Most Singaporeans have no sickness insurance, fear job loss

SINGAPORE: According to a recent disability income survey, two in three workers (66% of the survey's respondents) are concerned about losing their jobs due to illness or disability, but more than half (53%) do not have any disability insurance.

Some of the findings of the AIA Disability Income Survey 2022 were:

  • The local workforce would resort to savings (63%), finding another job (58%), and claiming insurance (50%) to survive the financial implications of a job loss due to an illness or injury.

  • More than four in five (84%) workers were aware of disability insurance. Some 42% of blue-collar workers (42%) saw it as essential, compared to 29% of white-collar workers .

  • More than half of the respondents (53%) believed that the main reason for getting disability income protection was to have peace of mind. 51% believed that insurance guaranteed financial support for loved ones in the event that they were no longer able to work.

  • Nine in 10 respondents marked the value of mental health conditions coverage in disability income policies.

The survey was conducted in April 2022, and involved more than 1,000 full-time workers in Singapore.

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