Latest news with #Singlife
Independent Singapore
12 hours ago
- Health
- Independent Singapore
Long-term care costs in ageing Singapore rise to nearly S$3,000 a month: Singlife
Photo: Depositphotos/ glowonconcept (for illustration purposes only) Personal Finance Singapore News SINGAPORE: Long-term care in Singapore has become increasingly expensive, with average monthly costs now nearing US$2,340 (S$3,000), up from US$1,813 (S$2,324) in 2018, reflecting an annual inflation rate of about 4%, Singapore Business Review reported. It cited data from a Singlife white paper titled From Awareness to Action: Securing Long-Term Care for a Super-Aged Society. The report warned that many Singaporeans are not financially ready to deal with these rising costs, especially as the country moves towards becoming a super-aged society by next year . In mid-July, a study from Manulife also reported that fewer than half of high-net-worth individuals (HNWIs) in the city-state feel they're financially prepared for long-term care and medical expenses later in life. Currently, government schemes such as ElderShield and CareShield Life provide monthly payouts of up to US$516 (S$662), which fall short of what's actually needed. The report also found that only one in three Singaporeans aged 30 and above have supplementary long-term care insurance coverage, suggesting many are still relying on their personal savings or family for support. The majority of individuals typically require long-term care for 10 years, with some cases lasting more than 15 years, according to claims data from 2010 to 2024. Meanwhile, the insurer pointed out that the youngest claimant in its records was just 32 years old. To secure long-term care for an ageing society like Singapore, Singlife recommended early detection and prevention of major illnesses, adding long-term care to retirement planning, promoting physical and mental health, strengthening community support systems, and improving public and private services coordination to address these concerns. /TISG Read also: About 6,000 vulnerable seniors to benefit from S$7.3M DBS Foundation programme, but netizens say it's just a 'band-aid measure' Featured image by Depositphotos (for illustration purposes only) () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Business Times
5 days ago
- Health
- Business Times
Most Singaporeans are unprepared and underinsured for long-term care: Singlife
[SINGAPORE] Only one in three Singaporeans have taken out additional insurance to cover the cost of long-term care, and more than half of them underestimate actual expenses, revealed a white paper by financial services provider Singlife. 'This is alarming, especially when the numbers have shown that more than half of those over 65 will likely need some form of long-term care in their lifetime,' said Pearlyn Phau, group chief executive of Singlife. She was speaking at the white paper launch event on Friday (Jul 25) morning. Singlife is one of three private long-term care insurance providers in the Republic. Long-term care refers to services typically required by individuals who need further care after being discharged from an acute hospital, as well as the elderly who may need help with daily needs. As the life expectancy of Singaporeans rises, Phau noted that a longer life span can bring new and complex challenges – not just financially, but emotionally for individuals, families and all of society. This inspired Singlife to delve deeper into the realities of long-term care and publish a white paper titled From Awareness to Action: Securing Long-Term Care for a Super-Aged Society, which presents findings drawn from its long-term care insurance claims data from 2010 to 2024. The white paper incorporates insights from two in-house research studies which surveyed 1,005 Singaporeans and permanent residents (PRs) aged 18 to 65 on perceptions for long-term care, as well as 1,075 Singaporeans and PRs – including 249 caregivers – to better understand experiences and challenges in dementia caregiving. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'This white paper is a call to action for individuals, families and institutions to plan proactively, because the long-term care challenge is already at our doorstep,' added Phau. Significant gaps Singlife's research revealed a significant gap in both awareness and financial preparedness among Singaporeans regarding long-term care. While long-term care costs close to S$3,000 per month on average, Singlife found that more than half of those surveyed underestimate the amount. Since a similar study in 2018, costs have increased by S$628, reflecting an annual inflation rate of around 4 per cent. Given the prolonged nature of care and compounding inflation, these costs are likely to escalate even further. However, Singapore's national insurance schemes – namely ElderShield and CareShield Life – currently offer coverage of only up to S$662 per month. This leaves a significant shortfall that could be bridged by private long-term care supplementary insurance plans. Yet, two-thirds of Singaporeans aged 30 and above have not taken up such coverage and may have to rely on personal savings or family support, potentially placing additional strain on their retirement funds. This lack of preparedness is especially concerning given the typical duration of care. Singlife's claims data from 2010 to 2024 showed that individuals require long-term care for an average of 10 years. In some cases, the need is even longer, with Singlife's longest active claimant receiving monthly payouts for more than 15 years. Long-term care is not limited to seniors either, given the youngest claimant was just 32 years old at the time of their claim. Being prepared In light of these findings, the white paper puts forward a series of recommendations including a renewed focus on early detection, intervention and prevention of conditions such as strokes, which remain a leading cause of long-term care insurance claims. At the launch event, Singlife also hosted a panel discussion on preparing for the rising demand for long-term care individually and collectively. 'You have to be prepared financially and not think government grants will be enough, as healthcare costs are coming up quickly,' said panellist Jason Foo, chief executive at Dementia Singapore. This is where insurance plays a key role to protect oneself financially, he added. The sum assured for Singlife's long-term care products are as low as S$200 and its premiums can be drawn from one's Central Provident Fund, noted fellow panellist Helen Shen, group head of products at Singlife. She also highlighted that while many feel they are too young to sign up for such coverage, it is more financially sustainable to get insured as early as possible. 'You are not just protecting yourself, you are also protecting your loved ones who will have to look after you,' added Shen.
Straits Times
6 days ago
- Business
- Straits Times
New tie-up offers insurance savings for SMEs committing to workers' health and well-being
Find out what's new on ST website and app. Minister of State for Manpower Dinesh Vasu Dash speaking at the inaugural Tripartite Connect 2025 on July 24. SINGAPORE – Small and medium-sized enterprises (SMEs) that invest in the health and well-being of their employees can now enjoy reduced group insurance premiums under a new partnership between the Workplace Safety and Health (WSH) Council and homegrown insurer Singlife. Announced on July 24 by Minister of State for Manpower Dinesh Vasu Dash at the inaugural Tripartite Connect 2025, the scheme will give a 10 per cent discount on first-year insurance premiums for SMEs which enrol their staff for health screening and lifestyle coaching under the free Total WSH Programme. 'For SMEs, every cent counts, and such savings can be meaningfully redirected to support business or employee needs,' said Mr Dinesh at the event which gathered SME leaders to look at ways to foster progressive workplace practices. 'I hope this will be a win-win outcome; win for your companies with insurance savings, and win for your employees with better health and wellbeing.' Mr Dinesh was speaking at the launch of Tripartite Connect at Marriot Tang Plaza Hotel. The event was organised by the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) and the WSH Council, an agency under the Tripartite Alliance Limited (TAL). In his speech, Mr Dinesh cited an example: an SME with 50 employees would typically spend around $650 per person annually for basic coverage. The 10 per cent discount would translate to $3,250 in savings in the first year. Singlife said in a statement that the incentives will be available until March 31, 2027. Top stories Swipe. Select. Stay informed. Asia Two soldiers wounded as Thai and Cambodia militaries clash at disputed border Singapore Boy, 15, charged after being caught with vapes 5 times; ordered to stay 2 years at S'pore Boys' Home Business MOM, police probing work injury claim flagged by late Sumo Salad boss Jane Lee: MOS Dinesh World Trump was told he is in Epstein files, Wall Street Journal reports Opinion The US dollar is down, but it has a lot going for it Singapore Singapore Oceanarium will enhance tourism while supporting sustainability: Grace Fu Singapore Ex-COO of Singaporean animal feed company charged with bribing manager at Malaysian firm Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Mr Christopher Koh, general manager of the WSH Council, said the partnership with Singlife aims to encourage more employers to 'recognise the commercial benefit of investing in employees' health, which is not just good for employees themselves, but also supports businesses' productivity'. Beyond workers' health, Mr Dinesh mphasised that safety and fairness are increasingly crucial to a company's brand and bottom line. 'With strong WSH practices, service delivery is smoother, disruptions are minimised, and costly delays are avoided,' he said. Citing City Developments Limited (CDL) as an example, he said the real estate developer mandates that all its contractors must have at least bizSAFE level 3 certification. BizSAFE is nationally recognised programme designed to help companies build workplace safety and health capabilities. Another example he cited was Galmon (S), a Singapore company providing mobile elevating work platform solutions that has achieved bizSAFE Level Star, the highest tier under the WSH Council's bizSAFE framework. The company has a zero-fatality record over its 40-year history, by cross-training staff and using a low-cost internal system to report near-misses and unsafe acts, Mr Dinesh said. He added that Galmon's experience shows how SMEs can build up safety capabilities in a cost-effective way. Mr Bob Tan, chairman of TAL, said in his speech that as at April, close to 29,000 companies here have attained bizSAFE Level 3 and above. Mr Dinesh also urged SMEs to go further by adopting fair and progressive employment practices to meet the diverse needs of their staff. The Workplace Fairness Act – passed in Parliament in January – will be implemented by 2027. The Act makes it unlawful for employment decisions, such as those related to hiring, dismissal, or performance appraisals, to be based on five protected characteristics: nationality; age; sex, marital status, pregnancy status and caregiving responsibilities; race, religion and language; and disability and mental health conditions. As part of the new requirements under the Act, employers must implement grievance handling processes to facilitate mediation and resolve issues amicably within the firm. 'Doing so not only supports future compliance with the law but also lays the groundwork for a progressive workplace culture anchored in fairness, respect, and inclusivity,' said Mr Dinesh. 'No matter the scale of your enterprise, I urge all SMEs to take the first step towards redefining success through safe, healthy, fair and progressive practices.'
Business Times
16-07-2025
- Business
- Business Times
Singlife, GXS partner to embed insurance in digital bank's first investment product
[SINGAPORE] Financial services company Singlife announced on Wednesday (Jul 16) a partnership with GXS Bank to embed insurance coverage for the bank's first investment product on GXS Invest. The collaboration will allow eligible customers who invest in the offered fund through GXS Invest to automatically receive complimentary group personal accident insurance coverage underwritten by Singlife. GXS Invest is the digital investment platform of GXS Bank, and is available on its digital bank app. At the platform's launch on Tuesday, the digital bank is offering the Fullerton Singapore Dollar Cash Fund (Class G), which is a money market fund for low-risk investing. The fund is managed by Fullerton Fund Management, a fund house part of an independent asset management group owned by Temasek Holdings. In a Tuesday statement, GXS Bank noted that a money market fund also addresses the needs of the three in five of its customers who say that they are seeking a more conservative risk approach to investing. The Singlife policy provides coverage for accidental death and total permanent disability, to protect customers from income disruption and keep their financial goals on track without the need to sign up for a separate insurance plan. Eligible GXS customers will be covered for up to three times their investment amount, capped at S$100,000, said Singlife. The joint venture builds on the local insurer's ongoing efforts to embed insurance protection into digital experiences, such as healthcare subscriptions and employee wellness programmes, to make protection more accessible and relevant to consumers.
The Sun
10-07-2025
- Business
- The Sun
PROPEL with Singlife Wins Prestigious ‘Insurtech Initiative of the Year' at the 10th Insurance Asia Awards
SINGAPORE - Media OutReach Newswire - 9 July 2025 - PROPEL with Singlif e, the one-stop shared services hub for financial advisory firms, has been named the winner of the highly coveted Insurtech Initiative of the Year – Singapore award at the 10th Insurance Asia Awards, in recognition of its contributions to the insurance industry in Singapore. This accolade – a first for PROPEL since its official launch in January this year – highlights the fledgling company's first-in-market proposition empowering financial advisory (FA) firms to thrive in a competitive and evolving market. The Insurance Asia Awards, celebrating its milestone 10th anniversary, is the premier awards programme for the insurance sector in the region. The awards honour companies that have achieved outstanding milestones, set new benchmarks, and transformed the industry. On the judging panel are esteemed leaders from the likes of PwC, Bain & Company, Boston Consulting Group, Deloitte, and KPMG. Steven Ong, CEO of PROPEL, said: 'Winning this award is a testament to our team's relentless pursuit of innovation and excellence. From the start, PROPEL has been committed to leveraging technology to plug a huge gap and elevate our industry. With the FA channel growing rapidly and more aspiring advisers thinking of starting their own firms, we're here to help make that transition not only possible, but easier. This award is a validation of our efforts thus far, but we're motivated to continue driving meaningful change in the industry, giving more freedom to advisers and more choice to customers.' PROPEL's award-winning submission showcased its uniqueness, effectiveness, and dynamism. The PROPEL platform integrates middle-to-back-office operations into a scalable, digital-driven solution, but the initiative extends beyond innovative technology. By combining its advanced digital tools with robust operational support, PROPEL offers a one-stop solution for FA firms, redefining how firms can deliver personalised financial solutions, streamline operations, and achieve sustainable growth. Key to PROPEL's proposition is its product-agnostic and insurer-independent approach, which ensures advisers retain full autonomy in their businesses, fostering trust and transparency with their clients. Awards organiser Insurance Asia said in a statement: 'PROPEL with Singlife won the 'Insurtech Initiative of the Year – Singapore' category at the Insurance Asia Awards 2025 for its pioneering insurtech platform that empowers financial advisers and advisory firms with cutting-edge digital tools and centralised support services. As a first-of-its-kind, product-agnostic and insurer-independent solution, PROPEL consolidates key middle- to back-office functions into one scalable system. This integration reduces operational inefficiencies, cuts costs, and enhances client service delivery.' Launched officially in January 2025, PROPEL's innovative approach is driven by the vision of empowering both advisers and customers with greater freedom and choice in financial solutions. As a trusted partner for FA firms, PROPEL removes administrative challenges tied agents face in establishing their own firms, providing a springboard to come out of the tied agency model and provide customers with the benefit of unbiased advice and a broader range of insurance and investment products. PROPEL received the award on 8 July 2025 at the Insurance Asia Awards Gala Dinner, held at the Marina Bay Sands Expo & Convention Centre. To learn more about how PROPEL helps FA firms scale their businesses effectively, visit
