27 Oct '11, 11am

Many families in S'pore have no life insurance: HSBC study

Many families in S'pore have no life insurance: HSBC study

SINGAPORE: Many families in Singapore, including those with children, have not recognised the risks of not having life insurance protection, according to a global study on retirement and financial planning by HSBC. More than half of the parents surveyed do not have individual term life insurance, despite having dependent children. Among those who do have financial plans for their families, a quarter of them do not have any type of life insurance included in their plans. Eight in 10 parents have not made a will. "We are seeing a major protection gap where many Singapore families, especially those with dependent children, are failing to recognise the benefits of life insurance protection," said Mr Walter de Oude, CEO of HSBC Insurance in Singapore. "Life insurance is widely available in the Singapore market and in different forms tailored to individual needs at various life ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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