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Singapore's protection gap still wide, says AIA chief
Rule of thumb for death cover may need to rise to 15 times annual income.
"Today, families are getting smaller. In many markets, families have only one child and people live longer. The breadwinner has to take care of family and parents who will live longer. The five to 10 times (multiple) needs to increase to maybe 10 to 15 times in sum assured." - AIA group chief executive and president Ng Keng Hooi.
PHOTO: AIA
SINGAPORE may be a mature insurance market, but it continues to have a large protection gap, says AIA group chief executive and president Ng Keng Hooi.
In view of longevity and the need for a breadwinner's earnings to support his family and aging parents, the so-called rule of thumb for...
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