Long life is considered a blessing by many. But for retirees, the cost of living, increasing risks of getting sick, and rising medical costs are their nightmare. Because of this, paying premiums for insurance is often overlooked. This is evident in the survey by the Life Insurance Association of Singapore which found that more than 52% of Singaporeans aged 60 and up are uninsured.
In an interview with Singapore Business Review, Raymond Ong, CEO of Etiqa Singapore, said that long life expectancy creates a huge protection gap amongst Singaporeans.
“We see that Singapore has one of the highest life expectancies in the world. Today, one in seven Singaporeans are aged 65 and above, this number will become one in five by 2030,” Raymond explained.
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