More and more women are leading businesses, managing teams, and supporting their families financially. With this increased responsibility comes the need for robust financial protection. This is especially true when it comes to the risk of a critical illness during their prime working years.
While critical illnesses like cancer or heart disease are typically associated with older age, Momentum Life Insurance’s 2024 claim statistics tell a different story. Women in their 30s, 40s and 50s their prime working years are not immune. Of the critical illness claims paid for women, nearly 70% were to women in these age groups. A serious illness during these years can mean more than just a battle for health. It can lead to a significant loss of income, mounting medical bills, and the potential derailment of a career.
For women who are the primary or co-breadwinners, a critical illness can be a double blow. The emotional and physical toll is significant, while the financial stress adds another layer of worry. This is where having the right critical illness cover becomes a powerful safety net.
“At Momentum Life Insurance, we understand that life is unpredictable,” says Joretha Bothma, Head: Product Development, Underwriting and Claims at Momentum Life Insurance. “A serious illness can strike at any time, and for a woman in her prime working years, it can be devastating. Not only does it impact her health and well-being, it can also put her hard-earned financial dreams and the dreams of her family at risk.”
Bothma explains that critical illness cover isn’t a replacement for health insurance, but rather a complementary layer of protection. It pays out a lump sum meeting the claims criteria of a defined critical illness, such as cancer, a stroke, or a heart attack. This cash injection can be used for whatever is needed most, including:
- replacing lost income,
- paying for specialised treatment,
- covering childcare or school fees, or
- protecting your savings, investments and retirement plans.
“Our purpose at Momentum Life Insurance is to protect the financial futures of our clients,” says Bothma. “Our claims philosophy is simple and transparent: to honour every valid claim. Our risk-benefit definitions are comprehensive and objective, giving you confidence in the outcome when you need it most.”
Life insurance, she adds, isn’t just about policies it’s about providing peace of mind that alleviates financial anxieties. “A key aspect of building this trust is an insurer’s proven commitment to supporting clients when it matters most. For instance, in 2024, Momentum Life Insurance paid out R895 million in critical illness claims. Of these, 41% were for women. We also observed a clear trend: women are more likely to claim critical illness benefits at younger ages, often during peak working years with family responsibilities”
Momentum’s approach is that every woman’s journey is unique. “Our underwriting philosophy is founded on a highly personalised approach, ensuring women receive the right cover for their unique needs. We take the time to assess your risk profile carefully, so you’re not paying for unnecessary complexity. Our goal is to provide a tailored solution that gives you the confidence and security to build your financial dreams, even if life throws you a curveball,” says Bothma.
She advises women to assess their financial security, evaluate their current financial situation, understand their risks, and connect with a trusted financial adviser to help them navigate the complexities of financial planning, including tailoring a solution that meets their specific needs.
“A woman’s prime working years are a time of growth, ambition and financial building. An unexpected critical illness, however, can put it all at risk. Taking the time to secure the right critical illness cover is one of the most important steps you can take to protect yourself and your loved ones. It’s not just a policy; it’s a promise to yourself to secure your future, with confidence and peace of mind,” concludes Bothma
