One of the greatest financial risks facing working women today is not only dying unexpectedly but surviving a serious illness and having to manage medical costs, a reduced income, and ongoing family financial commitments. This risk is the result of an outdated assumption that critical illness is a concern reserved for later in life.
For women, risk protection conversations should not begin and end with life cover. While ensuring that loved ones are provided for after death is a foundational pillar of financial planning, the demographic and medical realities of modern South Africa demand a shift in perspective. Life cover looks after a family when a woman is gone, but critical illness cover and income protection are designed to look after her and safeguard her financial independence when things go wrong with her health while she is living.
The changing landscape of survival
Advancements in medical science mean that many serious illnesses are increasingly survivable. However, survival is often accompanied by complex financial realities.
The 2025 Association for Savings and Investment South Africa (ASISA) Insurance Gap Study, conducted by True South Actuaries and Consultants, reveals that more than 85% of South African income earners have no critical illness cover at all. This substantial protection gap means that when a serious health event occurs, many households are left to absorb significant financial strain.
Momentum Life Insurance’s 2025 claims experience revealed that critical illness claim payouts increased by more than 15% year on year, exceeding R1 billion for the first time in the company’s history. The data also showed that 87% of clients who died from cancer or cardiovascular disease did not have critical illness cover in place with the insurer. This highlights the potential protection gap many clients face when diagnosed with a serious illness.
Serious illness can happen during your working years
Suffering a critical illness can happen to anyone. Neither youth, professional qualifications, nor employment can protect you from serious illness. Momentum Life Insurance’s claims data shows that critical illnesses are not confined to middle aged and older people. Women of all ages and occupations are claiming for critical illness, many of them during their working years, with cancer accounting for 43% of all critical illness claims, followed by cardiovascular and nervous system conditions. Cancer and musculoskeletal disorders also remain leading causes of income protection claims, reinforcing the importance of protecting both health and earning ability.
When a critical illness strikes a young professional, a business owner, or a working mother, the financial consequences can ripple across every aspect of her life. The challenge is rarely limited to medical aid shortfalls. The true financial strain of surviving a critical illness includes reduced earning capacity because of extended periods away from work or transitioning to a less demanding role during recovery. Additional costs such as adapting a home, paying for specialised care or making other lifestyle adjustments can also place further pressure on household finances. These costs need to be factored in alongside ongoing commitments such as maintaining bond repayments, school fees, and daily household expenses while managing active treatment.
Proactive protection
The 2025 ASISA Insurance Gap Study indicates that women are more likely than men to have critical illness cover. However, many still do not have sufficient protection in place. Uptake remains relatively low, particularly among young professionals and those who prioritise immediate financial needs over their own personal risk protection.
True financial resilience depends on a protection strategy that reflects how women live, work, and earn an income today rather than outdated assumptions about when a serious illness might occur or that their spouse will provide the necessary financial backing.
This Women’s Month, as Momentum highlights it’s She Owns Her Success movement, the conversation around women and wealth should extend beyond earning, saving and building assets. A serious illness can disrupt even the strongest financial plans, particularly when recovery also means time away from work or taking on unexpected costs. Having a plan for these disruptions can give women greater financial breathing room at a time when their focus needs to be on getting better, rather than how they will keep their finances on track.
By Joretha Bothma, Executive Head: Myriad at Momentum Life Insurance
