What you should prioritise

Financial planning for women

Andre Froneman is the product specialist at Altrisk.
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No one enjoys thinking about their mortality or a serious illness, but long term insurance such as critical illness, life and disability cover can provide financial support to families during the worst of times.

“Effective financial planning is all about insuring your most valuable asset – your ability to earn an income,” says Andre Froneman, product specialist at Altrisk. 

Ask yourself this question: Will you and your family be in a position to provide for additional expenses and the cost of lifestyle changes that may come with a disability or serious illness, or worse, the loss of a breadwinner?

Women should not be lulled into a false belief that serious illnesses such as cancer and heart disease only affect men and the elderly.

Altrisk statistics show that women remain significantly under-insured, and submit almost twice as many critical illness claims as men.

• Currently the leading cause of critical illness claims among women is cancer.

• The average age of women submitting a claim for cancer is 43, and women have almost the same number of cancer claims as men.

• Of the total cancer claims by women, 25% are specifically for breast cancer where the average age is 53.

• Heart disease and stroke are the second leading cause of claims by women, constituting 30%. The average age of a heart disease claimant is 58 and stroke is 49.

• The leading cause of all life claims by women is due to cancer, at 29%, with an average age of 57. 

• The average age of life claims due to breast cancer is 52.

• Cardiovascular disease is the second leading cause of all life claims by women, accounting for 28% of claims. The average age of women claiming for cardiovascular disease is 55.

• Accidents and unnatural causes come in at 14%, with motor vehicle accidents being the leading cause of death at average age of 53.

• The leading causes of disability claims by women are cancer and neurological conditions such as strokes.

The majority of the critical illness, life and disability claims are made by women between the ages of 43 and 55. This is considered the prime of your life and when you are most reliant on your income for financial security and likely to have significant financial liabilities. 

This is why you should talk to a financial advisor to make sure that you have the right insurance cover in place to protect your financial security.

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Issue 72