As Breast Cancer Awareness Month comes to a close, we’re reminded that financial wellness is an essential part of overall health. Just as regular screenings and self-care are vital for physical wellbeing, income protection is vital for financial security, especially for women.
Why Income Protection Matters for Women
Income protection is a type of insurance designed to replace a portion of your income if you can’t work due to illness, injury, or disability. It acts as your financial safety net, helping you maintain your lifestyle and continue meeting monthly commitments while you recover.
But for women, the need for this kind of protection is often underestimated, and that’s where the gap lies.
Despite being increasingly active in the workforce, many women still face unique financial vulnerabilities:
- Women are more likely to take career breaks for caregiving.
- They often earn less than men over a lifetime.
- They live longer, meaning they need their financial plans to stretch further.
- And statistically, they are more likely to face illnesses such as breast cancer during their lifetime.
Imagine this scenario:
A woman in her 30s is diagnosed with breast cancer. She needs months of treatment, recovery, and possibly rehabilitation. Without income protection, she may have to rely on her savings, or worse, debt to survive financially during that period. With the right cover in place, however, her income protection policy can step in to replace a percentage of her income while she focuses on healing.
The Hidden Gap: Medical and Living Costs Beyond Treatment
Most people assume that medical aid or hospital plans will cover everything, but that’s rarely the case. Even with good medical cover, there are out-of-pocket expenses that can quickly add up, co-payments, non-covered treatments, travel for specialist care, and additional recovery costs, such as home nursing or therapy.
That’s where additional medical gap cover or a lump-sum severe illness benefit becomes invaluable. These types of cover are designed to help bridge the shortfall between what your medical aid pays and what your recovery actually costs.
For women facing illnesses such as breast or ovarian cancer, these additional covers can provide a lifeline, helping to fund:
- Specialised treatments or procedures are not fully covered by medical aid.
- Lifestyle adjustments during recovery (reduced work hours, childcare, etc.).
- Supportive therapies or counselling.
- The ability to take the time needed for physical and emotional recovery without financial strain.
How Income Protection Works
Income protection policies usually pay a percentage of your pre-tax income (often between 60% and 75%) if you are unable to work due to illness or injury. The benefits can continue until you recover, reach retirement age, or for a set benefit period.
For example:
- A marketing professional earning R30 000 a month suffers a serious illness and needs 6 months off work.
With income protection, she could receive around R18 000 to R22 000 per month, helping her cover essential bills while she focuses on getting better.
That kind of security can make all the difference, turning a potential financial crisis into a period of supported recovery.
Why Women Should Review Their Cover Regularly
Life changes quickly. Promotions, new jobs, having children, or taking on a home loan all shift your financial responsibilities. As women’s roles evolve, their protection should evolve too.
Yet, too often, women:
- Underinsure themselves compared to their male counterparts.
- Assume their partner’s cover is sufficient for both.
- Delay reviewing their policies after major life changes.
Without the right level of cover, this can create a protection gap, leaving women financially exposed just when they need support the most.
Stenvest’s Approach: Personalised Protection for Real Life
At Stenvest Risk and Financial Planning, we believe that financial planning isn’t just about numbers, it’s about people, their goals, and their peace of mind.
We work closely with each client to assess their lifestyle, income needs, and health risks, and then recommend a customised income protection and gap cover strategy that fits their stage of life.
Our team helps clients:
- Evaluate how much income protection they actually need.
- Understand how to integrate income protection with medical aid and gap cover.
- Choose benefit terms that align with their income and expenses.
- Plan for long-term resilience, not just for illness, but also for family and career transitions.
Because when life happens, whether through illness, injury, or unforeseen challenges, you shouldn’t have to face financial uncertainty on top of everything else.
Closing the Gap with Confidence
Income protection isn’t about expecting the worst. It’s about preparing for the unexpected so that you can live with confidence, knowing your income, your lifestyle, and your loved ones are safeguarded.
As we wrap up Breast Cancer Awareness Month, take this as your reminder to review your cover, not just for today, but for the future you’re building. The right plan can help you recover fully, rebuild stronger, and continue pursuing your goals without financial fear.
At Stenvest, we help women and families build financial plans that support them through every stage of life. Whether you’re reviewing your current cover, need guidance on income protection, or want to explore medical gap cover, we’re here to help. Learn more.
Contact us today to book a confidential consultation at admin@stenvest.co.za or 021 595 4630.
Because protecting your income means protecting your independence, and that’s something worth investing in.