Consumerism targets men and women differently. Each gender has varying needs in daily life. This focussed attention given to each of the genders ensures that a male-centric and female-centric audience gets exactly what they need.
Now, should insurance also be designed to each gender needs? The answer is a definite yes.
To begin with, let’s look at the most obvious reason for insurance – health needs. We purchase medical insurance is to secure ourselves financially against the expensive costs of treatment. With the rising costs of living in Singapore, it makes sense to have a gender-specific critical illness policy that will help you meet your financial obligations due to unforeseen circumstances.
Critical illnesses may affect 1 out of every 4 Singaporeans. Furthermore, other studies show that 75% of people diagnosed with a critical illness have to stop working or cut down on work while they receive medical treatment. Thus, their earnings get adversely impacted. Many of them are the only source of income for their families. Now, while critical illnesses affected both men and women, many of these diseases are specific to one gender. For instance, ovarian cancer impacts women and prostate cancer affects men. The course of treatment for each of these gender-specific conditions would be different.
Sensing this need, leading insurance companies are now providing critical illness plans that are specific to the needs of men and women.
Let’s take a closer look at what male-centric and female-centric critical illness insurance can offer you.
Critical illness insurance for men
A critical insurance policy that is designed to exclusively cater to a man’s health needs will usually offer you the following benefits:
- 100% sum assured for cancers of the prostate, testicle, and scrotum
- 100% sum assured for cardiomyopathy
- Coverage for carcinoma in situ of male reproductive parts
- 100% sum assured for skin grafting due to burns and skin cancer
- 100% sum assured for facial reconstruction due to accident
- 100% sum assured for a range of heart-related illnesses and coverage for many more critical illnesses
- Complimentary biennial screening for health
This is an overview of some of the benefits of a critical insurance plan designed to cater to a man’s health needs. You can also consider adding a premium waiver rider to supplement the plan.
Critical illness insurance for women
Just like men, women have a very different health needs. These needs are perfectly addressed in critical illness plans that is cater to women. These plans offer benefits such as:
- 100% sum assured for cancers that affect women such as breast, cervix, fallopian tube, and vulva, among others
- Exclusive coverage for a range of female health issues such as polycystic ovarian syndrome, uterine prolapse, thyroid storm, and hysterectomy, among others
- 100% sum assured for breast reconstruction
- 100% sum assured for skin grafting due to burns and skin cancer
- Coverage for support procedures such as hormone replacement therapy and oocyte cryopreservation
In addition to the above coverage, women can also add a rider to cover complications arising from pregnancy, the need for hospital care, and congenital disease treatment. Let’s look at the example of Sarah, a non-smoker aged 30 years. She invests in a critical illness insurance plan for women and also opts for the maternity rider for an extra one-time payment. If Sarah and her husband expect a baby one year later, this maternity rider can offer her a sum assured of up to S$20,000 in case any complications arise during pregnancy. Thus, this coverage truly serves to supplement her existing health insurance plan.
It is important to note that a standard critical illness insurance plan would not cover such a range of gender specific-illnesses. This is why it is important to invest in these plans that uniquely cater to both male and female health needs.
Critical illness insurance is an extremely important component of your medical insurance portfolio. Do be sure to speak to a trustworthy financial consultant and buy adequate coverage immediately.
