurance company and an individual. It ensures that the insurance company will provide a beneficiary to the individual on the individual's death, illness, or accident in exchange for a premium. 

Life insurance is essential as it ensures that even after something happens to an individual, be it illness, accident, or death, their spouse and family members can avail of the beneficiary the insurance company provides. It prevents financial loss in such uncertain situations. 

Also ReadEmployer-Paid Insurance

How Has Life Insurance Ownership Grown With Time?

The life insurance sector had stunted growth earlier due to a lack of knowledge, trust, and penetration. However, now the situation has changed. Increased exposure to life insurance policies and their benefits attracts more customers to own insurance policies. 

Life insurance is one of the best investments for an individual and their family's future. Nowadays, people throughout the globe have started to realize the importance of saving money and investing it in the place. Hence, there has been exceptional growth in the life insurance sector. 

Also ReadHealth and Disability Insurance

How Has Life Insurance Ownership Gained Popularity Among Working Women?

The life insurance ownership rate for men is about 74%, and that of women is 71%. Although men are at the lead, working women are quickly filling up the gaps to catch up with the rate of men. Awareness of the policies and term plans in working women has drastically increased from 52% to 58%. Along with this, the insurance ownership terms increased from 22% to 27%. (From Livemint)

These increases in the rates are mainly because of the realization of the non-millennials about how important it is to save money, progressing through the crucial stages of life. On the other hand, working women are getting more knowledge and exposure to it, hence the rise. 

Also Read: Life Insurance

Conclusion

Life insurance is a contract that ensures that the individual receives a beneficiary in return for a premium in case of mishaps. It prevents financial losses and protects the spouse and family members of the individual from monetary problems. Men are more likely to own life insurance,  but over time an increase in the ownership numbers among working women is observed. 

Also Read7 Best LIC Plans to Invest in 2023