Half of Singapore’s rising rich were
underinsured by industry standards, according to research
commissioned by UOB Wealth Banking.
One in four (24%) of the target segment,
defined as assets under management (AUM) between S$100,000
($79,000) and S$350,000, replied it had no insurance. Only 22% were
adequately insured.
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James Phoen, managing director and head of
sales and distribution at UOB said: “It is important to match
insurance coverage to the income as it rises so that your standard
of living can be maintained if the unexpected happens.
Unfortunately, many people do not think about increasing their
insurance coverage as their income rises and so are at risk when
unexpected events and expenses occur.”
While the survey highlighted the lack of
adequate insurance coverage among the rising rich, UOB Wealth
Banking has also observed that those who are purchasing insurance
are opting for endowment plans with shorter premium terms of about
five years, some of which also offer a cashback or annual payout
option.
Endowment plans are
popular with young professionals seeking disciplined savings
options and medium-term (10-15 years) returns on their investment
to fund their children’s education or their own
retirement.
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