Senior Minister Goh Chok Tong commented recently that most Singaporeans are under-insured. A 2007 survey by the Life Insurance Association (LIA) had found that the average policyholder is under-insured by $362,000.
Most people are under-insured because they had bought mostly insurance with an element of saving component.
A lot of people don’t even know the existence of term insurance which can provide a large sum protection at a decent cost.
Out of all the policies in force at the end of last year, the breakdown of policies owned by Singaporeans are as follows: