Being a woman means having to juggle several roles at once — mother, daughter, caregiver, and breadwinner. On top of that, studies have shown that women are more prone to illnesses than men. For example, a National Cancer Centre Singapore study found that among 71,265 cancer cases reported in Singapore between 2013 and 2017, slightly more than half of them were women.
Today, insurers have come up with insurance plans to specifically tackle women’s health risks. Here is what you need to know about insurance for women:
1. Female insurance policies should supplement your existing plans
Women’s insurance plans should provide additional coverage. It should not substitute your existing plans.
For example, a typical critical illness plan covers the 37 critical illnesses defined by the Life Insurance Association Singapore, including major types of cancer. Most insurers extend the coverage to more medical conditions as well.
These are examples of illnesses commonly found in women and whether they are covered by a critical illness plan:
|Covered under a critical illness plan||Not covered under a critical illness plan|
|● Malignant cancer found in female body parts|
● Lupus Nephritis caused by Systemic lupus erythematosus (SLE)
● Early stage cancer found in female body parts
|● Rheumatoid arthritis|
● Osteoporotic fractures
● Chronic autoimmune hepatitis
● Urinary incontinence requiring surgical repair
● Uterine prolapse
● Hormone replacement therapy
A female insurance plan covers illnesses found more commonly in women that are not covered by your critical illness plan.
If there are overlaps in coverage, you can file claims on both policies to receive a larger payout.
2. Free biennial health check-ups
Buying a female insurance plan entitles you to a free health screening once every two years.
If you are already paying for your health check-ups, it could be more worthwhile to purchase a female insurance plan. However, these plans are either term life insurance, or come as a rider to an existing plan rider and expire when the customer turns 65 years old.
Here is an example of what a female insurance plan (AXA CritiCare for Her) covers:
- Health screening once every two years
- Flexible sum assured: S$25,000 (min), S$150,000 (max)
- 3 Coverage Durations (Policy Term): 10 years, 20 years, or up to age 65
- Premiums are as low as S$0.751 a day
3. Review your current insurance plans first
While it is important to be well-covered, it is possible to be over-insured.
It may seem good to purchase insurance plans that provide you with maximum coverage, but it is also crucial to strike a balance between the cost of your premiums and your actual needs.
If you are unsure what insurance you currently have, sit down with your financial advisor and go through your plans together.
4. Assess your insurance needs
Ultimately, women’s insurance is an ideal addition to your existing coverage, but since everyone’s needs differ, be sure to assess your own first.
For women in their 20s and 30s, women’s insurance is a plan worth considering as:
- Starting covering early means premiums are more affordable
- Women’s insurance help guard against unexpected diseases and hefty medical bills, especially since your emergency funds may not be substantial enough at this life stage
- Childbearing plans may be affected in the future if you fall ill later in life. Preserving fertility by freezing your eggs can be an option — some insurance plans provide this benefit