Advisers need to target the female market when it comes to critical illness insurance cover, according to MLC general manager sales Colin Woods.
Female policyholders from MLC were five times more likely to claim on critical illness than on life cover and six times more likely to claim on critical illness cover than total and permanent disability (TPD) cover.
This compares to their male counterparts who are only three times as likely to claim on TPD.
Woods attributes the significant growth of breast and ovarian cancers as a crucial contributing factor to the growing need for women to be insured in critical illness policies.
“The need for this type of cover is clear,” Woods said. “Breast cancer is the most common form of cancer and accounted for one in three of all female cases in a year.”
“And according to our data here at MLC, 20 per cent of all critical illness claims were for breast cancer alone. Though we come from a very low base, it is quite staggering.”
He said other sectors of women, such as the stay-at-home or part-time mothers, need to be considered as much as females in the workplace for their limitations in income protection.
Woods said over 50 per cent of MLC’s book of business for critical illness is made up of women.
He urged advisers to target and raise awareness among their female clients.
