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.

The newlywed looked at her outlay and decided to reduce her insurance portfolio - mainly investment-linked ones - after much thought.

Ms Tan says: "I didn't have a choice. I needed the cash urgently to keep my business afloat; and since I had bought several policies that had some overlap, I decided to give some up."