What All Women Should Know About Insurance Singapore

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19 Jan 2019

Disclaimer: This is NOT a sponsored post.

We’re talking 2019 – it’s no longer the case of working dad, stay-at-home-mom. Mothers, or career women, are out there climbing the corporate ladder and working hard to earn their own keep.

While these “wonder women” balance both being a mother, wife and daughter at home, to being a head-strong career lady at the workplace, one key thing that most people overlook in assisting them on this arduous journey of being a working mother, is INSURANCE.

There are several insurance plans tailored to women such as PRUlady, AIA Glow of Life and Lady 360, just to name a few.

TL;DR: These are the reasons why you SHOULD get insurance as a woman

Premiums are lower for women
Not just an insurance product but a lifestyle plan
Women’s Insurance is complementary to existing plans
Especially relevant for young ladies
Pregnancy plans cover way beyond what Medisave can
Women MUST have travel insurance

Insurance is intended to mitigate financial risks.

Insurance for women occurs mainly as two types: Critical illness or as a Rider policy.

Let’s dive into what you should know when you’ve decided to look for insurance that suits you.

1. Premiums are lower for women

Why do women usually pay less for insurance premiums than men?

Men are

more likely to be involved in risky occupations
more likely to partake in dangerous sports and hobbies
more likely to indulge in unhealthy habits, such as drinking and smoking which may lead to health problems

2. Not just an insurance product but a lifestyle plan

Insurance is pretty much a lifestyle plan that helps you manage your health proactively by being “there for you when you most need it” in three stages of your life, say *touch wood* you meet with an unfortunate health issue.

Stage 1: Prevention

After months of accompanying a loved one to her treatment for Stage 4 cancer, one thing I’ve definitely learnt is: early detection is key. Unlike general health insurance plans, many women’s health plans include regular health check-ups. This usually includes getting tests such as pap smear, mammogram and bone mineral density test that are specific, relevant and could potentially be life-saving for us women.

Stage 2: Costs of Medical Treatment

According to the National Cancer Centre Singapore, 1 in every 4 to 5 people in Singapore may develop cancer in their lifetime, and the number of people living with cancer will continue to increase.

This is where a good comprehensive women’s insurance plan is important as it is able to cover for both the more serious surgeries like a lobectomy(removal of entire lobe of your lung that contains the cancer) or the more common mastectomy (removal of the whole breast).

On top of that, women’s insurance plans also provide for coverage for critical illnesses that are more common or even exclusive to women.

Stage 3: Rehabilitation

Beyond just seeking treatment, patients would also seek to regain their quality of life post-treatment.

Using breast cancer as an example: reconstructive breast surgery can allow a woman to regain confidence again and improve her overall quality of life. However, such procedures are not covered by even private integrated shield plans.

This is where a dedicated women’s insurance kicks in to cover procedures to make sure women can get back on their feet.

3. Women’s insurance should be complementary

Having multiple critical illness policies does not really cover EVERYTHING you might need. There are still certain illnesses that affect women more that are not covered in this prescribed list of 37 Critical Illnesses in regular critical illness policies.

Perhaps something many women might be unaware of is that even if there is any overlap in coverage (e.g. malignant cancer of female sites), one can make a claim on both policies for an even larger payout.

4. Especially relevant for young ladies

Premiums are lower and cheaper when you start the plan early
Young ladies who have barely saved up enough emergency funds can look to insurance to protect them in an event of an unexpected medical condition
In some illnesses where fertility-compromising treatments such as chemotherapy and radiotherapy are required, women’s insurance that covers oocyte preservation (i.e. egg freezing) benefit can make sure there is funding so that the ability to have children in the future is not compromised.
Having a plan like this helps build the habit of going for a comprehensive medical checkup once every 2 years and the earlier you start, the better.

5. Don’t cancel out pregnancy plans right away

It’s true that expectant women can use their Medisave to help pay for the costs of childbirth. However, there is a limit to how much you can claim:

Up to S$1,650 for normal childbirth
Up to S$3,500 for Caesarean births.

It’s a known fact that childbirth costs in Singapore way exceed the claimable amounts from Medisave. Thus, pregnancy plans are a special kind of health insurance plan that helps to meet the needs of expectant mothers and their newborns.

6. If your work involves travel, don’t skimp on travel insurance

It is extremely unfortunate to meet with an accident in a foreign country, but let’s face it – there are unfathomable risks present in a country you are not familiar with. From getting robbed to being kicked down a flight of stairs by drunk men (…happened to a woman in Berlin, just saying!), you certainly don’t want to be stuck in a hospital overseas if you do get into an accident of some sort.

Travel insurances usually do not have sky-high prices too.

So… this begs the question of if we REALLY need women’s insurance?

It’s useful to check with your insurance agent or company to fully understand what is covered in the women packages to help you decide on a plan that is most suitable and appropriate for your needs.