Women’s unique health issues and the need for insurance protection

June 2024

When it comes to underwriting, we recognize that some women face significant and unique health issues earlier in their lives than men. For example, some women face high-risk pregnancies which can cause temporary increased mortality risk such as gestational diabetes. Women tend to declare mental health issues more readily than their male counterparts and may also need time off work to recover. Women also have higher rates of cancer at younger ages than men which can result in time away from work to receive treatment. 

Information from the 2023 Cancer Statistics report (refer to table on page 14 of the report) shows the age distribution of cancer incidence in Canada. There are more females diagnosed with cancer under age 60 than males, resulting in reduced income, savings, and pension contributions. There’s a strong need for women to purchase insurance protection.

It’s equally important for women and men to buy life insurance while they’re young and healthy. In situations where a person has had a health issue at a younger age, it’s worth being assessed for insurance as most impairments are insurable on some basis. 

Many of the early age cancers can be underwritten within a few years of completion of treatment, with some underwritten sooner than others. New treatments and medications are reducing the mortality from cancer and we’re able to insure more people than in the past. The underwriter will need to know what type of cancer your client was treated for, and what treatment occurred (surgery, chemotherapy, radiation, or immunotherapy). They’ll want to obtain the medical records from the family doctor and the specialist involved in the treatment to fully assess the case.

According to the Heart and Stroke Foundation, the leading cause of premature death in Canada is heart disease and stroke and many women aren’t aware of risk factors. Women have a certain amount of protection related to hormones however this begins to wear off during menopause. Most research related to heart disease has been focused on men as opposed to women. Unfortunately, 50% of women who experience a heart attack have “atypical” symptoms and therefore these symptoms are not treated aggressively. 

Most cases of heart disease and stroke are insurable on some basis provided lifestyle modifications and treatment plans have been implemented and followed. The underwriter will need to know when the event occurred, what treatment was implemented, surgery or revascularization, and the name of the treating physician in addition to the family doctor.

Recently LIMRA published the 2023 Barometer Study which indicates women want to buy life insurance, yet ownership lags behind that of men. The women’s market is a growth area for life and critical illness insurance especially because women have some unique health issues. 

Manulife is proactively investing in research and development aimed at ensuring more women are insurable even if there has been a health issue in the past. In addition, the recent reprice of our Family Term products resulted in lower premium rates for women. These lower rates, combined with the benefits of the Family Term product and Manulife Vitality program make Manulife an ideal carrier for your female clients.

For more underwriting tips and insight follow Karen Cutler on LinkedIn. Karen is our VP, Head of Underwriting and Claims, Chief Underwriter Individual Insurance.