If you (assuming you are female!) have bought an insurance from a financial advisor before, you might have heard about a special type of insurance that targets women.
This is because women are susceptible to certain diseases unique to the female body. In fact, breast cancer is the top killer cancer in Singapore for women, while ovarian cancer stands at fifth place.
Other than covering the medical fees incurred for hospitalisation and surgery (H&S) if diagnosed with one of the female organ affecting critical illnesses, health insurance for women is tailored to the different health challenges a woman may face during her lifespan.
The entry age for women-centric insurance plans start at the age of 16 and ends at the age of 65, but varies across insurance providers.
Insurance for women occur mainly as two types: Critical illness or as a Rider policy.
Most premiums for this type of insurance are dependent on your age. Insurers usually group certain ages together in a ‘band’, and will charge you a higher premium if you enter the higher band. This is linked to the susceptibility to certain diseases as age increases.
Female-related cancer includes:
Most of these insurance plans also include a basic coverage of other critical illnesses, such as heart attack, dementia, other major cancers as well as stroke.
Buying female-targeted health insurance may give you additional benefits such as maternity-related covers and free female health screenings.
Maternity-related matters such as pregnancy complications or death of the child is usually not covered under your normal health insurance. Being pregnant is one of the biggest milestones of being a woman, so any complications can really wreck a woman physically and emotionally. Therefore the best you can do is to get yourself protected financially against this risk.
Another possible benefit is getting free female health screenings such as mammogram and pap smear. Many people neglect regular health screenings – sexually active women are advised to go for a Pap smear once every three years, while women aged above 50 should undergo a mammogram once every two years.
What You Need To Take Note Of
For many people who have been hit by critical illness, they might face a rude shock when they try to claim any benefits upon the initial diagnosis.
This is because most critical illness policies do not cover the initial stages of an illness or the disease has to meet the exact definition stated in the policy.
Make sure you read the fine print and know exactly what you are covered for!
This article was originally on the GET.com blog at: Health Insurance For Singapore Women: Know The Basics.