Recently a number of clients had been asking me whether is female / lady specific insurance worthwhile getting…
Firstly what is female specific insurance exist?
It is a comprehensive insurance designed to be marketed for females. Coverage would be more specific for female-related illnesses & may provide additional benefits such as a bonus for giving birth.
Is it worthwhile to get female specific insurance?
Personally I would not recommend female care from any insurance provider because of the following:-
- Critical illness coverage is limited for female specific (i.e. female specific cancer & SLE). A full critical illness coverage would cover 36 different CI.
- Coverage for Life/Total and Permanent Disability (TPD) may be very small sum & limited.
- Read the fine print as your female critical illness coverage may not cover until your old age! Coverage may end when you are say 70 years old leaving you the years after that not covered!
Additional benefits are often giving back small bonuses which in my opinion are but quite gimmicky :
For insurance coverage, you should be looking to get as much coverage as possible for as low a cost as possible. Total insurance costs should take up less then 10% of your net pay.
Q: I can claim 50% or 100% of the critical illness immediately while I heard that I cannot do so for non female specific policies?
A: You can have your policy with critical illness payout 100% of your critical illness coverage upon diagnosis
Q: I have seen a policy which promises me 100% returns of my insurance premiums paid upon maturity?
A: Policies exists which returns 100% of your coverage less any claims made. What the insurance provider would do is give you less coverage & put the rest into into other investments. They would return you the initial amount (and keep the rest). Insurance should be there to provide you coverage that you need & as low a cost as possible. If you are looking for returns, it would be much better to look at other investment vehicles.
Do you have any other questions that come to mind for female-specific insurance?