As South Africa celebrates Women’s Month, we recognise the women who are taking ownership of their success through their careers, businesses and financial achievements.
Women play a significant role in household finances as primary earners, joint income contributors, professionals, entrepreneurs and financial decision-makers. As their responsibilities grow, so does the importance of protecting the income and financial progress they have worked hard to achieve.
An analysis of Momentum Life Insurance’s client base shows that women represent 48.3% of the people included. However, a closer look at the types of cover they hold reveals a potential gap.
Protected against death, but what about serious illness?
Approximately 94.7% of the women included in the analysis had life cover with Momentum Life Insurance. By comparison, only around 50.3% had critical illness cover and approximately 15% had income protection with the insurer.
While these clients may have additional cover elsewhere, the difference is significant. It suggests that many women may have protection against the financial consequences of death but could be less protected against events that affect them while they are still alive, such as a serious illness or an interruption to their income because of illness, impairment or disability.
Surviving a serious illness can have far-reaching financial consequences. Rehabilitation, medical aid shortfalls, reduced earning capacity, lifestyle adjustments and additional caregiving requirements can all place pressure on household finances. At the same time, normal financial commitments continue.
Critical illness cover can provide a lump sum payment when an illness, medical event, procedure or injury meets the claim requirements set out in the policy. Income protection can provide a monthly payment if illness or injury leaves someone temporarily or permanently unable to work. Together, these benefits can help protect a person’s financial position while they are still alive.
Cancer remains a significant risk for women
Momentum Life Insurance’s 2025 claims experience reinforces the importance of this protection.
Cancer was once again the leading cause of critical illness claims among female clients, accounting for just over half of these claims. Breast cancer was the most common cancer claimed for by women.
These findings highlight why financial protection should extend beyond preparing for the risk of death. Surviving a serious illness may affect a woman’s ability to earn an income, meet her financial commitments and continue working towards her long-term goals.
Protecting the income behind the progress
For many women, income represents far more than a monthly salary. It supports their independence, financial responsibilities, savings and long-term goals. For women who own businesses or work for themselves, it may also support employees and the continued operation of a business.
Yet only approximately 15% of the women included in Momentum Life Insurance’s analysis had income protection with the company.
This may be particularly relevant for women who are primary earners, contribute jointly to household income or are financially responsible for others. An illness or injury does not have to result in permanent disability to affect someone’s ability to earn an income. Even a temporary interruption can place considerable strain on household finances.
Financial needs also change as careers advance, businesses grow and personal circumstances evolve. The conversation should therefore not only be about whether women have cover, but whether the type and amount of cover remain appropriate to replace their income, help them take care of their financial responsibilities and support their long-term financial goals.
Regularly reviewing financial protection with a qualified financial adviser can help identify potential gaps and ensure that cover continues to reflect these changing needs.
Women’s Month celebrates achievement, resilience and progress. Protecting that success is not about expecting the worst. It is about being prepared for life’s uncertainties and helping to ensure that hard-earned progress and long-term goals remain protected.
Because owning your success also means protecting it.
By George Kolbe, Head of Marketing and Enablement at Momentum Life Insurance
