Insurance Plans For Women: What Are They, And Are They Necessary?

This was orginally posted on Planner Bee.

Being a woman often means the need to juggle several roles at once — wife, mother, daughter, caregiver, and breadwinner. On top of that, women could also be more prone to illnesses than men. For example, a National Cancer Centre Singapore study found that of 84,002 cancer cases reported in Singapore between 2017 and 2021, 51% of them were women.

Today, insurers have come up with policies that specifically tackle women’s health risks. Here is what you need to know about insurance plans targeted at women:

1. They Should Supplement Your Existing Policies

Women’s insurance plans should provide additional coverage, and should not substitute your existing policies. Supplementing your existing health plans with these plans contribute to peace of mind. The additional coverage ensures that you are well-prepared for women-specific health risks, maternity-related expenses, and critical illnesses. This proactive approach mitigates financial risks associated with unexpected health events.

To illustrate, 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:

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

Women-specific plans often entitle 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 an insurance plan for women. However, these plans are often 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 one such plan (HSBC Life 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$0.75 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.

Here are some considerations:

• Health needs: Consider your health history, family medical history, and any specific health concerns. Insurance plans for women often provide coverage for critical illnesses such as certain cancers that are more prevalent among women. If you have a higher risk or family history of such conditions, these plans may be more relevant.
• Maternity planning: If you are planning to have a child, or have more children, maternity benefits offered by some insurance plans for women can be valuable. These benefits cover pregnancy-related expenses, including childbirth and postnatal care.
• Employer coverage: Check if your employer provides comprehensive health insurance coverage that includes benefits relevant to women. If your employer’s plan already covers critical illnesses, maternity, and other women-specific health concerns, a separate insurance plan may be less crucial.
• Personal priorities: Consider your personal priorities and lifestyle. If wellness benefits, preventive healthcare measures, and additional support services are important to you, an insurance plan targeted at women with these features may align well with your preferences.

Read more: Best Term Life Insurance Compared

Do I really need one?

If you are in your 20s and 30s, such a plan could be 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 sick later in life. Preserving fertility by freezing your eggs can be an option — some insurance plans provide this benefit

In a nutshell, the necessity of women-specific insurance plans is a nuanced decision influenced by your health circumstances, family planning goals, and financial considerations.

By carefully assessing your unique needs and understanding the coverage provided by existing insurance plans, you can make informed decisions that contribute to your health security and overall well-being.

Read more: Health Insurance in Singapore: All You Need To Know