Whether you’re just starting out in the work world, are a breadwinner, stay at home parent or primary caregiver, your life can – and should – be insured.

Research shows that 42% of South African households have female breadwinners. In addition, women tend to live between 5 and 7 years longer than men, resulting in a longer time spent in retirement. All this points to the need for women to safeguard their income and thus their financial futures against life-changing events.

It’s not enough to say “my husband’s life insurance will cover me” or “I don’t need life insurance, I’m a housewife”. There’s nothing “just” about you. Your life is important. It’s time to apply the “me first” airplane rule to your own life – take care of you first, before you can help others.

Think about all the women in your life – your mother, grandmother, sister, teachers, friends, girlfriend, colleagues, boss – or think about yourself.

Now, try to imagine a world without you; It doesn’t matter who you are or what you do for a living your life is worth more than you know, and you need to protect it.

Starting Out

Starting out in life, we often feel invincible. Why would we need life cover when we have few assets, no dependents, and are healthy?

While it’s true that entering the workforce might mean you only need enough life insurance to cover debts and funeral costs, the real need lies in Severe Illness Cover. According to Discovery Life’s 2023 claims, women under 30 had twice as many Severe Illness Benefit cancer claims as men and received 33% more Income Continuation Benefits.

The most important thing young women need to protect at this stage is their ability to earn an income. You have a lifetime of pay checks ahead of you, and you need to safeguard them.

Settling Down

Settling down means new responsibilities.
Whether you don’t have dependents, are a single mom, working, or stay-at home- disability and death cover are crucial. 17% of all Discovery Life’s Income Continuation claims in 2023 were from women in this group.

Ensure your loved ones are cared for if you pass away or become ill. Stay-at-home moms especially should not brush this off- who will care for your children and household if you are injured or ill? Severe Illness cover is essential for additional and unexpected expenses.

Need more motivation? Consider these Discovery Life statistics: Women aged 30-40: 50% of Severe Illness claims were due to cancer, with 39% being breast cancer. Women aged 40-50: 61% of Severe Illness claims were cancer-related, with 52% being breast cancer.

Moving On Up

Severe Illness cover should increase. Good health becomes less certain, and risks like cancer and heart problems are more common.

Consider these Discovery Life statistics:
Women aged 50-60: 52% of Severe Illness claims were cancer-related, with 39% being breast cancer. Additionally, 39% of Capital Disability Benefit claims were due to cancer.

The Golden Years

The golden years bring a shift in insurance needs.

Once women reach retirement and live off their savings, disability cover is no longer necessary. However, Severe Illness insurance remains crucial as health declines become more likely.

In women aged 60 and older 51% of Severe Illness Claims and 40% of Capital Disability claims were cancer-related according to Discovery Life.

It’s essential to have coverage that adapts to these changes, ensuring maximum benefit. You may think “Well, I’ve made it this far without it”, but life throw’s curve balls.

This is why, if you’re in your early sixties and have been thinking about investing in life insurance, you’ll definitely want to make it a priority.

The C word

As seen in many of these stats, majority of Discovery Life’s Sever Illness and Disability Claims were from cancer and substantial number of those cases were breast cancer.

According to WHO More than 9 million women are diagnosed with cancer every year globally. Female financial prospects are further impacted by the 30% relapse rate among breast cancer patients, increasing the risk of developing other cancers.

These stats highlight that it could happen to anyone, no matter your age! When it does, you’ll want the strength to fight what’s coming and the certainty that your family will be taken are of while you’re winning a war.

At Pogir, we’re dedicated to helping you find the right life insurance plan that meets your specific needs. Our expert advisors are here to guide you every step of the way.
Take the first step towards securing your future. Contact us today for peace of mind and professional Life and Financial Planning advice and guidance.

Link https://pogir.co.za/peace-of-mind-for-her/

Research and stats sourced from Discovery Life’s 2023 Claims Insights, Havard Health Publishing , Discovery Life Research and Market Analytics and The World Cancer Research Fund.