Insurance Needs For Women

Women should make sure they are adequately covered.

A Woman's Insurance Needs

Single working women in Singapore may think there is no need for insurance because they don’t need to provide for dependants. But they should still consider making the necessary provisions for their medical needs, especially as they grow older. Apart from a hospitalisation and surgical (H&S) plan which takes care of hefty medical expenses should hospitalisation be required, a woman’s insurance needs vary during the course of her life.

The Two Plans

Generally, a single working woman without dependants needs only to provide for herself in the event of disability or a medical crisis. There are two plans that can help her if she becomes too ill to work.

Critical Illness (CI) Plan

• Pays a lump sum when she is diagnosed with a potentially debilitating condition like:
• Cancer
• Stroke
• Blindness
• Dementia
• Heart Attack
• The payment, often substantial, can help replace income while one is recovering and unable to work, or cover the cost of alternative medicine.
• Should her condition lead to a disability that prevents the single woman from returning to a monthly income to help take care of nondiscretionary monthly expenses like mortgage payments and bills.

Death Cover

A married working woman with a young family has the same insurance needs as a single working woman. If she makes significant contributions to the family’s finances, the working mother should also include a death cover in her insurance portfolio. This ensures that all liabilities can be paid off and that the living needs of her dependants – namely her children – are not compromised should she not be around to provide for the family.

Needs

• Apart from the basic H&S and CI, women who draws a regular income should consider a hospital income plan, which pays a specified amount of cash for each day of hospitalisation and loss of income.
• As a stay-at-home mum does not receive a salary, she does not need insurance that replaces an income. Apart from a standard H&S plan, however, she can also consider a CI plan that will cover her for the cost of alternative medicine or lifestyle changes, such as hiring a maid or getting home nursing care.
• Women aged 40 and above should consider planning for any long-term nursing care they may need in old age, when they are unable to perform basic activities like washing or feeding themselves. With a long-term care insurance plan, the cost of engaging nursing care can be covered should the need arise.

Which Type Of Insurance Is Right For You?