According to Old Mutual, cancer accounted for 62% of the ‘Big 4’ severe illnesses (cancer, heart attack, CABG and stroke) in 2017. The top three severe illnesses for women were cancer and tumours (65%), central nervous system disorders (13%) and cardiovascular disorders (10%). Women have unique health profiles, but does this mean they should give preference to cover that takes gender-specific needs into account?
Financial planner Sylvia Walker, author of Smartwoman: How to Gain Financial Independence and Create Wealth, says that although cancer looms large in our collective consciousness we should worry about other conditions, too. But Katharine Liese, general manager marketing at 1Life Insurance, says women-specific insurance, crafted around cancers prevalent in women, may pay out when cancer is only stage one or stage two, for example, which is earlier than critical illness cover.
We unpack the arguments for and against gender-specific cover in the October issue of RISKAFRICA magazine.
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