Some Singaporeans don't see the need for insurance

QX179R SG

SINGAPORE: A survey by American International Assurance Singapore (AIA) showed that only a little more than one in 10 Singaporeans are adequately insured.

One-fifth of these uninsured Singaporeans also said that they do not see the need for insurance.

Nearly one-half of the respondents polled felt it is an acceptable outcome that their spouse / future spouse remarries to make up for the loss of income in the event of their demise.

The "2011 AIA Singapore Nationwide Protection" survey polled over 1,000 Singaporeans and permanent residents, aged between 20 to 60 years, on their understanding of financial protection and perceptions.

A common reason for not buying insurance was that many believed life insurance is expensive and are unable to afford the premiums.

AIA Singapore's senior vice president and CEO, Tan Hak Leh, said that AIA hope to "bridge the underinsurance gap" in Singapore in accordance with the findings.

He said: "As a community, it is our shared responsibility to ensure all Singaporeans are financially protected."

Initiatives AIA will undertake include public education, collaborating with government and non-government agencies as well as shaping new products according to the needs of consumers.

Customers will be able to find out the amount of protection they need according to a calculation which will add up factors such as household income, number of dependent children and parents, age and if both husband and wife are working.

AIA also recently announced its partnership with the National Family Council (NFC) which will see both parties work together over the next year to educate members of the public about financial health and adequate protection coverage.

"There is a great opportunity for both parents and children to come together, as families, to learn more about financial intelligence," said Lim Soon Hock, chairman of the NFC.

"Such shared experiences will help strengthen family bonds and prepare them to overcome any future financial challenges or crises."

- CNA/ck

Askingyouto SG

If you look for those agents, it's really expensive, even a simply one to clearly cover everything costs a few hundred dollars a month.

Really not cheap.

Mr Milo SG

my "other" head dun nid insurance

charlize SG

icare SG

I am not buying insurance because I know if something goes wrong, the insurance company will use some imaginery cluases to refuse to pay

mancha SG

You need to know what you are buying.

Thats why the rich, who can afford to pay for major medical expenses from their pockets, have insurance cover their hefty medical bills.

The poor get hit badly by such calamity, and look to the goverment for a free meal.

Dr Language SG

The insurance company you mention (name I shall not speak) is bloody conman company. A friend of mine who used to work for that insurance co tells me that they spend a lot of money on training and seminars in expensive hotels. Also the employees there get big big company cars and big big meal and entertainment allowances. Even the normal managers who work in supporting departments get a lot of entertainment allowances. The staff there all on cloud nine. The successful agents all drive big big car and get a lot of fringe benefits. There is where most your premium is going to. Insurance biz is nothing but legal term for regulated pyramid scheme.

So don't buy insurance. Only the very basic one. They tell you all lies that you need this and that. But the real people who benefit the insurance are those working high up on the hierarchy of insurance company. I mean how often you get to cash out from insurance companies after a lifetime of paying premiums? And when that comes, they hammer all sorts of limitations to you. They are smart too. When you are farking old like 65 and above, they refuse to insure you because thats the time when you need insurance the most. They only want to insure the young nd healthy ones. Real conman biz.