This Women’s Month, Let’s Talk Long-Term Insurance: Are You Underinsured?
As we celebrate Women’s Month, it’s a crucial time to reflect on the impactful roles women play in households and the broader economy. Yet, a stark reality remains: many South African women are significantly underinsured, leaving themselves and their families vulnerable when life takes an unexpected turn.
The Alarming Truth About Women and Critical Illness
Consider this: According to Discovery Life’s 2024 statistics, cancer was the leading cause of death for women, and it remains the most common severe illness for both women and men. Specifically, breast cancer accounts for a staggering 41% of cancer claim amounts paid to female Discovery Life clients. These aren’t isolated figures; similar trends are observed across other life insurers.
A severe illness like cancer, a stroke, or a child needing hospital care or treatments can lead to devastating consequences such as loss of income, time off work, and potentially long-term disability. The list of risks is extensive, yet far too many South Africans still rely solely on life cover.
The Pillars of Protection
Chantelle Coetzee CFP®, Financial Advisor at Voorpos Financial Services, highlights a key gap: “Claims statistics reveal that women generally have less cover than men, but that doesn’t mean their risks are lower.” While life cover is essential for providing for your loved ones after death, it’s just one pillar of a comprehensive financial safety net.
A robust financial plan must encompass all four pillars of risk protection:
Life Cover
To secure your loved ones’ future after your passing.
Income Protection
To ensure financial continuity when you’re unable to earn.
Critical Illness Cover
To support your recovery and survival from severe illnesses.
Disability Cover
To help you adapt and rebuild should you become disabled.
Your Income is Your Most Valuable Asset
Women’s contributions, whether as mothers, wives, or income earners, are invaluable. The assumption that a man’s income is the only one to protect often overlooks the profound impact if a woman’s income, or her ability to care for her family and household, is compromised. Disability and Income Protection payouts cover a variety of events such as mild to severe illnesses, accidents and even death, ensuring you can replace your income and continue to build your financial future, even if unforeseen circumstances arise.
This Women's Month, take a moment to assess your insurance coverage. Don't let underinsurance jeopardise your financial stability and peace of mind.
Your ability to earn an income is your greatest asset.
– Chantelle Coetzee CFP®, Voorpos Financial Services
Let’s ensure you’re truly protected for whatever life may bring. Contact us for more information.
