Today, growth in the life insurance industry has been increasing year on year with no signs of slowing down. In hopes of keeping up with the ever-growing costs of living, more and more people are looking for viable sources of security to tide over times of crisis in their lives.
Information correct as at 09 February 2021
Based on the Life Insurance Association study illustrated in the graph, most of the financially-abled age groups from age 20 – 64 are trailing significantly behind the ideal protection coverage amount for their respective stratum. Many Singaporeans are still unaware of the importance of insuring their future amidst living in a high-cost society, thus giving you a huge opportunity to make your mark in the insurance industry.
*Only Critical Illness (CI) insurance coverage had been assumed. CPF savings are not included as we have assumed that Medisave account is only used to offset the immediate medical needs, and the remaining CPF account balance cannot be withdrawn due to CI. Other savings are not included as we have assumed that the patient will still require savings to maintain a reasonable lifestyle in the later stages of life such as retirement needs.
Needs and existing cover (S$)
Average Life Insurance Coverage per
economically active adult (including rider)
S$290,086 in 2017
Average Mortality Protection Gap per
economically active adult
S$169,673 in 2017
Source: Life Insurance Association – Protection Gap Study 2017
By 2030, there will be around 900,000 senior citizens in Singapore aged 65 and above. Better medical capabilities are allowing us to live longer, with life expectancy growing year-on-year. However, the concept of retirement planning is still rarely practised. Grab this chance to shine your light and help the people around you in learning the importance of retirement planning to secure their future.
SINGAPORE 2030
Today we have around 590,000 senior citizens aged 65 and above. By 2030, we expect this to increase by more than 50% to around 900,000.
900000
Senior Citizens
Life expectancy at birth
*Life expectancy data for year 2020 is preliminary
With cost of basic necessities increasing year on year without respite, people are starting to realise that one can no longer rely on their month-to-month savings to tide over unforeseen circumstances in life. Things are getting increasingly expensive over a shorter period of time. One needs to plan faster and further ahead than the speed of inflation to better secure their future.
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