{"id":34298,"date":"2023-09-08T04:30:00","date_gmt":"2023-09-08T04:30:00","guid":{"rendered":"https:\/\/eodishasamachar.com\/en\/2023\/09\/08\/singapores-critical-illness-protection-gap-narrows-while-mortality-protection-gap-remains-relatively-unchanged-protection-gap-study-2022\/"},"modified":"2023-09-08T04:30:00","modified_gmt":"2023-09-08T04:30:00","slug":"singapores-critical-illness-protection-gap-narrows-while-mortality-protection-gap-remains-relatively-unchanged-protection-gap-study-2022","status":"publish","type":"post","link":"https:\/\/eodishasamachar.com\/en\/2023\/09\/08\/singapores-critical-illness-protection-gap-narrows-while-mortality-protection-gap-remains-relatively-unchanged-protection-gap-study-2022\/","title":{"rendered":"Singapore&#8217;s Critical Illness Protection Gap Narrows While Mortality Protection Gap Remains Relatively Unchanged: Protection Gap Study 2022"},"content":{"rendered":"<p> \n<\/p>\n<div lang=\"en\">\n<ul>\n<li>\n    <i style=\"mso-bidi-font-style:normal\">Platform Workers found to have bigger protection gaps compared to the general Economically Active<span style=\"letter-spacing:-2.35pt\"> <\/span>population<\/i>\n  <\/li>\n<li>\n    <i style=\"mso-bidi-font-style:normal\">Life<span style=\"letter-spacing:&#10;-.05pt\"> <\/span>Insurance<span style=\"letter-spacing:-.15pt\"> <\/span>Industry<span style=\"letter-spacing:-.25pt\"> <\/span>commits<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>spearheading<span style=\"letter-spacing:-.1pt\"> <\/span>efforts<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>narrow<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>protection<span style=\"letter-spacing:-.25pt\"> <\/span>gap<span style=\"letter-spacing:-.1pt\"> <\/span>in<span style=\"letter-spacing:-.15pt\"> <\/span>Singapore<\/i>\n  <\/li>\n<\/ul>\n<p><b style=\"mso-bidi-font-weight:normal\"><br \/>\n  <br \/><\/b><br \/>\n<span style=\"color: rgb(105, 105, 105);font-family:\">SINGAPORE &#8211; <\/span><a href=\"https:\/\/www.media-outreach.com\/\" style=\"box-sizing: border-box;color: rgb(0, 123, 255);text-decoration: none;background-color: transparent;padding: 0px;overflow-wrap: break-word;max-width: 100%;font-family:\" rel=\"sponsored\">Media OutReach<\/a><span style=\"color: rgb(105, 105, 105);font-family:\"> &#8211; 8 September 2023 &#8211; <\/span> The Life Insurance Association, Singapore (LIA Singapore) today<span style=\"letter-spacing:.05pt\"> <\/span>unveiled findings of the Protection Gap Study (PGS) 2022 which found that economically active<sup>1<span> <\/span><\/sup>(EA)<span style=\"letter-spacing:.05pt\"> <\/span>Singaporeans and Permanent Residents in Singapore \u2013 including Platform Workers (PWs) &#8211; had a<span style=\"letter-spacing:&#10;.05pt\"> <\/span>S$373 billion mortality protection gap<sup>2<span> <\/span><\/sup>and a S$579 billion critical illness (CI) protection gap<sup>3<\/sup>. This<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">equates<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.05pt\">to<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.05pt\">a<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.05pt\">21%<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.05pt\">mortality<\/span><span style=\"letter-spacing:-.5pt\"> <\/span>protection<span style=\"letter-spacing:-.5pt\"> <\/span>gap<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-.5pt\"> <\/span>a<span style=\"letter-spacing:-.5pt\"> <\/span>74%<span style=\"letter-spacing:-.5pt\"> <\/span>CI<span style=\"letter-spacing:-.5pt\"> <\/span>protection<span style=\"letter-spacing:&#10;-.5pt\"> <\/span>gap<span style=\"letter-spacing:-.5pt\"> <\/span>in<span style=\"letter-spacing:-.45pt\"> <\/span>Singapore<span style=\"letter-spacing:&#10;-.45pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>2022.<span style=\"letter-spacing:-.6pt\"> <\/span>The<span style=\"letter-spacing:-.45pt\"> <\/span>study<span style=\"letter-spacing:-2.35pt\"> <\/span>comprises two components: analysis of policy data from life insurers, as well as a supplementary<span style=\"letter-spacing:.05pt\"> <\/span>market survey<span style=\"letter-spacing:&#10;-.05pt\"> <\/span>of 775<span style=\"letter-spacing:.05pt\"> <\/span>EAs.<\/p>\n<p>PGS<span style=\"letter-spacing:-.1pt\"> <\/span>2022<span style=\"letter-spacing:-.05pt\"> <\/span>provides<span style=\"letter-spacing:-.05pt\"> <\/span>insights<span style=\"letter-spacing:-.2pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>industry,<span style=\"letter-spacing:-.1pt\"> <\/span>life<span style=\"letter-spacing:-.05pt\"> <\/span>insurers<span style=\"letter-spacing:-.05pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>reinsurers,<span style=\"letter-spacing:-.2pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>well<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.15pt\"> <\/span>other<span style=\"letter-spacing:-.25pt\"> <\/span>stakeholders\n<\/p>\n<p><span style=\"letter-spacing:-.05pt\">&#8211;<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">including<\/span><span style=\"letter-spacing:-.5pt\"> <\/span>employers<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>relevant<span style=\"letter-spacing:-.4pt\"> <\/span>government<span style=\"letter-spacing:-.55pt\"> <\/span>agencies<span style=\"letter-spacing:-.5pt\"> <\/span>&#8211;<span style=\"letter-spacing:-.6pt\"> <\/span>to<span style=\"letter-spacing:-.5pt\"> <\/span>implement<span style=\"letter-spacing:-.55pt\"> <\/span>actionable<span style=\"letter-spacing:-.4pt\"> <\/span>strategies<span style=\"letter-spacing:-.55pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>will<span style=\"letter-spacing:-2.4pt\"> <\/span>support<span style=\"letter-spacing:-.25pt\"> <\/span>individuals<span style=\"letter-spacing:-.25pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>meet<span style=\"letter-spacing:-.35pt\"> <\/span>their<span style=\"letter-spacing:-.25pt\"> <\/span>protection<span style=\"letter-spacing:&#10;-.3pt\"> <\/span>and<span style=\"letter-spacing:-.25pt\"> <\/span>financial<span style=\"letter-spacing:-.25pt\"> <\/span>planning<span style=\"letter-spacing:-.25pt\"> <\/span>needs.<span style=\"letter-spacing:-.3pt\"> <\/span>This<span style=\"letter-spacing:-.2pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>especially<span style=\"letter-spacing:-.15pt\"> <\/span>important<span style=\"letter-spacing:&#10;-2.4pt\"> <\/span>given<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.3pt\"> <\/span>extended<span style=\"letter-spacing:-.3pt\"> <\/span>life<span style=\"letter-spacing:-.25pt\"> <\/span>expectancy<sup>4<span><span style=\"letter-spacing: -0.133333px\"> <\/span><\/span><\/sup>as<span style=\"letter-spacing:-.3pt\"> <\/span>well<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>an<span style=\"letter-spacing:-.3pt\"> <\/span>unpredictable<span style=\"letter-spacing:-.25pt\"> <\/span>socio-economic<span style=\"letter-spacing:&#10;-.25pt\"> <\/span>landscape<sup>5<span><span style=\"letter-spacing: -0.133333px\"> <\/span><\/span><\/sup>facing<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-2.35pt\"> <\/span>community today.\n<\/p>\n<p>LIA<span style=\"letter-spacing:-.25pt\"> <\/span>Singapore<span style=\"letter-spacing:-.15pt\"> <\/span>also<span style=\"letter-spacing:-.3pt\"> <\/span>included<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>additional<span style=\"letter-spacing:-.25pt\"> <\/span>analysis<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>protection<span style=\"letter-spacing:-.25pt\"> <\/span>needs<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>gaps<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>PWs<sup>6<span><span style=\"letter-spacing: -0.2px\"> <\/span><\/span><\/sup>in<span style=\"letter-spacing:-.2pt\"> <\/span>PGS<span style=\"letter-spacing:-.3pt\"> <\/span>2022,<span style=\"letter-spacing:-2.4pt\"> <\/span>in recognition of this being a growing segment within the community. The average PW individual has<span style=\"letter-spacing:-2.35pt\"> <\/span>bigger<span style=\"letter-spacing:-.05pt\"> <\/span>mortality and<span style=\"letter-spacing:-.05pt\"> <\/span>CI<span style=\"letter-spacing:-.05pt\"> <\/span>protection<span style=\"letter-spacing:&#10;-.1pt\"> <\/span>gaps than<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:.05pt\"> <\/span>average EA<span style=\"letter-spacing:&#10;-.05pt\"> <\/span>individual in<span style=\"letter-spacing:-.1pt\"> <\/span>Singapore.\n<\/p>\n<p>Mr. Dennis Tan, President, LIA Singapore said, &#8220;The Protection Gap Study 2022 shows that while<span style=\"letter-spacing:.05pt\"> <\/span>mortality and critical illness protection gaps persist, there has been progress recorded since our last<span style=\"letter-spacing:.05pt\"> <\/span>study<span style=\"letter-spacing:-.4pt\"> <\/span>in<span style=\"letter-spacing:-.6pt\"> <\/span>2017.<span style=\"letter-spacing:-.4pt\"> <\/span>There<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.55pt\"> <\/span>greater<span style=\"letter-spacing:-.4pt\"> <\/span>awareness<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.6pt\"> <\/span>appreciation<span style=\"letter-spacing:&#10;-.55pt\"> <\/span>of<span style=\"letter-spacing:-.6pt\"> <\/span>the<span style=\"letter-spacing:-.5pt\"> <\/span>value<span style=\"letter-spacing:-.55pt\"> <\/span>of<span style=\"letter-spacing:-.55pt\"> <\/span>insurance<span style=\"letter-spacing:&#10;-.45pt\"> <\/span>in<span style=\"letter-spacing:-.5pt\"> <\/span>Singapore,<span style=\"letter-spacing:-.5pt\"> <\/span>and<span style=\"letter-spacing:-2.4pt\"> <\/span>more individuals<span style=\"letter-spacing:-.1pt\"> <\/span>are<span style=\"letter-spacing:.05pt\"> <\/span>taking<span style=\"letter-spacing:-.2pt\"> <\/span>actions to<span style=\"letter-spacing:.05pt\"> <\/span>better<span style=\"letter-spacing:&#10;-.1pt\"> <\/span>meet<span style=\"letter-spacing:-.15pt\"> <\/span>their protection<span style=\"letter-spacing:-.05pt\"> <\/span>needs.\n<\/p>\n<p><i style=\"mso-bidi-font-style:normal\"><sup><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\">1<\/span><\/sup><\/i><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\"> Individuals employed and contributing to the production and distribution of goods and services. Platform workers fall within this category<span style=\"letter-spacing:-1.75pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>are<span style=\"letter-spacing:-.05pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>subset<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>economically<span style=\"letter-spacing:.1pt\"> <\/span>active<span style=\"letter-spacing:-.05pt\"> <\/span>group.<\/span><\/i>\n<\/p>\n<p><i style=\"mso-bidi-font-style:normal\"><sup><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\">2<\/span><\/sup><\/i><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;letter-spacing:-.2pt\"> <\/span><\/i><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\">The<span style=\"letter-spacing:-.25pt\"> <\/span>mortality<span style=\"letter-spacing:-.25pt\"> <\/span>protection<span style=\"letter-spacing:&#10;-.3pt\"> <\/span>gap<span style=\"letter-spacing:-.3pt\"> <\/span>represents<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>financial<span style=\"letter-spacing:-.3pt\"> <\/span>gap<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.3pt\"> <\/span>cover<span style=\"letter-spacing:-.25pt\"> <\/span>needs<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>dependents<span style=\"letter-spacing:-.2pt\"> <\/span>over<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.3pt\"> <\/span>defined<span style=\"letter-spacing:-.3pt\"> <\/span>period<span style=\"letter-spacing:-.35pt\"> <\/span>in<span style=\"letter-spacing:-.3pt\"> <\/span>the<span style=\"letter-spacing:-.25pt\"> <\/span>event<span style=\"letter-spacing:-.3pt\"> <\/span>of<span style=\"letter-spacing:-.3pt\"> <\/span>death.<span style=\"letter-spacing:-.2pt\"> <\/span>It<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>the<span style=\"letter-spacing:.05pt\"> <\/span><span style=\"letter-spacing:-.05pt\">amount<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.05pt\">of<\/span><span style=\"letter-spacing:&#10;-.45pt\"> <\/span><span style=\"letter-spacing:-.05pt\">money<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.05pt\">required<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.05pt\">by<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.05pt\">dependents<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.05pt\">to<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.05pt\">cover<\/span><span style=\"letter-spacing:-.5pt\"> <\/span>expenses,<span style=\"letter-spacing:-.5pt\"> <\/span>clear<span style=\"letter-spacing:-.5pt\"> <\/span>outstanding<span style=\"letter-spacing:-.45pt\"> <\/span>debt,<span style=\"letter-spacing:-.45pt\"> <\/span>and<span style=\"letter-spacing:-.55pt\"> <\/span>maintain<span style=\"letter-spacing:-.45pt\"> <\/span>a<span style=\"letter-spacing:-.55pt\"> <\/span>reasonable<span style=\"letter-spacing:-.45pt\"> <\/span>lifestyle,<span style=\"letter-spacing:&#10;-.5pt\"> <\/span>less<span style=\"letter-spacing:-.5pt\"> <\/span>existing<span style=\"letter-spacing:-.55pt\"> <\/span>savings<span style=\"letter-spacing:.05pt\"> <\/span>and<span style=\"letter-spacing:-.15pt\"> <\/span>insurance coverage for<span style=\"letter-spacing:-.1pt\"> <\/span>mortality,<span style=\"letter-spacing:&#10;.1pt\"> <\/span>following<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>death<span style=\"letter-spacing:-.1pt\"> <\/span>of<span style=\"letter-spacing:.05pt\"> <\/span>a<span style=\"letter-spacing:-.1pt\"> <\/span>member<span style=\"letter-spacing:-.05pt\"> <\/span>of<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>household.<\/span><\/i>\n<\/p>\n<p><i style=\"mso-bidi-font-style:normal\"><sup><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\">3<\/span><\/sup><\/i><i style=\"mso-bidi-font-style:&#10;normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;letter-spacing:-.2pt\"> <\/span><\/i><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\">The<span style=\"letter-spacing:-.1pt\"> <\/span>CI<span style=\"letter-spacing:-.1pt\"> <\/span>protection<span style=\"letter-spacing:-.2pt\"> <\/span>gap<span style=\"letter-spacing:-.2pt\"> <\/span>represents<span style=\"letter-spacing:-.1pt\"> <\/span>the<span style=\"letter-spacing:-.2pt\"> <\/span>financial<span style=\"letter-spacing:-.15pt\"> <\/span>gap<span style=\"letter-spacing:-.2pt\"> <\/span>to<span style=\"letter-spacing:-.15pt\"> <\/span>cover<span style=\"letter-spacing:-.15pt\"> <\/span>family<span style=\"letter-spacing:-.1pt\"> <\/span>needs<span style=\"letter-spacing:-.2pt\"> <\/span>during<span style=\"letter-spacing:-.2pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>assumed<span style=\"letter-spacing:-.2pt\"> <\/span>CI<span style=\"letter-spacing:-.1pt\"> <\/span>recovery<span style=\"letter-spacing:-.25pt\"> <\/span>period<span style=\"letter-spacing:-.2pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>5<span style=\"letter-spacing:&#10;-.2pt\"> <\/span>years,<span style=\"letter-spacing:-.1pt\"> <\/span>until<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.15pt\"> <\/span>insured<span style=\"letter-spacing:.05pt\"> <\/span>is able to return to work. It is the amount of money required to cover expenses and outstanding debt payments during the insured&#8217;s CI<span style=\"letter-spacing:.05pt\"> <\/span>recovery period, less existing insurance coverage for CI. It is to be noted that identified needs of dependents beyond the CI recovery period<span style=\"letter-spacing:&#10;.05pt\"> <\/span>have been considered on the hypothesis that the insured may not be able to meet those needs when they do return to work (due to the<span style=\"letter-spacing:.05pt\"> <\/span>assumed<span style=\"letter-spacing:-.15pt\"> <\/span>reduction<span style=\"letter-spacing:.05pt\"> <\/span>in<span style=\"letter-spacing:.05pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>insured&#8217;s earning<span style=\"letter-spacing:-.05pt\"> <\/span>capacity).<\/span><\/i>\n<\/p>\n<p><i style=\"mso-bidi-font-style:normal\"><sup><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\">4<\/span><\/sup><\/i><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\"> &#8216;Life Expectancy Improved Over the Last Decade but Saw Declines Over Recent Years Due to the COVID-19 Pandemic&#8217; (May 22, 2023)<span style=\"letter-spacing:.05pt\"> <\/span>SingStat<span style=\"letter-spacing:-.15pt\"> <\/span>Singapore. Available<span style=\"letter-spacing:-.1pt\"> <\/span>at<span style=\"letter-spacing:-.1pt\"> <\/span><\/span><\/i><a href=\"https:\/\/www.singstat.gov.sg\/-\/media\/files\/news\/press22052023.ashx\" rel=\"sponsored\"><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:&#10;11.0pt;color:windowtext\">https:\/\/www.singstat.gov.sg\/-\/media\/files\/news\/press22052023.ashx<\/span><\/i><\/a><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\"\/><\/i>\n<\/p>\n<p><i style=\"mso-bidi-font-style:normal\"><sup><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\">5<\/span><\/sup><\/i><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\"> &#8216;MTI Narrows Singapore&#8217;s GDP Growth Forecast for 2023 to &#8220;0.5 to 1.5 Per Cent&#8221;&#8216; (August 11, 2023) Ministry of Trade and Industry<span style=\"letter-spacing:.05pt\"> <\/span>Singapore. Available at: <\/span><\/i><a href=\"https:\/\/www.mti.gov.sg\/Newsroom\/Press-Releases\/2023\/08\/MTI-Narrows-Singapore-GDP-Growth-Forecast-for-2023-to-0_5-to-1_5-Per-Cent\" rel=\"sponsored\"><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:&#10;11.0pt;color:windowtext\">https:\/\/www.mti.gov.sg\/Newsroom\/Press-Releases\/2023\/08\/MTI-Narrows-Singapore-GDP-Growth-Forecast-for<\/span><\/i><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:&#10;11.0pt;color:windowtext;text-decoration:none;text-underline:none\">&#8211;<\/span><\/i><\/a><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;letter-spacing:.05pt\"> <\/span><\/i><a href=\"https:\/\/www.mti.gov.sg\/Newsroom\/Press-Releases\/2023\/08\/MTI-Narrows-Singapore-GDP-Growth-Forecast-for-2023-to-0_5-to-1_5-Per-Cent\" rel=\"sponsored\"><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:&#10;11.0pt;color:windowtext\">2023-to-0_5-to-1_5-Per-Cent<\/span><\/i><\/a><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\"\/><\/i>\n<\/p>\n<p><sup><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\">6<\/span><\/sup><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt;letter-spacing:&#10;-.15pt\"> <\/span><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:8.0pt;mso-bidi-font-size:11.0pt\">&#8216;Platform<span style=\"letter-spacing:-.15pt\"> <\/span>Workers&#8217;<span style=\"letter-spacing:-.05pt\"> <\/span>in<span style=\"letter-spacing:-.2pt\"> <\/span>this<span style=\"letter-spacing:&#10;-.1pt\"> <\/span>study<span style=\"letter-spacing:-.1pt\"> <\/span>refer<span style=\"letter-spacing:-.15pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.2pt\"> <\/span>group<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.2pt\"> <\/span>individuals<span style=\"letter-spacing:&#10;-.15pt\"> <\/span>consisting<span style=\"letter-spacing:-.15pt\"> <\/span>of<span style=\"letter-spacing:-.05pt\"> <\/span>&#8216;Private-hire<span style=\"letter-spacing:&#10;-.1pt\"> <\/span>Workers&#8217;,<span style=\"letter-spacing:-.1pt\"> <\/span>&#8216;Taxi<span style=\"letter-spacing:-.2pt\"> <\/span>Drivers&#8217;<span style=\"letter-spacing:-.15pt\"> <\/span>and<span style=\"letter-spacing:-.2pt\"> <\/span>&#8216;Delivery<span style=\"letter-spacing:-.1pt\"> <\/span>Workers&#8217;.<\/span><\/i>\n<\/p>\n<p>While this progress is encouraging, we know more can and must be done to support different<span style=\"letter-spacing:.05pt\"> <\/span>members of our community, such as our Platform Workers. The life insurance industry will continue<span style=\"letter-spacing:.05pt\"> <\/span>leading the charge on these efforts, leveraging insights from the study to inform initiatives for the<span style=\"letter-spacing:.05pt\"> <\/span>Association, our member companies, and other relevant stakeholders to pursue and to get more<span style=\"letter-spacing:&#10;.05pt\"> <\/span>individuals better insured.&#8221;\n<\/p>\n<p>Some<span style=\"letter-spacing:-.1pt\"> <\/span>areas<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>industry<span style=\"letter-spacing:-.15pt\"> <\/span>will<span style=\"letter-spacing:-.15pt\"> <\/span>explore<span style=\"letter-spacing:-.1pt\"> <\/span>developing<span style=\"letter-spacing:&#10;-.2pt\"> <\/span>initiatives<span style=\"letter-spacing:-.1pt\"> <\/span>for<span style=\"letter-spacing:-.1pt\"> <\/span>include:<br \/>\n<\/p>\n<ul>\n<li>\n    <span style=\"font-family:&#10;Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol\"\/><br \/>\n Enhancing the understanding and reach of insurance policies through product innovations and<span style=\"letter-spacing:.05pt\"> <\/span>further<span style=\"letter-spacing:-.05pt\"> <\/span>simplification of<span style=\"letter-spacing:-.1pt\"> <\/span>policy-related<span style=\"letter-spacing:-.15pt\"> <\/span>materials\n  <\/li>\n<\/ul>\n<ul>\n<li>\n    <span style=\"font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:&#10;Symbol\"\/><br \/>\n Adopting<span style=\"letter-spacing:&#10;.05pt\"> <\/span>a<span style=\"letter-spacing:.05pt\"> <\/span>customer<span style=\"letter-spacing:.05pt\"> <\/span>profile<span style=\"letter-spacing:.05pt\"> <\/span>and<span style=\"letter-spacing:.05pt\"> <\/span>needs-based<span style=\"letter-spacing:.05pt\"> <\/span>understanding<span style=\"letter-spacing:&#10;.05pt\"> <\/span>approach<span style=\"letter-spacing:.05pt\"> <\/span>to<span style=\"letter-spacing:.05pt\"> <\/span>develop<span style=\"letter-spacing:.05pt\"> <\/span>tailored<span style=\"letter-spacing:.05pt\"> <\/span>customer segment-led propositions, product solutions and distribution approaches aimed at<span style=\"letter-spacing:.05pt\"> <\/span>supporting<span style=\"letter-spacing:&#10;-.3pt\"> <\/span>specific<span style=\"letter-spacing:-.2pt\"> <\/span>groups<span style=\"letter-spacing:-.35pt\"> <\/span>with<span style=\"letter-spacing:-.35pt\"> <\/span>medium<span style=\"letter-spacing:-.3pt\"> <\/span>to<span style=\"letter-spacing:-.25pt\"> <\/span>high<span style=\"letter-spacing:-.3pt\"> <\/span>protection<span style=\"letter-spacing:&#10;-.4pt\"> <\/span>gaps<span style=\"letter-spacing:-.25pt\"> <\/span>(e.g.<span style=\"letter-spacing:-.25pt\"> <\/span>underserved<span style=\"letter-spacing:&#10;-.3pt\"> <\/span>segments<span style=\"letter-spacing:-.35pt\"> <\/span>such<span style=\"letter-spacing:-2.35pt\"> <\/span>as<span style=\"letter-spacing:-.05pt\"> <\/span>those<span style=\"letter-spacing:.05pt\"> <\/span>that<span style=\"letter-spacing:.05pt\"> <\/span>are<span style=\"letter-spacing:-.1pt\"> <\/span>less<span style=\"letter-spacing:-.1pt\"> <\/span>educated,<span style=\"letter-spacing:-.05pt\"> <\/span>and\/or<span style=\"letter-spacing:-.1pt\"> <\/span>those<span style=\"letter-spacing:-.1pt\"> <\/span>of lower income)\n  <\/li>\n<\/ul>\n<ul>\n<li>\n    <span style=\"font-family:&#10;Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol\"\/><br \/>\n Boosting consumer awareness and understanding about protection through public education<span style=\"letter-spacing:&#10;.05pt\"> <\/span>initiatives\n  <\/li>\n<\/ul>\n<ul>\n<li>\n    <span style=\"font-family:&#10;Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol\"\/><br \/>\n Making<span style=\"letter-spacing:&#10;.05pt\"> <\/span>it<span style=\"letter-spacing:.05pt\"> <\/span>easier<span style=\"letter-spacing:.05pt\"> <\/span>for<span style=\"letter-spacing:.05pt\"> <\/span>underserved<span style=\"letter-spacing:.05pt\"> <\/span>members<span style=\"letter-spacing:.05pt\"> <\/span>of<span style=\"letter-spacing:.05pt\"> <\/span>the<span style=\"letter-spacing:&#10;.05pt\"> <\/span>public<span style=\"letter-spacing:.05pt\"> <\/span>(e.g.<span style=\"letter-spacing:.05pt\"> <\/span>Platform<span style=\"letter-spacing:.05pt\"> <\/span>Workers)<span style=\"letter-spacing:.05pt\"> <\/span>to<span style=\"letter-spacing:.05pt\"> <\/span>reach<span style=\"letter-spacing:.05pt\"> <\/span>accessible touchpoints to better understand and address their protection and financial planning<span style=\"letter-spacing:.05pt\"> <\/span>needs\n  <\/li>\n<\/ul>\n<p><b><br \/>\n  <br \/>Mortality protection gap remained relatively unchanged for EA individuals despite an increase in<span style=\"letter-spacing:.05pt\"> <\/span>mortality<span style=\"letter-spacing:-.15pt\"> <\/span>protection<span style=\"letter-spacing:&#10;-.05pt\"> <\/span>needs<br \/>\n  <br \/><\/b><br \/>\n<br \/>\n<span style=\"mso-ignore:vglayout\"><b> <\/b><\/p>\n<figure data-width=\"100%\" data-caption=\"Caption\" data-caption-display=\"none\" align=\"center\" style=\"display: block;width: 100%;margin: 0px;padding: 0px;text-align: center\"><img alt=\"Caption\" style=\"width: 100%;margin: 0px\" data-src=\"https:\/\/images.media-outreach.com\/403671\/image_1.png\" class=\"lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"\/><noscript><img src=\"https:\/\/images.media-outreach.com\/403671\/image_1.png\" alt=\"Caption\" style=\"width: 100%;margin: 0px\"\/><\/noscript><\/figure>\n<p> <\/span><br \/>\n<br style=\"mso-ignore:vglayout\"\/><br \/>\n<b style=\"mso-bidi-font-weight:normal\"><i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:14.0pt;mso-bidi-font-size:11.0pt\"\/><\/i><\/b> EA individuals in Singapore have approximately 79% of their mortality protection needs met. Though<span style=\"letter-spacing:-2.35pt\"> <\/span>the mortality protection needs increased between 2017 and 2022 \u2013 primarily due to an overall<span style=\"letter-spacing:.05pt\"> <\/span>increase in costs of living and number of EA individuals \u2013 the mortality protection gap remained<span style=\"letter-spacing:.05pt\"> <\/span>relatively<span style=\"letter-spacing:&#10;.05pt\"> <\/span>unchanged<span style=\"letter-spacing:-.05pt\"> <\/span>from<span style=\"letter-spacing:-.1pt\"> <\/span>2017,<span style=\"letter-spacing:-.1pt\"> <\/span>with<span style=\"letter-spacing:-.1pt\"> <\/span>a<span style=\"letter-spacing:-.15pt\"> <\/span>slight<span style=\"letter-spacing:-.1pt\"> <\/span>2% decrease<span style=\"letter-spacing:&#10;.05pt\"> <\/span>from<span style=\"letter-spacing:-.1pt\"> <\/span>23%<span style=\"letter-spacing:.05pt\"> <\/span>to<span style=\"letter-spacing:-.05pt\"> <\/span>21%.<\/p>\n<p><span style=\"letter-spacing:-.05pt\">This<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">is<\/span><span style=\"letter-spacing:-.6pt\"> <\/span><span style=\"letter-spacing:-.05pt\">largely<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">due<\/span><span style=\"letter-spacing:-.7pt\"> <\/span><span style=\"letter-spacing:-.05pt\">to<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">income<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.05pt\">levels<\/span><span style=\"letter-spacing:-.7pt\"> <\/span>going<span style=\"letter-spacing:-.65pt\"> <\/span>up,<span style=\"letter-spacing:-.6pt\"> <\/span>increase<span style=\"letter-spacing:-.65pt\"> <\/span>in<span style=\"letter-spacing:-.65pt\"> <\/span>Central<span style=\"letter-spacing:-.75pt\"> <\/span>Provident<span style=\"letter-spacing:&#10;-.55pt\"> <\/span>Fund<span style=\"letter-spacing:-.65pt\"> <\/span>(CPF)<span style=\"letter-spacing:-.55pt\"> <\/span>and<span style=\"letter-spacing:-.75pt\"> <\/span>other<span style=\"letter-spacing:-.7pt\"> <\/span>savings<span style=\"letter-spacing:-2.35pt\"> <\/span>by 47%,<span style=\"letter-spacing:-.1pt\"> <\/span>as<span style=\"letter-spacing:-.1pt\"> <\/span>well as<span style=\"letter-spacing:-.1pt\"> <\/span>an<span style=\"letter-spacing:-.05pt\"> <\/span>11%<span style=\"letter-spacing:&#10;-.2pt\"> <\/span>uplift in<span style=\"letter-spacing:-.05pt\"> <\/span>life<span style=\"letter-spacing:.05pt\"> <\/span>insurance<span style=\"letter-spacing:-.1pt\"> <\/span>coverage.\n<\/p>\n<p>The average mortality coverage per policyholder increased by approximately S$41,100 to S$331,200<span style=\"letter-spacing:.05pt\"> <\/span>in 2022 which is approximately 3.6 times of average annual income. Policyholders in Singapore have<span style=\"letter-spacing:.05pt\"> <\/span>an<span style=\"letter-spacing:-.1pt\"> <\/span>average<span style=\"letter-spacing:-.1pt\"> <\/span>of three<span style=\"letter-spacing:.05pt\"> <\/span>policies<span style=\"letter-spacing:.05pt\"> <\/span>for<span style=\"letter-spacing:-.15pt\"> <\/span>mortality<span style=\"letter-spacing:.05pt\"> <\/span>protection.\n<\/p>\n<p><b> CI<span style=\"letter-spacing:&#10;-.1pt\"> <\/span>protection<span style=\"letter-spacing:-.1pt\"> <\/span>gap for<span style=\"letter-spacing:-.1pt\"> <\/span>EA individuals<span style=\"letter-spacing:&#10;-.2pt\"> <\/span>narrowed<span style=\"letter-spacing:-.1pt\"> <\/span>primarily<span style=\"letter-spacing:-.2pt\"> <\/span>due<span style=\"letter-spacing:-.2pt\"> <\/span>to an<span style=\"letter-spacing:-.1pt\"> <\/span>increase<span style=\"letter-spacing:&#10;-.15pt\"> <\/span>in<span style=\"letter-spacing:-.1pt\"> <\/span>CI<span style=\"letter-spacing:-.1pt\"> <\/span>coverage<br \/>\n  <br \/><\/b><br \/>\n<br \/><span style=\"mso-ignore:vglayout\"><b> <\/b><\/p>\n<figure data-width=\"80%\" data-caption=\"Caption\" data-caption-display=\"none\" align=\"center\" style=\"display: block;width: 100%;margin: 0px;padding: 0px;text-align: center\"><img alt=\"Caption\" style=\"width: 80%;margin: 0px auto\" data-src=\"https:\/\/images.media-outreach.com\/403678\/image_2.jpeg\" class=\"lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"\/><noscript><img src=\"https:\/\/images.media-outreach.com\/403678\/image_2.jpeg\" alt=\"Caption\" style=\"width: 80%;margin: 0px auto\"\/><\/noscript><\/figure>\n<p> <\/span><br \/>\n<br \/>The CI protection gap amongst EA individuals has narrowed by a notable 7% &#8211; down to 74% in 2022<span style=\"letter-spacing:.05pt\"> <\/span>from 81% in 2017. The average CI coverage per policyholder increased by approximately S$64,400 to<span style=\"letter-spacing:-2.35pt\"> <\/span>S$193,300 in<span style=\"letter-spacing:-.15pt\"> <\/span>2022.<span style=\"letter-spacing:&#10;-.2pt\"> <\/span>This is approximately 2.1<span style=\"letter-spacing:.05pt\"> <\/span>times<span style=\"letter-spacing:-.15pt\"> <\/span>of average<span style=\"letter-spacing:&#10;-.1pt\"> <\/span>annual<span style=\"letter-spacing:-.05pt\"> <\/span>income.\n<\/p>\n<p>This reduction in CI protection gap from 2017 was mainly driven by an approximate 63% increase in<span style=\"letter-spacing:.05pt\"> <\/span>CI<span style=\"letter-spacing:-.05pt\"> <\/span>coverage<span style=\"letter-spacing:.05pt\"> <\/span>since<span style=\"letter-spacing:-.1pt\"> <\/span>then.\n<\/p>\n<p><span style=\"letter-spacing:-.05pt\">On<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">average,<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.05pt\">a<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">CI<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.05pt\">policyholder<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">owns<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.05pt\">less<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">than<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:-.05pt\">one<\/span><span style=\"letter-spacing:-.45pt\"> <\/span><span style=\"letter-spacing:&#10;-.05pt\">standalone<\/span><span style=\"letter-spacing:-.4pt\"> <\/span>policy.<span style=\"letter-spacing:-.55pt\"> <\/span>Their<span style=\"letter-spacing:-.6pt\"> <\/span>CI<span style=\"letter-spacing:-.45pt\"> <\/span>coverage<span style=\"letter-spacing:-.45pt\"> <\/span>is<span style=\"letter-spacing:-.4pt\"> <\/span>generally<span style=\"letter-spacing:-.55pt\"> <\/span>from<span style=\"letter-spacing:.05pt\"> <\/span>Whole-of-Life policies<span style=\"letter-spacing:-.15pt\"> <\/span>or riders<span style=\"letter-spacing:-.05pt\"> <\/span>with<span style=\"letter-spacing:-.15pt\"> <\/span>CI<span style=\"letter-spacing:-.05pt\"> <\/span>to<span style=\"letter-spacing:.05pt\"> <\/span>supplement<span style=\"letter-spacing:-.15pt\"> <\/span>their<span style=\"letter-spacing:-.15pt\"> <\/span>main<span style=\"letter-spacing:-.1pt\"> <\/span>life<span style=\"letter-spacing:-.05pt\"> <\/span>insurance policies.\n<\/p>\n<p><b> Bigger<span style=\"letter-spacing:&#10;.85pt\"> <\/span>mortality<span style=\"letter-spacing:.9pt\"> <\/span>and<span style=\"letter-spacing:.85pt\"> <\/span>CI<span style=\"letter-spacing:.85pt\"> <\/span>protection<span style=\"letter-spacing:.85pt\"> <\/span>gap<span style=\"letter-spacing:.95pt\"> <\/span>amongst<span style=\"letter-spacing:.9pt\"> <\/span>Platform<span style=\"letter-spacing:.9pt\"> <\/span>Workers<span style=\"letter-spacing:.9pt\"> <\/span>because<span style=\"letter-spacing:.9pt\"> <\/span>of<span style=\"letter-spacing:.8pt\"> <\/span>lower<span style=\"letter-spacing:.85pt\"> <\/span>savings<span style=\"letter-spacing:.95pt\"> <\/span>and<span style=\"letter-spacing:-2.35pt\"> <\/span>insurance<span style=\"letter-spacing:-.05pt\"> <\/span>coverage <\/b>\n<\/p>\n<p>PGS<span style=\"letter-spacing:-.5pt\"> <\/span>2022<span style=\"letter-spacing:-.35pt\"> <\/span>found<span style=\"letter-spacing:-.45pt\"> <\/span>that<span style=\"letter-spacing:-.35pt\"> <\/span>there<span style=\"letter-spacing:-.35pt\"> <\/span>is<span style=\"letter-spacing:-.25pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>59%<span style=\"letter-spacing:-.35pt\"> <\/span>mortality<span style=\"letter-spacing:-.25pt\"> <\/span>protection<span style=\"letter-spacing:&#10;-.3pt\"> <\/span>gap<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>a<span style=\"letter-spacing:-.45pt\"> <\/span>91%<span style=\"letter-spacing:-.25pt\"> <\/span>CI<span style=\"letter-spacing:-.4pt\"> <\/span>protection<span style=\"letter-spacing:-.3pt\"> <\/span>gap<span style=\"letter-spacing:-.3pt\"> <\/span>among<span style=\"letter-spacing:-.35pt\"> <\/span>PWs.<span style=\"letter-spacing:-2.35pt\"> <\/span>This is primarily attributed to them having lower CPF and deposit savings, as well as lower insurance<span style=\"letter-spacing:.05pt\"> <\/span>coverage<span style=\"letter-spacing:-.15pt\"> <\/span>as compared to<span style=\"letter-spacing:&#10;-.05pt\"> <\/span>EA individuals.\n<\/p>\n<p>Takeaways<span style=\"letter-spacing:-.25pt\"> <\/span>from<span style=\"letter-spacing:-.15pt\"> <\/span>the<span style=\"letter-spacing:-.05pt\"> <\/span>supplementary<span style=\"letter-spacing:&#10;-.15pt\"> <\/span>market<span style=\"letter-spacing:-.2pt\"> <\/span>survey<span style=\"letter-spacing:-.05pt\"> <\/span>include:\n<\/p>\n<ul>\n<li>\n    <span style=\"font-family:&#10;Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol\"\/><br \/>\n Many PW respondents indicating they are not covered under Group insurance offered by<span style=\"letter-spacing:&#10;.05pt\"> <\/span>platform providers, with a further portion being unaware if they are receiving any Group<span style=\"letter-spacing:.05pt\"> <\/span>Insurance coverage.\n  <\/li>\n<\/ul>\n<ul>\n<li>\n    <span style=\"font-family:&#10;Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol\"\/><br \/>\n PW respondents expressed interest for the life insurance industry to establish accessible<span style=\"letter-spacing:.05pt\"> <\/span>touchpoints that they may visit to seek guidance and support for their financial planning<span style=\"letter-spacing:&#10;.05pt\"> <\/span><span style=\"letter-spacing:-.05pt\">journey<\/span><span style=\"letter-spacing:-.55pt\"> <\/span><span style=\"letter-spacing:-.05pt\">and<\/span><span style=\"letter-spacing:-.5pt\"> <\/span><span style=\"letter-spacing:-.05pt\">insurance<\/span><span style=\"letter-spacing:-.4pt\"> <\/span><span style=\"letter-spacing:-.05pt\">protection<\/span><span style=\"letter-spacing:-.5pt\"> <\/span>needs.<span style=\"letter-spacing:-.6pt\"> <\/span>The<span style=\"letter-spacing:-.4pt\"> <\/span>industry<span style=\"letter-spacing:-.45pt\"> <\/span>recognises<span style=\"letter-spacing:-.4pt\"> <\/span>that<span style=\"letter-spacing:-.55pt\"> <\/span>these<span style=\"letter-spacing:-.45pt\"> <\/span>touchpoints<span style=\"letter-spacing:-.4pt\"> <\/span>could<span style=\"letter-spacing:-2.4pt\"> <\/span>include roadshows<span style=\"letter-spacing:&#10;-.15pt\"> <\/span>at<span style=\"letter-spacing:.05pt\"> <\/span>the<span style=\"letter-spacing:-.1pt\"> <\/span>offices<span style=\"letter-spacing:-.15pt\"> <\/span>of platform<span style=\"letter-spacing:.05pt\"> <\/span>providers.\n  <\/li>\n<\/ul>\n<p>\n<b> Comparison<span style=\"letter-spacing:-.15pt\"> <\/span>between<span style=\"letter-spacing:-.15pt\"> <\/span>2017<span style=\"letter-spacing:-.1pt\"> <\/span>PGS<span style=\"letter-spacing:-.2pt\"> <\/span>and 2022<span style=\"letter-spacing:-.05pt\"> <\/span>PGS<br \/>\n  <br \/><\/b><br \/>\n<br \/>\n<span style=\"mso-ignore:vglayout\"><b> <\/b><\/p>\n<figure data-width=\"100%\" data-caption=\"Caption\" data-caption-display=\"none\" align=\"center\" style=\"display: block;width: 100%;margin: 0px;padding: 0px;text-align: center\"><img alt=\"Caption\" style=\"width: 100%;margin: 0px\" data-src=\"https:\/\/images.media-outreach.com\/403685\/image_3.png\" class=\"lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"\/><noscript><img src=\"https:\/\/images.media-outreach.com\/403685\/image_3.png\" alt=\"Caption\" style=\"width: 100%;margin: 0px\"\/><\/noscript><\/figure>\n<p> <\/span><br \/>\n<br \/>\n<i style=\"mso-bidi-font-style:normal\"><span style=\"font-size:9.0pt;mso-bidi-font-size:11.0pt\">Resources<span style=\"letter-spacing:-.4pt\"> <\/span>available<span style=\"letter-spacing:-.2pt\"> <\/span>include<span style=\"letter-spacing:-.35pt\"> <\/span>the<span style=\"letter-spacing:-.35pt\"> <\/span>aggregate<span style=\"letter-spacing:-.35pt\"> <\/span>of<span style=\"letter-spacing:-.35pt\"> <\/span>available<span style=\"letter-spacing:-.2pt\"> <\/span>savings<span style=\"letter-spacing:-.25pt\"> <\/span>(i.e.<span style=\"letter-spacing:-.35pt\"> <\/span>CPF<span style=\"letter-spacing:-.3pt\"> <\/span>savings,<span style=\"letter-spacing:-.25pt\"> <\/span>other<span style=\"letter-spacing:-.35pt\"> <\/span>savings<span style=\"letter-spacing:-.25pt\"> <\/span>such<span style=\"letter-spacing:-.3pt\"> <\/span>as<span style=\"letter-spacing:-.25pt\"> <\/span>cash<span style=\"letter-spacing:-.3pt\"> <\/span>and<span style=\"letter-spacing:-.3pt\"> <\/span>deposits)<span style=\"letter-spacing:-.2pt\"> <\/span>and<span style=\"letter-spacing:.05pt\"> <\/span>existing insurance<span style=\"letter-spacing:-.1pt\"> <\/span>coverage<\/span><\/i><\/p>\n<p><i style=\"mso-bidi-font-style:normal\">Note<span style=\"letter-spacing:-.1pt\"> <\/span>to<span style=\"letter-spacing:-.1pt\"> <\/span>editor:<span style=\"letter-spacing:-.05pt\"> <\/span>The<span style=\"letter-spacing:-.15pt\"> <\/span>full<span style=\"letter-spacing:-.1pt\"> <\/span>report is<span style=\"letter-spacing:-.2pt\"> <\/span>available<span style=\"letter-spacing:-.1pt\"> <\/span>at<span style=\"letter-spacing:-.15pt\"> <\/span><\/i><a href=\"https:\/\/www.lia.org.sg\/news-room\/media-releases\/2023\/singapore-s-critical-illness-protection-gap-narrows-while-mortality-protection-gap-remains-relatively-unchanged-protection-gap-study-2022\/\" rel=\"sponsored\"><i style=\"mso-bidi-font-style:normal\"><span style=\"color:windowtext\">www.lia.org.sg<\/span><\/i><\/a><i style=\"mso-bidi-font-style:normal\"\/>\n<\/p>\n<p><b>Hashtag: <\/b>#LIASingapore<\/p>\n<p>\n            <em>The issuer is solely responsible for the content of this announcement.<\/em>\n        <\/p>\n<\/p><\/div>\n\n<br \/><a href=\"https:\/\/www.media-outreach.com\/news\/singapore\/2023\/09\/08\/244491\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Platform Workers found to have bigger protection gaps compared to the general Economically Active population Life Insurance Industry commits to spearheading efforts to narrow the protection gap in Singapore SINGAPORE &#8211; Media OutReach &#8211; 8 September 2023 &#8211; The Life Insurance Association, Singapore (LIA Singapore) today unveiled findings of the Protection Gap Study (PGS) 2022 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":34299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/34298"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=34298"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/34298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media\/34299"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=34298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=34298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=34298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}