Ever thought of applying self-care to your personal finances too?

It is extraordinary times we live in now – the world we once knew has never been more unrecognisable than it is today. Amidst the pandemic outbreak, every individual is faced with a new norm, a new way of living and new realities.

For women, there is a sense of growing concerns in this situation – one where your natural defense mechanisms kick in and you want to do even more to ensure the well-being of your family. But have you forgotten about the one important person you need to look out for? You.

What does self-care mean to you? For some women, practising self-care can be taking time off for a day to themselves. For others, it can be a relaxing massage at a spa. Or just an afternoon spent with your girlfriends. The list goes on. But have you ever thought of applying self-care to your personal finances too?

While women today generally enjoy greater financial freedom and are more financially savvy than the previous generations, are they using the money to take better care of themselves? Or to better protect themselves against life’s possible curveballs like a major health emergency?

United Overseas Bank (UOB) understands the importance of striking a balance between health and wealth protection. Its UOB Lady’s Savings Account is aimed at helping women work their money harder while stepping up their financial self-care.

Developed in partnership with Prudential Singapore, the UOB Lady’s Savings Account is the first-in-market savings product designed exclusively for women to help them save money while providing them with insurance coverage for six female cancers.

The rationale for the UOB Lady’s Savings Account is straightforward and simple: The more money you save, the more coverage you get. The UOB Lady’s Savings Account aims to help close the protection gap of $256,000, as cited in the 2017 Protection Gap Study by the Life Insurance Association Singapore (LIA), by giving the account holder up to $200,000 sum assured on breast, cervix uteri, uterine, fallopian tube, vagina/vulva and ovarian cancers.

Find out more about the UOB Lady’s Savings Account here.

Here are five reasons why you should add the UOB Lady’s Savings Account to your financial wellness arsenal.

1. The product is specially tailored for women.

The well-being of women is as important as their families’. This is why UOB sees the need to help women take care of themselves, as they often put the needs of their loved ones before their own. “Women in Singapore today juggle multiple responsibilities, including our careers, parenthood, ageing parents, relationships and community involvement, and often, this means our own well-being takes a backseat,” says Ms Jacquelyn Tan, head of Personal Financial Services for Singapore at UOB.

The UOB Lady’s Savings Account is also a response to a 2017 survey by UOB and Prudential Singapore that found 45 per cent of women want a savings account with complimentary critical illness coverage.

This two-in-one savings product not only safeguards your personal savings but also offers peace of mind at a time of great uncertainty.

2. Female cancer coverage of up to $200,000 is free and guaranteed.

Getting critical illness coverage may not be the top priority for many women – and by the time they realise the value of such protection, signing up for one may already be too expensive.

With the UOB Lady’s Savings Account, female cancer coverage is free and guaranteed# to eligible account holders as long as they 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 $200,000.

Courtesy of UOB

The female cancer benefit of UOB Lady’s Savings Account is based on the rolling average of the account holder’s MAB in the past three months. See the illustration table below.

Courtesy of UOB

Account holders can monitor their sum assured through their Personal Internet Banking or UOB Mighty app.

3. This savings product supplements your other insurance products.

With a coverage of up to $200,000, the free cancer benefit can supplement your existing critical illness coverage without you having to fork out money for annual premium payments.

Take for example Rachel, aged 30 and a non-smoker, has a PRULady plan that comes with female cancer illness benefit of $25,000 sum assured. She pays an annual premium of $523.35 for it. With UOB Lady’s Savings Account, Rachel can get an additional coverage of $25,000 without paying premiums if she saves and maintains an MAB of more than $25,000. Her coverage would have doubled without her premiums being doubled.

4. Your health investment is secure in this savings product, regardless of market conditions.

With the Covid-19 pandemic bringing uncertainties to market conditions globally, the general sentiment among investors is likely to be that of risk aversion.

This is where the UOB Lady’s Savings Account comes in. More than keeping your money to grow in the bank at falling interests, the product offers account holders a different kind of investment: health protection.

With UOB Lady’s Savings Account, it is not about how much your money can earn but how much protection against female cancer your money can offer.

5. You – and your dependents – can enjoy health and wellness perks.

On top of providing female cancer coverage, the UOB Lady’s Savings Account also gives account holders other health and wellness benefits.

These include a once-a-year complimentary health check for obesity or blood pressure, cholesterol, diabetes and ovarian cancer marker (CA 125). You also get a three strain flu vaccination.

On top of that, you also enjoy $13 flat-fee standard general practitioner (GP) consultations at over 500 clinics under the MHC Asia Group island-wide for yourself and up to four dependents. This means that your loved ones also benefit from you having a UOB Lady’s Savings Account.

Think of your family and put yourself first. Sign up online anytime, anywhere via uob.com.sg/ladysaccount or 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.

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