Women, wealth, and what's next: Planning for life's unpredictable turns

Whether you're single, divorced or raising a family, the financial impact of death, disease or disability can place a substantial amount of difficulty on a family. Financial planning is crucial for anyone who is managing the financial responsibilities of a household. This is where Discovery Life stands apart from traditional insurers. Our life insurance is designed for real life, combining protection with living benefits and rewards that you and your family can enjoy now while you're still alive, not just when a claim is made.

The general population picture in South Africa today

According to StatsSA's latest population trends report, there are 63,1 million people in South Africa today. Children under the age of 15 make up about 26% of this total (about 16,5 million), while those aged 60 and older make up 10,5%.

This indicates that, while the country's population is still predominantly young, improvements in life expectancy mean many are living well into their later years. According to the same report, women live five years longer on average than men; the life expectancy of men is about 64 years, and 69,6 years for women. StatsSA's most recent General Household Survey report also points out that more than two-fifths of the country's households are currently headed by females.

With women making up 51% of the population and living five years longer than men, they often carry long-term financial responsibilities of households and financing for themselves, their children, and even their extended family. With so much responsibility, it's worth asking: Have you considered what would happen to your family if you passed away, or if illness or disability meant you could no longer work? A robust life plan ensures your loved ones are cared for, no matter what life brings.

Discovery Life's claims experience trends highlight why women need holistic cover

A holistic life plan factors in a wide range of life-changing events that can compromise income earning and quality of life, as well as loss of life. This allows you to prepare for an unexpected event, and offers you an opportunity to have some control over the financial future of your household.

Life-changing events can happen when you least expect them, and that's why it's so important to plan ahead. Discovery Life knows this too well and this is reflected in their annual claims data reports, which highlight the need for holistic risk protection. For instance, the 2024 claims report highlights:

• 40% of the overall severe illness claims received were made by women, and of the cancer-related claims received, 41% of these were for breast cancer.
• 45% of overall claims for income continuation were made by women. 72% of female income protection claims were made by women between the ages of 31 and 50. This is important because it's typically during these years that one is financially responsible for raising children.
• One in four Income Continuation Benefit claims from women were permanent, highlighting the long-term impact of certain illnesses or injuries, with cancer contributing 21% as the second-highest cause of permanent Income Continuation Benefit claims.

Holistic cover that's built for your life

Discovery Life provides holistic Life cover that supports real life needs for women. Yes, you get comprehensive benefits that take care of financial needs if you were to pass away. You also get the opportunity to build in cover with living benefits for when a life-changing event disrupts financial security. These benefits are designed to protect what matters most to you. Here are some examples:

• Discovery Life's Severe Illness Benefit offers features like Automatic Cover for Children and Parents; the Global Treatment Benefit provides access to treatment in top overseas medical facilities, and there is comprehensive cancer cover for early to late stage cancers and cover on suffering a relapse.
• The Capital Disability Benefit includes an Automatic Child Impairment Benefit and the Medtech Booster Benefit, which enables access to cutting-edge assistive medical devices and dynamic protection throughout your life.
• The Income Continuation Benefit offers automatic lifestyle protection features and the ability to protect your annual bonuses through the Performance Bonus Protector, all of which is available through our whole-of-life protection.

Alongside these benefits is an opportunity to protect the education needs of your children with The Global Education Protector. This benefit pays for your children's education from crèche to university (locally or abroad), if you or your spouse passes away, becomes ill or is disabled.

What sets Discovery Life apart from traditional life insurers? - Shared-value!

A financial plan is a clear path that empowers you to have control of your financial future - for yourself and those you love. In addition to this, the Discovery Life Plan has been designed to bring you shared value for managing your health and wellness through engagement with Vitality and making your everyday financial behaviour count.

You can enjoy upfront and ongoing premium discounts when you integrate (link) your Discovery Life Plan with Vitality, a qualifying medical aid administered by Discovery Health or a qualifying Discovery Bank account. Furthermore, you can get up to 100% of your life insurance premiums back in cash through the PayBack benefit by engaging with your health and wellness.

With the average woman set to live around 5 years longer than males, the need for income to supplement retirement earnings can become even more critical. The Cash Conversion Benefit, which is available at an additional premium, pays out up to 100% of the value of your Life Fund, without reducing your cover.  It allows you to convert your healthy lifestyle choices into cash, providing valuable support for a longer retirement.

To fully experience the value of holistic (and rewarding) financial planning for you and your family, you can start here by getting a quote in just 60 seconds, or contact us on 0860 00 54 33 to chat to a financial adviser.

Learn more about Discovery Life's suite of protective cover and benefits.