In today's fast-paced world, women are taking charge like the boss babes they are. From corporate professionals to home business entrepreneurs and multi-tasking mums, women are putting in the work to live their best lives.

We’ve written about this unstoppable energy before. This article expands on that same spark by providing all you ladies out there with the best options to protect your health and grow your finances.

Pro tip: Head over to our milestone map to get an overview on how to plan for the future, whichever life stage you’re at 😉

Smart money moves to realise your dreams

• Set up your money makers

Keep up with the rising cost of living by making your money work harder for you. With so many savings and investment options, it can sometimes be hard to decide where to put your money. An important feature you can look out for is whether the plan you’re considering is capital guaranteed. A 100% capital guarantee means that the money you’ve invested is safeguarded from losses and will be fully available to you at a stipulated payout time.   

One plan that features this capital protection is Singlife Flexi Life Income II that acts as a whole life insurance savings plan to give you lifelong pay days. With yearly payouts of up to 5.2% of your sum assured* and guaranteed returns of up to 2.32% p.a.^# it’s the perfect choice for women looking for a low-risk investment that provides incremental gains over time.

This plan might be especially useful for super mums out there who have goals and dreams they have to juggle on top of everything else.

• Looking to receive annual payments to help supplement your child’s future education without taking on a big financial risk or having to constantly monitor investment markets? Singlife Flexi Life Income II is a secure solution that provides guaranteed yearly returns.

• Want extra cash for holidays and retirement? Knowing that Singlife Flexi Life Income II gives annual payouts gives you the confidence to plan yearly trips as well as live the retirement lifestyle you want because you’ve got this back-up holiday/retirement/whatever-you-need stash.

• Set aside emergency cash

It's also important to set up an emergency fund equivalent to 3-6 months of your monthly salary to tide you over any unexpected bumps along the road. But remember that an emergency fund should be accessible when you need it, just like an AED. You can start one with the Singlife Account that provides a return of 3% p.a. on your first S$10,000 and the flexibility to withdraw your money any time without any pesky penalties.   

No wealth without health

Let’s face it. Men and women have different health needs and should plan for these differences accordingly.

• Guard against cancer

Breast cancer is the most commonly occurring cancer among women in Singapore, accounting for 29.7% of all cancers¹ diagnosed in females.

Being a complex disease, the cost of cancer treatment can vary depending on its severity and the prescribed treatment from doctors. Cancer survivor Dela Lau was diagnosed with stage 4 lymphoma when she was 36, spending S$1,200 on six rounds of chemo and a whopping S$30,000 on medication.

Thankfully for Dela, she had a Shield plan that covered 90% of her medical costs. She also benefited from a lump-sum payout from her critical illness plan that helped to cover her expenses when she had to pause work for treatment.

If you’re looking for a critical illness plan to give you peace of mind, Singlife Multipay Critical Illness is a great option as it provides multiple payouts for different stages of critical illnesses beyond just cancer. With comprehensive coverage of 132 conditions across early, intermediate and severe stages of critical illnesses including stroke and heart attack plus protection against specified recurrent critical illnesses, the plan helps you bounce back when life throws you more than one health curveball.

Singlife Cancer Cover Plus II is another great standalone cancer plan option that provides you with protection against large medical bills from cancer treatments. Cover your outpatient cancer drug treatments (both on and not on the cancer drug list), outpatient cancer drug services as well as selected cancer treatments (e.g., Proton Beam Therapy and Cell, Tissue and Gene Therapy) up to S$1.5 million worldwide. 

• Don’t ignore the risk of mental decline

Another rising health concern for women is dementia. Abroad, the BBC reports that the disease has become the leading cause of death for women² in Australia, England and Wales. Here in Singapore, dementia is also a top concern as our population is ageing rapidly, but it doesn’t only affect the very old. More than 100 Singaporeans from as young as 40 years old are being diagnosed yearly with young onset dementia³.

It can be disorienting to grapple with issues of dementia and Alzheimer’s especially when it affects other areas of your life. Advanced dementia may result in problems with balancing, mobility and even eating or swallowing. With that in mind, having a long-term care plan is super important. The good news: if you were born in 1980 or later, you’re already covered for life under the national insurance scheme CareShield Life. It gives monthly cash payouts if you’re unable to do 3 or more activities of daily living. You can enhance this basic coverage with a supplement plan like Singlife CareShield Standard & Plus. Receive additional payouts of up to S$5,000 a month which can go towards hiring a live-in caregiver, staying in a nursing home or any other means to support better quality of life.

Enhance your Singlife CareShield plan with Singlife Dementia Cover for boosted protection against early to severe stage dementia and other mental health conditions with payouts up to S$170,000** in total.

But as always, prevention is better than cure. Stay in the pink of health by keeping active and having a balanced diet. Regular health checkups will also help pick up any medical conditions early so you can get timely treatment and improve your chances at recovery.

You got this girl 💪

To borrow the famed words of singer Helen Reddy, “you are strong, you are invincible, you are woman”. We hope this article helps you to make informed decisions about planning for your amazing future, whatever that looks like for you. Whether it’s a gorgeous wedding or your dream home, Singlife has a plan to realise your happily ever after. Get in touch with our friendly financial adviser reps below to get started 😉

^Notes:

^{1. Source: Singapore Cancer Society, “Learn about breast cancer”, accessed on 2 April 2024.}

^{2. Source: BBC, “Why Alzheimer’s hits women harder than men” accessed on 11 April 2024.}

^{3. Source: The Straits Times, “Young onset dementia: Growing group faces financial, social challenges”, accessed on 2 April 2024.}

^{*Yearly Income will be payable at the end of every policy year starting from the end of the Accumulation Period, less any amount owing to Singapore Life Ltd., as long as the Life Assured is alive and while the policy is in force. The Yearly Income consists of:}

^{1. Guaranteed Cash Benefit at 2.2% of the Sum Assured; and}

^{2. Cash Bonus (non-guaranteed), if any, at 3%^ or 0.9%^ of the Sum Assured.}

^{^Cash Bonus rates indicated above are based on illustrated investment rates of return of 4.25% and 3% per annum respectively as illustrated in the Policy Illustration. Please refer to the Policy Illustration for more details.}

^{Note: Accumulation Period refers to the period from the end of the premium payment term until the first payment of Yearly Income.}

^{#Guaranteed returns of 2.32% p.a. is based on coverage for a Life Assured between age 20 and 24 at next birthday (both ages inclusive) with a sum assured of S$500,000 and an Accumulation Period of 20 years, who is paying annual premiums over 20 years; with an assumption that the policy will be surrendered at the end of the policy year when the Life Assured is 99 age next birthday. The return is rounded to the nearest percentage.}

^{** Total payout of $170,000 is based on maximum benefit amount of $2,000, including Cognitive Care (5 times benefit x 10 years), Mental Care Benefit (5 times benefit x 5 years), Emotional Resilience Benefit (5 times benefit lump sum) and Medical Expenses Benefit (5 times benefit lump sum}