Are you sufficiently protected by your existing insurance coverage?
Mortality Insurance Coverage
Mortality Insurance Coverage
Protects against financial loss that an insured and their surviving family will experience by paying out a death benefit when the insured passes away, or when the insured is diagnosed with Total or Permanent Disability or Terminal Illness
Critical Illness Insurance Coverage
Critical Illness Insurance Coverage
Provides financial protection when an insured is diagnosed with a major illness, and ensures the insured and their family’s living needs / medical expenses continue to be met during the assumed illness recovery period of five years, before the insured is fit to return to work
The Protection Gap Study (PGS) 2022 found that an average economically active Singaporean and Permanent Resident has a Mortality Protection Gap of S$170,352, and a Critical Illness Protection Gap of S$264,586.
Mortality Insurance Coverage protects against financial loss that an insured and their surviving family will experience by paying out a death benefit when the insured passes away, or when the insured is diagnosed with Total or Permanent Disability or Terminal Illness.
PGS 2022 found that while the mortality protection needs of Economically Active (EA) individuals in Singapore have increased between 2017 and 2022 (primarily due to an increase in living costs and overall number of EA individuals), the Mortality Protection Gap remained relatively unchanged from 2017 – decreasing slightly from 23% to 21%.
Critical Illness Insurance Coverage provides financial protection when an insured is diagnosed with a major illness and ensures the insured and their family’s living needs / medical expenses continue to be met during the assumed illness recovery period of five years, before the insured can return to work.
Encouragingly, the Critical Illness Protection Gap among EA individuals has narrowed by a notable 7% in 2022 - down from 81% in 2017, mainly driven by the 63% increase in the EA individuals’ Critical Illness coverage since then.
Do you know how well protected you are? Are you aware if you are currently facing any protection gaps? Find out by using this Life Insurance Protection Calculator! Speak with your Financial Advisor about the results generated by this calculator and find out how you may best ensure your loved ones and you remain well protected.
Click here, to find out how you may ensure that your loved ones and you can be financially cared for.
Life insurance protection calculator:
Check how well protected you are, and if you are currently facing a protection gap
Simply enter basic details about yourself, including your age, marital status, spouse’s work status, and the number of dependants whose living support you are responsible for
You will be invited to furnish additional details regarding yourself and your family, as well as details about your financial overheads and available resources
Please click here to learn about the assumptions and caveats that have been applied to the Simplified Calculator.
Please click here to learn about the assumptions and caveats that have been applied to the Detailed Calculator.
