Insights from a survey by insurance giant AIA have revealed that two in three Singapore Residents are concerned about losing their job due to illness and/or disability. More than half of the respondents (53%) also reported that they do not have any disability income protection according to findings from the AIA Disability Income Survey 2022.
The survey of more than 1,000 respondents also revealed that if Singaporeans were to be laid off due to their illness, two thirds would cut down on spending to survive the financial implications whilst 63% would rely on their savings.
Respondents also reported the key barriers to purchasing any protection including complexity, complicated processes and high premiums. However, two in ten men said they do not have any income protection because they think they do not need it compared to just over one in ten women.
The gap in disability income protection is a cause for concern, especially among blue-collar workers who are at a higher risk of disability due to the nature of their work. In 2021, the Ministry of Manpower (MOM) noted that workplace injuries have risen to pre-COVID levels, with construction, transportation and storage sectors accounting for the highest number of fatalities.
Paul Arkwright
Publisher
