Article

Insurance policies for women's health: Which one do you need?

24 October 2022

4-minute read

Plan Well Healthy Finances Women's health

Women are generally more willing to spend on insurance than men. (Credit: Getty Images) 

If you're a woman, it's highly possible that you're looking out for someone – your partner, children or elderly parents, for starters. This is tremendous care work, often unpaid and can sometimes take a toll on your health. Fortunately, you have the opportunity to protect yourself and your loved ones with the insurance policies available in your market. Please consult an independent professional for any tax, accounting or insurance details before making a financial decision.

How to choose life insurance

Life insurance is vital if the household relies on your income alone for daily living expenses. But women who are not their household's primary breadwinners need insurance, too. Among other things, life insurance can help cover unexpected costs for people coping with the loss of a loved one.

Life insurance is categorised into two types: whole life and term life.

Whole life insurance

This type of insurance serves as protection for life. You pay the same amount of premiums throughout your lifespan. An excellent whole life policy will also cover terminal illness and cancer, in addition to supplying a death benefit.

The whole life insurance has a stable cash value that accumulates over time. For example, one of AIA's whole life policies utilises 50 per cent or 100 per cent of your coverage amount for its cash value. In addition, you can receive annual cash payouts for 10 years to supplement your retirement income.

Term life insurance

Just how affordable is term life insurance? AIA has a term life policy  in which the premiums can go as low as US$1 a day for US$700,000 coverage. The amount you pay is based on the policy period, with a renewable choice of 5, 10, 20 or 30 years.

Pick a term life policy that has the flexibility to be converted to a permanent policy or even an investment-related plan. If there is no medical underwriting needed, then that's for keeps.

Life insurance for women's health

Pregnant women can get approved for life insurance. (Credit: Getty Images) 

AIA is one of the few companies offering life insurance specifically for women. This policy provides protection for critical illnesses more likely to affect women, including breast cancer, rheumatoid arthritis, osteoporosis and urinary incontinence. It will even reimburse the cost of reconstructive surgery needed because of accidents or burns.

Most life insurance policies have riders that serve as an add-on to the primary policy. They require additional premiums (that is, higher payments), but they can be worth it to protect against critical illness.

Seeing the list of covered illnesses and special conditions may be a little overwhelming for some. A typical rider's coverage will contain anywhere from 50 to 150 health conditions. But scan the  critical illness rider  with your family medical history in mind. For example, are you at elevated risk for osteoporosis or diabetes? Once you have this information, pick the supplemental plan that addresses your risk factors for diseases and cancer.

Medical protection insurance for women

With insurance, female breadwinners do not have to worry about their family's financial security if anything unexpected happens. (Credit: Getty Images) 

The International Finance Corporation (IFC) says emerging markets have between 8 million and 10 million small and medium-sized enterprises (SMEs) where women run the show, generating income and driving job creation. However, SME operations can become vulnerable if the boss gets sick.

One advantage to medical protection insurance is that you can avail of its benefits before falling sick. AIA has a medical insurance plan that uses an integrated approach to healthcare. You can enjoy physical check-up services and reimbursable wellness services like pre-marital check-ups and colonoscopies every three years.

Typical insurance products do not consider congenital conditions. So, mothers-to-be might want to check out a unique AIA critical illness insurance policy that covers children's genetic diseases, even if symptoms are still undetected upon policy issuance.

This same insurance product under the AIA Vitality programme is also open to women who are 22 weeks pregnant and covers payment for ICU support. There's even a cancer income option where monthly payouts can offset ongoing medical costs and monetary loss.    

AIA has an assortment of offerings that provide life protection, critical illness, medical protection and even incorporate a savings plan. It is best to consult your financial advisor to help you "mix and match" these services. This way, you get the most favourable add-on plans to match your financial goals.

When is the best time to buy insurance?

When do you buy life insurance? The consensus view is that you should ideally invest in this type of coverage when you are in your 20s or 30s. Because you are younger, the premium will be lower and it will stay the same if you get a permanent policy. Keep in mind that, according to IFC, women tend to retire earlier than men – as well as live longer.

Insurance will always be a good financial strategy for you and your loved ones. The good news is you can afford insurance policies. Women's incomes are growing faster than men's and this allows you to spend more on financial protection.

A "scarcity mindset" may be preventing you from achieving goals. In this episode of AIA Voices, finance experts Anna Haotanto and Lachlan Campbell, with AIA Ambassador Nico Bolzico, explain how this way of thinking prevents financial wellness. Watch as they share tips to put you on the path to financial freedom.

AIA Voices is a community of influential and educational voices from around Asia to talk about life, health and wellness. A platform to educate, motivate and inspire people to make positive behavioural changes on their health and wellness journey. Providing an opportunity for communities across Asia to connect, collaborate, and learn from each other. Designed to drive AIA One Billion, our ambition to engage a billion people to live Healthier, Longer, Better Lives by 2030.

References:

AIA. Guaranteed Protect Plus (III). [online] [Accessed on 30 May 2022]

AIA. Secure Flexi Term. [online] [Accessed on 30 May 2022]

AIA. Glow of Life. [online] [Accessed on 30 May 2022]

AIA. Guaranteed Protect Plus (III). [online] [Accessed on 30 May 2022]

International Finance Corporation. March 2020. IFC Insights: What's Next for the Women's Insurance Market. [online] [Accessed on 30 May 2022]

AIA. Health Journey Guardian. [online] [Accessed on 30 May 2022]

AIA. On Your Side Plan / On Your Side Plan – First Gift. [online] [Accessed on 30 May 2022]

Disclaimer:

This is general information only and is not intended as financial, medical, health, nutritional or other advice. You should obtain professional advice from a financial adviser, or medical or health practitioner in relation to your own personal circumstances.