Growing and protecting wealth are two sides of the same coin

THE Covid-19 crisis brings home to all of us the importance of being financially secure in a time of crisis. Some individuals and families were caught off guard when the pandemic struck, resulting in an adverse and tragic impact to both life and livelihood.

As a result, people are placing greater emphasis on investing in their long-term financial and healthcare needs. This is evident in statistics from the Life Insurance Association. In the first half of 2021, the insurance industry generated S$2.68 billion in weighted new business premiums, up 61 per cent year-on-year. Retirement policies grew 34 per cent compared with the same period last year.

Despite this impressive growth, many reports and surveys indicate that Singaporeans regret that they did not plan for their retirement early enough, and many expressed dissatisfaction with the current state of their retirement savings.