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S'poreans under-insured

>> Friday, August 21, 2009

The Straits Times, Aug 21, 2009
By Charissa Yong

Summary:

Average person covered for only a third of $495k needed.

According to a new report by Nanyang Technological University (NTU) Associate Professor David Yee, an average Singaporean needs life insurance protection of $494,851.

However, his existing life cover is only $165,628 on average, even after including mortgage insurance and CPF savings. This leaves a stunning shortfall of $329,223.

A working adult's protection needs should provide enough cash to maintain dependants' current living standards, cover any outstanding debts and funeral expenses. In addition, it needs to cover housing costs, allowances given to parents and children's expenses, including education fees. This excludes the contribution of a surviving spouse.

Working men aged 30 to 49 have the highest protection needs as they have the highest income and are likely to have higher personal loans. Also, more dependants typically rely on them financially.

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