Insurance company AIA Singapore just recently did a protection survey. It shows a very interesting result about people and their perception and action towards protection. I am quite shocked and surprised.
Lets take a look at some of the findings. Some figures are rounded by me.
For the full survey result, please visit http://www.aia.com.sg/en/resources/ffef9500480ceb16bd7dbdf239f692a9/press-release-2011-Nationwide-Protection-Survey.pdf
1. 6 in 10 people claim to have a clear idea of how much they have to set aside for their dependants should something happen to them. But only 1 in 10 people is adequately insured.
2. 4 in 10 people expect their dependants to downgrade their current living standards should anything unexpected happen to them and they believe that it is fine for them to do so.
3. 1 in 2 people believe that it is acceptable that their spouse to remarry to make up for loss of income.
4. 1 in 4 who currently do not have any life insurance believe that life insurance is expensive and they can't afford the premium. Interestingly, they are willing to spend on vacation, meals at upscale restaurant, entertainment, electronic gadgets and beauty treatments.
5. 1 in 4 has yet to take the step of reviewing their financial protection needs with their spouse.
What do you think? Does the result surprised you as well?
Do you agree with the statements? What will be your answers if you are the survey participant?
To me, some of the answers just reflect how irresponsible some people are. I truly believe that if you are a provider for your family, you must plan and make sure that you have adequate protection. I will not want my family to downgrade their life if something happens to me. I will not want my spouse to remarry just for the money to support their life. I will want to make sure they can live without financial difficulty.
Cheers! Have a great day.
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