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Why the Insurance Industry

Data source: Life Insurance Association - Industry Performance 2022.

Information correct as at 14 February 2022.

Protection Gap


Based on the Life Insurance Association study illustrated in the graph, most of the financially-abled age groups from age 20 – 64 are trailing significantly behind the ideal protection coverage amount for their respective stratum. Many Singaporeans are still unaware of the importance of insuring their future amidst living in a high-cost society, thus giving you a huge opportunity to make your mark in the insurance industry.

*Only Critical Illness (CI) insurance coverage had been assumed. CPF savings are not included as we have assumed that Medisave account is only used to offset the immediate medical needs, and the remaining CPF account balance cannot be withdrawn due to CI. Other savings are not included as we have assumed that the patient will still require savings to maintain a reasonable lifestyle in the later stages of life such as retirement needs.

Needs and existing cover (S$)

Note: The amount of protection needs and protection gap varies by age band, gender, income level and family profile.

Source: Life Insurance Association - Protection Gap Study 2017.

Average Life Insurance Coverage per economically active adult (including rider)
S$290,086 in 2017
Average Mortality Protection Gap per economically active adult
S$169,673 in 2017

Aging Population

By 2030, there will be around 900,000 senior citizens in Singapore aged 65 and above. Better medical capabilities are allowing us to live longer, with life expectancy growing year-on-year. However, the concept of retirement planning is still rarely practised. Grab this chance to shine your light and help the people around you in learning the importance of retirement planning to secure their future.


Today we have around 590,000 senior citizens aged 65 and above. By 2030, we expect this to increase by more than 50% to around 900,000.

Senior Citizens

Life expectancy at birth

Source: Singapore Department of Statistics.

Information correct as of 1 June 2022.

Source: Singapore Department of Statistics, Consumer Price Index (2019 as Base Year) May 2022.

[Contains information from Consumer Price Index (2019 as Base Year) May 2022 accessed on 23 June 2022 from Singapore Department of Statistics which is made available under the terms of the Singapore Open Data Licence version 1.0.]


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