Do Singaporean Women Have A Specialized Insurance?

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There is a new trend circulating the insurance market. This trend is none other than women’s insurance. Have you heard of this?

I cannot deny the fact that women are more prone to certain diseases due to the workings of the female body. Health issues such as pregnancy complications and ovarian cysts are peculiar to women. Some of these health conditions are not covered by life or health insurance due to its exclusivity. This is why women face encouragement to add special riders. But, this scenario is a thing of the past! More and more insurers are offering women-centered maternity and critical illness plans.

Parents who are experiencing the miracle of childbirth for the first time can be overtly “kancheong” (tensed). Who can blame them? Maternity is a vulnerable period that you must not take lightly. To safeguard yourself and your child, you may purchase maternity insurance policies. Some of them are in the form of bundled plans to cover the child’s needs beyond the early stages. Consider signing up for the “PINKLIFE” by Great Eastern Life Assurance.

PINKLIFE covers allows the policyholder to feel safe while she is pregnant. Women (between ages 17 to 40) have the option to upgrade their plans to include coverage for pregnancy-related conditions such as stillbirth or miscarriage due to accident. The newborn will also be covered for premature birth requiring ICU care and congenital conditions (e.g., Down’s Syndrome). This plan stands out from the rest because is protects the policyholder from 37 critical illnesses too.

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Aside from maternity bundled plans, insurance policies for women occur as critical illness insurance. Critical illness (CI) insurance usually pay a lump sum when an individual is diagnosed with a disease covered in the terms. It is important to note that most policies depend heavily on the policyholder’s age. Insurers will charge you with a higher premium if you belong to an older age group. This is because the risk to certain diseases increase as age does. So, examine the point of coverage. Is their an age allowance? How about a “stage” allowance (e.g., the coverage takes place only at the early stages of breast cancer)?

As this CI policy is targeted at women, you can commonly find that some of them offer free health checkups such as mammogram. Speaking of free health checkups – I introduce you to the AIA Glow of Life. It is a CI that is especially made for women. You may enjoy a complimentary medical checkup every two years starting from your 3rd year with the policy. It gives you payouts for a wide range of illnesses including breast cancer, osteoporosis, and rheumatoid arthritis.

What’s more? Policyholders can expect to gain from a 100% reimbursement for a reconstructive surgery due to an accident.

While some insurers offer standalone women-centered plans, others do not. Please make sure to read the fine print to understand what you are covered for! Feel free to contact a financial adviser for an appropriate consultation.

Sources: 1, 2, & 3

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