Are Singaporeans Adequately Covered By Insurance?
The Straits Times published an article last week that a typical average Singaporean would require an insurance coverage of $494,851. However, most Singaporeans only have an average insurance coverage of only $165,628 with many falling short of this coverage amount!
That is a big shortfall and my goodness, we will need to pay a lot of premium to get a coverage of nearly half a million dollars.
The average of $165,628 may be enough ten years ago (some people have no insurance at all) but if you factor in hyper inflation, it is up to the financial planners to say how much they want. How much insurance coverage do you think you require?
To have adequate insurance coverage and buid a comfortable retirement nest seems to be at odds with each other. Do you have much spare cash left after paying the high premiums?
Saving money is not enough, we must invest our money into stocks and unit trusts etc! However, the rates of return and stock prices can fluctuate wildly. The safest way is to invest in blue-chip stocks for the long term.
Have you guys planned for your retirement and insurance?
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