How to ease premium payments but still maintain your insurance

COVID-19 is Singapore's - and the world's - most severe health and economic crisis yet. A deep and prolonged recession has likely already begun; total employment according to preliminary estimates plunged in March, the sharpest drop since the 2003 Sars outbreak.

The best laid financial plans may well be a casualty of such financial stress, as job insecurity and the real possibility of business collapse loom large. A survey by OCBC in May found that nearly half of working adults have already suffered a loss of income, forcing many to reduce or stop saving for retirement.

But there is one aspect of your financial plan that you should very seriously seek to maintain - your insurance plans. This is because while many plans are unable to address risks such as retrenchment, they do cover some of life's biggest risks that could wreak serious financial hardship such as death, severe illness and disability.