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A Guide To Self-Care During A Pandemic

Please be aware that all forms of investments carry risks, including the risk of losing all of the invested amount. Such activities may not be suitable for everyone. We encourage our investors to invest carefully. All information provided in this article is on an "as is" basis, and is purely for information purposes. It is not intended for trading purposes or financial advice. Neither we nor any of our partners is liable for any informational errors, incompleteness, delays or for any actions taken in reliance on information contained in this article.

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Protect your wealth by protecting your health

We might know someone—a mum, sister, grandma or an aunt – who has faced a critical illness like cancer. And it can be difficult to watch. Though many recover their health, the same cannot be said for their finances. A critical illness like breast cancer, which strikes 1 in 11 women in Singapore1, costs an average of S$8,000 to S$17,000 per month to treat2 – and treatment can take years. 

Risks faced by modern women

The reality is that health and wealth go hand in hand, like how treatment prices soar as medical technology advances. If a health crisis catches you off guard, it could wipe out your savings, putting your loved ones under emotional and financial strain. 

If you lose significant income because you need time off work to recover, the setback could be even longer term. Mortgage payments could be interrupted. Your children’s education fees could be diverted to medical treatment. It could threaten their future.

The risk increases during times of economic uncertainty. If interest rates are stagnant or falling, your cash might not grow outside of an interest-bearing or investment-tracking product. Add positive inflation into the mix, and your spending power will go down.

Based on research carried out by the Life Insurance Association Singapore, many face a significant CI protection gap of S$256,000. While the average CI cover is S$60,000, the reality is that people will need protection of at least S$316,000 to meet their needs3. Moreover, the older and more financially stable we get, the more expensive CI cover becomes. The smart move would be to take decisive action before a health crisis strikes. 

Time to take back control

But that does not mean you should rush into investments. During an unstable market, you could be putting your savings at risk. What you need is a stable way to grow your money, while protecting your savings against critical illness.  

The answer is adequate medical and critical illness protection. With life expectancy rising, Singaporeans are facing greater odds of becoming critically ill. This makes insurance protection an essential element of the savvy woman’s financial portfolio. 

Another way to make your money work harder is to choose a good savings account that offers better rewards the more you save. This is often easier said than done as it involves a mindset shift – from one that is focused on the monetary rewards in the form of interest earned on your savings, to one where you look beyond to other benefits, such as critical illness coverage. 

The upside of this is your savings account still earns interest, and is not locked up in long-term investments. If an emergency happens, you will still have cash to spare without interrupting your investments. On top of that, you also have critical illness coverage.

Best of both worlds

Enter the new UOB Lady’s Savings Account. This smart savings account makes your money work for you while providing up to S$200,000 female cancer coverage. This can substantially offset the average cost of treating critical illnesses. You will be covered for six types of female cancer, including breast, uterine and ovarian cancers, which are among the ten most common in Singapore4. All for absolutely zero premium payment on your side. 

With the UOB Lady’s Savings Account, female cancer coverage is free and guaranteed# to eligible account holders as long as you maintain their Monthly Average Balance (MAB). Here’s an overview of the UOB Lady’s Savings Account and how you can get protected up to S$200,000.

The female cancer benefit is based on the rolling average of the account holder’s MAB over the previous three months. See the illustration table below.

^^ Aggregate balance is the summation of all the daily day-end balances * Rounded down to 2 decimal places ** Rounded to nearest digit, without decimal

Enjoy complimentary yearly health checks for obesity/blood pressure, cholesterol, diabetes and ovarian cancer marker (CA 125), as well as a 3-strain flu vaccination. All this, along with S$13 flat-fee standard GP consultations (excluding GST, surcharges, medication and procedures) at any of the 500 clinics under MHC Asia Group island-wide, for you and up to 4 dependents. Most important of all, you will be looking out for your family by saving smarter and getting critical illness protection. After all, your safety net is their security too.

Sign up for a new UOB Lady’s Savings Account online via uob.com.sg/ladysaccount02, or the UOB Mighty app and get up to S$80 cash credit. Plus, deposit a minimum of S$10,000 into your new account to enjoy up to 10X additional UNI$ on either Fashion or Family category spend on your UOB Lady’s Card. Full terms and conditions apply.

# Subject to the exclusions and provisions contained in UOB Lady’s Savings Account Group Cancer Plan and UOB Lady’s Savings Account Terms and Conditions.

1  https://www.singaporecancersociety.org.sg/learn-about-cancer/types-of-cancer/breast-cancer.html 2  https://thecareissue.jaga-me.com/the-true-cost-of-breast-cancer-in-singapore/ 3 https://www.lia.org.sg/media/1332/protection-gap-study-report-2017.pdf 4 https://www.singaporecancersociety.org.sg/learn-about-cancer/cancer-basics/common-types-of-cancer-in-singapore.html

This content was produced in partnership with UOB.

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How to defend against critical illness and the potential impact on your family

Ladies, we all have a lot going on. Whether it’s our careers, our family or our financial goals, there are too many responsibilities we are holding on to. And for most of us, family often rank right up there on our priority list. 

But to take care of your family properly, you need to make sure you look after yourself first. That way, you can be better prepared if the unexpected happens. There are many ways you can care for yourself whether through exercise, a better diet, getting your finances in order or regular medical check-ups. 

Coping with critical illnesses 

All women face the risk of developing a critical illness at some point in their lives. Over the past 40 years, breast cancer occurrences in women has more than doubled in Singapore – from 25 to 65 in every 100,000 women. While it’s not the most common cancer among women, it is the biggest killer1. What’s more, between 2010 and 2015, incidents of female-related cancer rose by 17%, even though certain types, like breast2 or colorectal3 cancers, are potentially preventable by opting to live healthier lifestyles. For example, going running two nights a week will give your heart a healthy workout and help you maintain a healthy weight. Consider changing your diet so you aren’t consuming as much red meat, sugar or fried foods, and ramp up your intake of fresh vegetables.

We all need to be aware that critical illnesses – especially ovarian, cervical and breast cancers – could affect us at some point in our lives. Other conditions we need to think about include heart disease and strokes, which are among the biggest causes of death in Singapore4. This means more women than ever before may be less able to take care of their families as they fight critical illnesses. Not only do these conditions place substantial emotional strain on our loved ones upon diagnosis, the cost of treatment and recovery can be astronomical. Cancer treatment can last for several years, and this can put a huge financial strain on families by depleting savings or even getting them into debt if they don’t have sufficient critical illness coverage or savings. 

Protection and prevention 

Developing the right mindset around critical illnesses is a good place to start. Plan for the possibility that you might one day become unwell and with this mental shift, make adjustments to cope with the potential fallout. Take small, manageable steps first, such as adopting healthy lifestyle practices while looking into your insurance coverage. This will help you identify whether you need to recalibrate your plans to fit your needs. 

Regular medical check-ups are important when it comes to cancer detection. Early detection and diagnosis more often than not means you get the best chance at successful treatment. This can have a very tangible impact on your quality of life and enable you to continue to care for those you love.  How to cope with the cost

Treatment for critical illnesses can be prohibitively expensive. Apart from saving for rainy days, what if your savings can help you bear some of the cost for critical illness treatment? We recommend checking out the UOB Lady’s Savings Account, a savings account that provides female cancer coverage as you save. Not only will you have a savings account that makes your money work harder by giving you interest on your savings, but also coverage for six types of female cancer, including breast, uterine and ovarian cancers, which are among the ten most common in Singapore5. Saving on the UOB Lady’s Savings Account can give you up to $200,000 coverage, substantially defraying the average cost of treating cancer, which can cost between $8,000 and $17,000 per month6. The best part? The UOB Lady’s Savings Account female cancer coverage is guaranteed# with no medical underwriting to eligible account holders as long as they maintain their Monthly Average Balance (MAB). You don’t even need to pay any premiums to enjoy this female cancer coverage, in fact, you just need to save more.

Here’s how it works:

Not only that, the account also gives complimentary yearly health checks for obesity/blood pressure, cholesterol, diabetes and ovarian cancer marker (CA 125), as well as a 3 strain flu vaccination. In addition, you and up to four dependents will also get to enjoy $13 flat-fee standard GP consultation (excluding GST, surcharges, medication and procedures) at any of the 500 clinics under MHC Asia Group islandwide. 

Isn’t it wonderful to know that you can kill not just one, not two but three birds with one stone? Save money, get female cancer coverage and most importantly, do the right thing for your family by putting yourself first.

Sign up online anytime, anywhere via uob.com.sg/ladysaccount01, or the UOB Mighty app and receive four medical consultations (worth $52) at any of the 500 clinics under MHC Asia Group. Full terms and conditions apply.

1 https://www.straitstimes.com/singapore/health/breast-prostate-cancers-rising-sharply-in-spore

2 https://www.myheart.org.sg/my-heart/heart-statistics/singapore-statistics/

3 https://www.healthhub.sg/live-healthy/2056/9-Must-Know-Facts-About-Colorectal-Cancer

4 https://www.myheart.org.sg/my-heart/heart-statistics/singapore-statistics

5 https://www.singaporecancersociety.org.sg/learn-about-cancer/cancer-basics/common-types-of-cancer-in-singapore.html

6 https://blog.seedly.sg/true-cost-cancer-treatment-singapore

# Subject to the exclusions and provisions contained in UOB Lady’s Savings Account Group Cancer Plan and UOB Lady’s Savings Account terms and conditions.

This content was produced in partnership with UOB.