The decision to buy insurance is largely a personal choice.
Although the financial advisors are preaching that you should get a certain amount of protection, the decision of buying or not still fall flatly in your own hands.
It is reasonable to conclude that your personal viewpoint about the world around you is pivotal to your insurance purchases.
Being in relatively safe Singapore, one may be expected to take safety for granted.
The low crime rate and high affluence support such opinions.
Or it is really so?
Read also: 4 Frequently Asked Insurance Questions
This pervasive feeling of safety does influence how we look at insurance.
Unless you decide to migrate to Japan or Switzerland, you are likely to live a longer, healthier life here in Singapore.
On this light, insurance does not seem too important.
However, life is never so straightforward.
We may live longer and thus, experience more in our lifetime.
That means more opportunities to be sick or injured.
Therefore we have to change our attitude towards insurance.
It is not about protecting your asset upon death but more towards maintaining your standard of living during unexpected injury or illness.
And these are some startling statistics that will change your mindset.
More people died from cancer than from road accidents.
In 2015, a total of 152 residents had passed away due to road traffic accidents.
During the same period, 5900 cancer patients had succumbed to the top killer in Singapore.
It is a depressing figure, to say the least.
We know for sure that the victims of road accident would be compensated by the insurance of the tortfeasor.
Motor insurance is compulsory by law.
For the nearly 6,000 victims of cancer, there is no such guarantee.
Not all may have dread disease cover.
Worse, some may not be able to afford better treatment and lose the fight.
37 residents are diagnosed with cancer every day.
Anyone can be one of them. You definitely have heard of tales of someone’s friend who led a perfectly healthy lifestyle but was diagnosed with cancer.
Grim Reapers have a preference for smokers. But not always.
It turns out that contacting cancer is really a random occurrence.
77% of cancer is caused by uncontrollable DNA mutations and 5 percent due to heredity. The remaining 18% are due to environmental factors such as smoking and exercising. So, to stay healthy, you should. But getting a Critical Illness policy, you must.
There is a 1% chance that you will stay in hospital this year.
Is he referring to 1% or that you are the one? Is he referring to 1% or that you are the one?
555,284 Singapore residents had admitted into the hospital in 2016. If you think that is a reasonable risk since you have Medishield Life, think again. Medishield Life is a great government initiative but it is simply inadequate.
How can you make sure that you can afford the stay in the hospital? In the ward that you deserve. Get an Integrated Shield plan that will give you that and also pays for your Deductibles and Co-Insurance.
More than 25% Singaporeans is of substandard health.
23.5% of the population (aged 18-69) has hypertension.
11.3% has diabetes.
Even if we assume that these are high chances of overlapping between these two groups, it is reasonable to deduce that more than a quarter of the residents are in the high-risk group. It is not only difficult but also costly to acquire insurance after you have been diagnosed with these chronic diseases. Your premium may be loaded. The insurance companies may reject your application. You must keep hypertension and diabetes under control before they lead to more serious complications. As the saying goes, prevention is better than the cure. Exercise and eat well to stay well clear of them. And insure yourself before you become un-insurable.
Keep calm & get behind cover.
Admittedly, these are some depressing and alarming insurance statistics.
Kinda screwed up the notion of a safe and comfy life in Singapore eh?
Even on such a wonderful island, there are many threats to our lives.
We can mitigate these risks by being over-cautious in everything we do.
Wrap ourselves in bubble suit to avoid injuries.
But it is not the way most of us want to live our lives.
The right move to make is to get yourself insured properly.
This way, we can lead the life that we want.
With a peace of mind.
ClearlySurely is an independent Singapore-based insurance information and comparison platform. By providing unbiased information, it aims to eradicate consumers’ gap in knowledge of life insurance.
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