What is an endowment insurance plan?
An endowment policy is basically a contract under life insurance. It works in a way where a certain amount is given after a death or after a specific date which was dictated during the beginning of the insurance contract. In certain cases the insurance policy allows money cash out to cover cases involving critical illness. It also covers total permanent disability and matters are subjected to the insurance company and the agent.
Why is an endowment insurance plan important for women?
Majority or women believe in saving money in a bank account and the exposure towards getting insurance is still low. They assume that saving money is the only way out when they eventually need it in the future or to spend it during tough times.
One of the major reasons why an endowment plan is important for women is because it is able to cover you and your dependents via the rider plan. The rider plan basically works whereby you can register anyone as your dependent under your plan. Let’s say if you have chronic illness then the insurance plan is able to cover your medical finances. Medical treatment is expensive and time consuming. Oftentimes, women give up their career and job because they are not able to manage their finances. This scheme is able to avoid all of that issue. Perhaps let’s say you probably died due to your illness, your dependents are able to get the benefit. They can use the money to cover them financially during tough times. Single mothers especially can benefit from this plan, you don’t have to worry about leaving all your kids behind after you have passed.
Insurance plans also allow womens to be able to pay off their debts. More females are starting to enrich themselves with proper studies and qualification and education is not cheap. Even on usual occasions one needs to allocate about 20-30 thousand ringgit malaysia to obtain a qualification from university or college and this would definitely require student loan hence why endowment insurance is vital to be able to cover the debts in upcoming year so not all your salary will be allocated for debts payment. This situation has definitely done a huge favour to working women as well.
Next up it is cost efficient. According to studies and research women in general are always the ones to make very minor investments because according to them it is very complicated and they don’t benefit much. These insurance policies are not very complicated and can be done in very easy steps. It is easy to understand and does not require much knowledge regarding the world of insurance. Although it is cost efficient, it doesn’t compromise on its higher returns. Mothers can do their plans to save for their children’s education or just to fulfill their retirement needs.
Besides women can lead comfortable and stress-free retirement. The endowment insurance plan will ensure the reliability of the money back scheme hence it is ensured that you will be able to claim money. Besides you no longer have to rely on a single person’s retirement savings, when your spouse retires or you yourself retire, you don’t have to worry about financial support.
Benefits of an endowment insurance plan for women?
More womens are starting to invest in endowment insurance plan malaysia which essentially is a great thing as it brings numerous benefits for them. First things first, endowment policy provides both the protection coverage and investment returns so it’s basically double the gain whereby it doesn’t only work as an insurance policy but also offers long term investment benefits. Next up recipients are able to purchase the rider scheme and benefit your family members or your children during uncertain circumstances. Endowment insurance plan also offers long-term saving whereby you are given an option to choose your insurance policy term ranging from 10-40 years. The endowment plan would also benefit women who are running businesses. They are able to use the money in bearing the loss or managing the turnover of the business. The best part of all is that as insurance claimants, women are entitled with additional bonuses. In certain times, insurance companies do declare bonuses. The bonus is the extra money which will be added into the proceeds. It is then distributed to the policyholders.
The bottom line is that investing in endowment insurance plan or just insurance plan in general could be favourable for all women as you don’t have to depend on anytime in case of emergency and it would give you a sense of comfort knowing that there is a certain amount of money allocated for you and also riders under your name. Plus women require even more protection compared to male so don’t hesitate in this matter and go register for an endowment insurance plan now !