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Is insurance dispensable when times are hard?

It is usually the first to go when policyholders are cash strapped; but the average Singaporean is typically already under-insured

"The caveat is to bear in mind that cancelling a policy is a permanent decision whereas a recession is temporary." Naomi Chua, executive senior manager, Excelsior Financial Group

CAUGHT between continuing to pay insurance premiums or forfeiting them to pump money into the business. That was the quagmire that Jessica Tan, owner of a food and beverage outlet, found herself in when the pandemic wiped out more than 90 per cent of her revenue.

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