Do you have enough coverage for women's diseases?
There are certain illnesses or diseases that women of a certain age should take extra care to look out for.
While there are many anti–aging beauty products saturating the market and hogging the consumer spotlight, there's unfortunately less awareness and attention given to overall female health concerns.
Even if there were, they're more depressing than sexy.
Be that as it may, caring about the topic of health is all part and parcel of #adulting and most of the people we see on social media above the age of 25 are already complaining of mysterious aches, pains and sudden lack of ability to party all night and still make it fresh–faced into the office the next day
If that's you, the most reasonable response would be to look into living a healthier lifestyle and to check if your insurance provider gives comprehensive coverage – especially for common women's diseases. This is especially important if your family has a history of certain illnesses or if you have a pre–existing condition which makes you prone to developing certain diseases later on in life.
Common illnesses and top cause of death
One could draw a few similarities between the dot-com boom in the 1990s to the current bull market in technology stocks:
As of 2015, by far the top cancer illness affecting Singapore women is breast cancer, with colorectal and lung coming in second and third respectively. Interestingly, lung and colorectal cancers are the top two cancer illnesses for males in Singapore – which suggests that personal habits and urban living could be more to blame rather than genetics when it comes to health.
Uterus and ovarian cancer make up the fourth or fifth cancer type, while stomach and cervical cancer come in ninth and tenth respectively on the list of top cancers for Singapore women1.
But what most don't know is that the top cause of death for women in Singapore is not breast cancer but heart failure and stroke. Younger women aged between 21 and 34 years old tend to believe they're not at risk, but this is not true. According to Dr Goh Ping Ping, the medical director for the Singapore Heart Foundation, anyone of any age is susceptible to getting a heart attack2.
The key to fighting this is early prevention in the form of regular exercise and keeping to a healthy diet. Of course it also helps to have health and critical illness insurance coverage that would support the necessary treatment and therapy needed without the sufferer having to pay out of her savings.
What you can do
Start with living the healthiest life that you can by cutting out any unhealthy habits (such as smoking and bad diets) and replace them with more wholesome alternatives.
If you don't already go for an annual medical check– up, then book your appointment soon. It's important to note that early intervention is key to recovery or successful treatment, when it comes to the diseases mentioned.
And just to ensure that all bases are covered, get yourself a good critical illness insurance cover which protects you from multiple cancers or relapses such as Aviva's MyMultiPay Critical Illness Plan III. Unlike most critical illness plans which tend to terminate coverage after you make a claim, MyMultiPay Critical Illness Plan III allows you to claim up to 5 times. It also covers across all stages of critical illness (early, intermediate, severe) as well as relapses of the same cancer.
Alternatively, you can consider adding a critical illness rider to your existing life insurance plan which most insurers offer. MultiPay Critical Illness (CI) Cover II and Early Critical Illness (CI) Advance Cover II* are some of the riders offered by Aviva that can be added on to an existing Aviva life insurance plan. On top of covering early to severe stages against critical illnesses and cancers, Aviva's critical illness riders also offer a special benefit which covers mastectomy, hysterectomy due to cancer, etc.
Besides getting sufficient protection, it is also important to continue growing your nest egg to help you cope with other future expenses including your insurance premiums and other healthcare costs that may come. One way is through generating your own passive income with dividends by investing in dividend–paying unit trusts.
How do dividends help me?
Dividends provide you with passive income which can be a good shield against uncertainties. For example, even during bad market conditions, you can still receive income from funds that distribute dividends. The dividends paid can then be reinvested back into the same fund to accumulate more gains for your investments as the years pass.
Alternatively, you can cash out your dividends once they are paid and use them for your monthly expenses including your insurance premiums or beauty treatments at the spa. With current market conditions looking uncertain, investing in funds that pay dividends may be an effective investment strategy to help grow your wealth. For ladies who plan to retire early or may have changes in income due to family commitments, these dividend payouts can help generate income for your retirement and offset some of your living expenses. A little goes a long way! Read more about generating a dividend–income portfolio here.
If you would like to find out more about critical illnesses and how to grow your nest egg, simply leave your contact details here if you'd like to learn more!
*Early Critical Illness (CI) Advance Cover is only attachable to Aviva's MyWholeLifePlan II
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Disclaimer
All information here is for GENERAL INFORMATION only and does not take into account the specific investment objectives, financial situation or needs of any specific person or groups of persons. Prospective investors are advised to read a fund prospectus carefully before applying for any shares/units in unit trusts. The value of the units and the income from them may fall as well as rise. Unit trusts are subject to investment risks, including the possible loss of the principal amount invested. Investors investing in funds denominated in non-local currencies should be aware of the risk of exchange rate fluctuations that may cause a loss of principal. Past performance is not indicative of future performance. dollarDEX is affiliated with Aviva but dollarDEX does not receive any preferential rates for Aviva products as a result of this relationship. Unit trusts are not bank deposits nor are they guaranteed or insured by dollarDEX. Some unit trusts may not be offered to citizens of certain countries such as United States. Information obtained from third party sources have not been verified and we do not represent or warrant its accuracy, correctness or completeness. We bear no responsibility or liability for any error, omission or inaccuracy or for any loss or damage suffered by you or a third party (including indirect, consequential or incidental damages) arising in any way from relying on this information.
This information does not constitute an offer or solicitation of an offer to buy or sell any shares/units.
This article has not been reviewed by the Monetary Authority of Singapore.
Information is correct as of 15/10/2019.
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1 National Registry of Diseases Office (NRDO), “Singapore Cancer Registry – Annual Registry Report 2015”, published 19 June 2017.
https://www.nrdo.gov.sg/docs/librariesprovider3/Publications-Cancer/cancer-registry-annual-report-2015_web.pdf?sfvrsn=102 “Awareness of heart disease low among Singaporean women: Survey”, The Straits Times (26 June 2016)