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It seems like just yesterday when your main concern was getting a decent PSLE score. Then, when you find the love of your life, the challenges you face will largely depend on your chosen career and whether or not you have kids. Finally, at some point in the future, you might realise that retirement is just around the corner and start worrying that you aren’t adequately prepared.
No matter what your current concerns are, safeguarding yourself against unforeseen situations in life is one thing you should consider at any age, especially if you are a millennial who is described as a new sandwiched generation (in Etiqa’s Protection Survey Report 2021) because of your responsibilities to support 2 generations of dependents, children and the elderly.
The importance of protection for the sandwiched generation
While millennials may have other financial commitments which may conflict with decisions to purchasing life insurance, they should be aware that they cannot afford not to have adequate insurance for unexpected events, giving their increased responsibility as a sandwiched generation.
Although life might be smooth-sailing right now, we all experience challenges at some point or other. Life protection could be the silver lining that offers financial coverage precisely in those difficult moments, and ensures that the nest egg you’ve built up for retirement or your children’s education fund stays intact even if something were to happen to you.
Cheesy as it sounds, in the event that you pass away early, payouts from an insurance policy will be like a gift of love that continues to look after your family even when you’re gone. For instance, life insurance can ensure that your parents have a retirement nest egg should you unfortunately pass on before them, and can also reduce the hardship on your children and spouse by taking care of their financial needs for the next few decades.
Bridging protection gaps
According to Etiqa’s Protection Survey Report 2021, which polled 815 millennials aged 25 to 40, 1 in 4 of them does not have any form of life insurance protection. This is a growing problem as life expectancy in Singapore increases and healthcare costs rise in tandem.
The study highlights even more on the importance for millennials (born 1981 to 1996), aka the sandwiched generation, to seek adequate protection.
As seen from the study, Millennials’ largest source of financial concern is funding their retirement, with 60% of respondents being concerned about this. Other top concerns include healthcare expenses (54%), funding the expenses of ageing parents (48%) and inability to work due to critical illness (45%).
Ironically, the solution to many of these problems is actually more simple than we thought – to ensure that you receive sufficient protection. For instance, critical illness insurance ensures that your healthcare and living expenses are covered for in the event of a critical illness so that it does not wipe out your entire savings and can offer financial assistance if you are no longer able to work.
In a similar vein, life insurance can take care of one’s family’s living expenses and ensure that their lives can carry on even in the event of the breadwinner’s untimely death. To protect what lies ahead, you first need to bridge your protection gaps.
Join Etiqa in protecting what lies ahead
Inspired by the results of the survey, Etiqa is now running a campaign which aims to help people protect their future, prepare them for longer lives and celebrate the joy of living. Etiqa is a composite insurer licensed by the Monetary Authority of Singapore offering both Life and General insurance solutions.
In order to meet the growing need for protection among millennial Singaporeans, Etiqa offers a range of high quality, holistic protection solutions which is highly customisable according to one’s budget and coverage needs.
Ultimately, most of millennials’ financial concerns are rooted in uncertainty — of not being able to retire, or of leaving their loved ones high and dry if something should happen to them. Etiqa aims to make it easy for them to get the protection they need to truly look forward to the future, no matter what it might bring.
An insurer with the “human touch”
Insurance is not just about selling policies. One often finds out what a human profession insurance really is only when something unfortunate happens and they find themselves leaning on their insurers and financial advisors for support.
A good insurer needs to truly understand the needs and challenges that people face, which is why Etiqa commissions studies like the Protection Survey Report 2021.
Rather than simply closing sales, Etiqa’s goal is to be there for customers in the long term. The insurer prioritises fostering a sense of goodwill and truly making sure customers’ needs are taken care of as they move through key life stages.
When you think about it from a more human angle, what is life insurance protection really about? Ultimately, it’s about protecting you and your loved ones, and the things you value in life. It safeguards against misfortune, giving you a financial safety net in case of a mishap.
Getting insurance protection as early as possible gives you the peace of mind that unforeseen situations, no matter when they arise in life, will not stop you from achieving your life goals, or prevent your loved ones from carrying on their lives.
Having adequate coverage and protection enables you to live your best life without any regrets. Find out more about Etiqa’s suite of insurance solutions and how they can protect you and those you hold dear today.
Etiqa Insurance Pte. Ltd (Company Reg. No. 201331905K)