A survey on Singaporeans’ life insurance was recently released by Prudential, which was covered by our mainstream media, with the headline suggesting that the majority of Singaporeans are at risk of not being adequately prepared to cope with the financial of life crises.
You might have seen the news article going around, but before you take the results of the survey at face value, let me first share my thoughts.
If you asked me, there were many elements of the survey results that seemed highly problematic. Here’s my take on it.
Do I really need to increase my life insurance cover to keep pace with rising income levels? Budget Babe says no.
According to Prudential, they stated that 70% of Singaporeans did not do so, and that 85% were “potentially under-insured by industry standards”.
Is setting aside 5 times of your annual earnings as emergency funds for unexpected personal …