Building for what matters most: Retirement, protection and trust

THE Singapore we know today is fast changing and the future looks to be even more different. Family sizes are shrinking, lifespans are increasing, and living and healthcare costs are soaring. The topic of Singapore’s “super aged” society has been talked about at length across many platforms.

By 2030, one-in-four of our population will be aged 65 and above, and critical gaps have emerged in seniors’ retirement income, healthcare and long-term care needs.

Take a typical Singaporean family for example: The Tans are working parents in their 40s, raising school-age kids while caring for an elderly parent with long-term care needs. They are juggling tuition, mortgage, rising healthcare bills and facing tough questions about whether they have adequate savings for long-term care needs and retirement. They are not alone. This is the story of everyday Singaporeans.

Pearlyn Phau, group chief executive officer, Singlife cautions, “If we do not rethink how we prepare for retirement, healthcare and ageing today, we can imagine the pressure and strain this brings us, for our children and in time, our caregivers.”

She adds: “On top of this, modern economic cycles in recent years have become shorter, a lot more volatile, and harder to navigate. The post-Covid world continues to be defined by constant change from global trade disputes, digital disruption to shifting life goals. No one really has a job for life. The way we protect, grow and manage our wealth cannot stay the same.”

These frequent and less predictable disruptions are extremely challenging to long-term planning.

“We believe the future of insurance lies in closing the real urgent gaps Singaporeans face: the retirement gap, the protection gap and the long-term care gap. We are always thinking of a better way to empower people with the clarity and ability to plan confidently at every stage of life and what this means for everyone,” says Phau.

The best approach: freedom of choice

The best approach provides flexibility and choice for customers. Financial solutions must be tailored to the unique needs of each client, rather than being constrained to a limited range of products from a single provider.

Singlife is the first among the major insurers to operate on an open architecture model, allowing Singaporeans to build the best plans not just from Singlife, but from across the market. This means customers can tailor products, both in insurance and investments, from different providers, to optimise their financial planning requirements at every stage of life.

To better understand the real gaps in protection and retirement, Singlife has commissioned studies such as the Singlife Financial Freedom Index and a white paper on the cost and impact of long-term care in Singapore.

The Singlife Financial Freedom Index 2024 highlighted key shortfalls in coverage and retirement readiness. Only 38 per cent of Singaporeans have critical illness protection, with median coverage below the recommended four times annual income. As for retirement living expenses, while many expect this to cost about S$2,856 per month, they currently save only around S$1,682 per month. This is precisely what is known as the retirement gap.

As the largest Careshield Life supplement provider in Singapore, Singlife’s claims experience and studies reveal that many people underestimate long-term care costs and are not financially prepared. The average monthly cost of long-term care is about S$3,000, yet more than half of Singaporeans underestimate this figure.

Only one in three feel confident about financing their long-term care needs. This is one of the protection gaps which face individuals when it comes to their healthcare needs – and they may be unprepared for such costs as they age.

Trusted and homegrown

With a unified management team overseeing both insurance and investment, combined with deep customer insights and a pioneering open architecture model, Singlife is leading the way in delivering greater choice and optimised financial planning for its customers.

Since its founding in 2017, Singlife has grown rapidly to become one of the largest homegrown insurers in Singapore, with more than S$16 billion in total assets and solid credit ratings by Fitch and Moody’s. Seen as a challenger brand, its strategic mergers, disciplined execution, sound investments and a focus on innovation, along with its role as the insurer for Mindef and MHA, have enabled it to scale while retaining a strong Singaporean identity.

Singlife provides protection and financial planning solutions for every life stage. The company offers a full suite of insurance and investment solutions and is the largest provider of CareShield Life supplements. It is also one of seven approved insurers for the national private hospitalisation plan.

The future of insurance is not just about policies. It is about providing clarity across a lifetime. Singlife leverages its fintech roots, deep market insights and operational agility to anticipate emerging gaps and develop solutions that address evolving customer needs. Over the years, it has introduced first-in-market offerings, including Singlife Dementia Cover, Singlife Cancer Cover Plus ||, Singlife Shield Starter for young adults and Rainfall Protection and Air Turbulence Cover under its travel insurance plans.

Singlife is also able to support customers in growing and managing their wealth. Through its subsidiary GROW with Singlife, customers can access investment expertise with a broad range of mutual funds via its digital investment platform that complements Singlife’s insurance portfolio. Its subsidiary Singlife Financial Advisers provides comprehensive financial planning and advisory services. Together, they offer customers a seamless experience where protection (insurance) and wealth growth (investment) are combined under one roof.

Future of insurance is supporting Singaporeans holistically

Beyond financial solutions, Singlife recognises that individuals and families need broader support systems to manage health and ageing.

That is why it introduced Singlife Care Collab, partnering with key providers in the healthcare sector to create an ecosystem of support that goes beyond payouts.

Through Care Collab, customers and their families can conveniently access eldercare, nursing and caregiving services, ensuring they feel supported before, during and after a claim. As the nation becomes a super-aged society, no single company can solve these challenges alone. By working with partners and aligning with broader social goals, Singlife’s Care Collab offers smoother referral processes, quicker access to care, and coordinated treatment journeys, enhancing customer convenience.

Beyond helping customers, Singlife is also deeply tied with developing the financial advisory industry and offering choice to sellers and to the market.

To support the broader financial advisory industry, Singlife established PROPEL with Singlife, a shared services hub in Singapore. Its market-first proposition provides financial advisory firms with all the middle-to-back-office operational support, digital tools and consultation services they need. PROPEL is driven by a commitment to open architecture and unbiased advice, enabling advisers to focus on their clients and deliver tailored, customer-centric solutions.

“In the near future, we see insurance meeting our customers where they are. Through intelligent platforms and insights, and especially human support when it matters, people feel empowered, not overwhelmed. It’s not just about buying a product; it’s about being part of a service that grows with you, guides you and gives you peace of mind. Our most important role is serving Singaporeans, to help them build a more secure, confident future,” says Phau.

Disclaimers: This is published for general information only and does not have regard to the specific investment objectives, financial situation and particular needs of any specific person. This advertisement has not been reviewed by the Monetary Authority of Singapore. Protected up to specified limits by SDIC.