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.
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.
S$290,086 in 2017
S$169,673 in 2017
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.
SINGAPORE 2030Today 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.
Source: Singapore Department of Statistics.
Information correct as of 1 June 2022.