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.