S$5.08 billion.
That’s how much individuals and families have received from life insurance claims and policy maturity payouts in the first quarter of 2026 alone.
It’s a figure worth pondering for a moment – especially if you’re among those who think insurance isn’t worth the cost or trouble.
People living in Singapore are typically thought to be well-insured. In 2022, the little red dot was the 16th largest life insurance market in the world. Only Hong Kong spent more on life policies than Singapore residents on a per capita basis.
Returning to the more recent S$5.08 billion paid in claims and maturity payouts – the highest first-quarter payout level since 2021, according to LIA Singapore – here’s how the figures break down and how each product could benefit you and your family.
S$555 million came from 5,507 death, critical illness, and disability claims
If you’re the main breadwinner, having adequate life insurance in place could provide an invaluable financial cushion for your family in the event that you die prematurely or unexpectedly.
While your employment benefits package might include some level of life cover, it may not provide enough to support your loved ones should the unimaginable happen.
Typically, life insurance offered by employers gives you relatively low coverage – usually between three and six years of your annual salary.
As a high earner, though this may sound like plenty, it’s unlikely to provide your family with enough to cover ongoing expenses or provide the long-term financial support that may be needed – particularly if you’re living far from extended family, have young children, or pay school fees.
Two more prime reasons to arrange your own life insurance cover:
- Any life cover you do have through your employer will only last as long as you remain employed by the company.
- The younger you are when setting up life cover, the better value the premiums.
Meanwhile, unlike life insurance, which only pays out when you die, critical illness cover pays out a lump sum if you’re diagnosed with one of a list of serious illnesses, such as cancer, multiple sclerosis, or a stroke.
You can then use that money to pay for medical treatment, adjust your home if you have a disability, or maintain your family’s standard of living if you’re unable to work.
Above all, it could allow you the time you need to recover to full health without constant financial concerns.
Because the illnesses covered can vary between insurers, it’s important to check the terms of your policy to ensure you understand what is and isn’t covered.
No matter how good your financial plan is, life has an uncanny way of getting in the way of well-laid plans. We can help you calculate how much cover could help protect you and your family, and then find suitable protection at a cost that makes sense for you.
Health insurance paid out S$712 million in additional claims
While S$2.87 billion was paid out in health claims during 2025, the first quarter of 2026 saw individuals benefit from S$712 million of support in the form of additional claims – mostly driven by Integrated Shield Plans (IPs).
An IP is a private medical insurance plan, which provides extra cover over and above what you already have under MediShield Life. To find out more about whether an IP is appropriate for you or your family, please get in touch.
Regardless of how well you look after your health and physical wellbeing, should you find yourself in need of medical care, the cost of treatment can run into six- or even seven-figure sums.
Plus, with 7 in 10 Singapore residents now covered under IPs, if you’re not among this number, it may be time to reassess.
Cover could protect your long-term financial wellbeing
None of us likes to contemplate our own mortality, but believing that the worst won’t happen to you could leave you and your family financially exposed.
Whether protecting your family and loved ones against the financial impact of your death, or paying for medical treatment in the event of serious illness, without adequate cover the expense could seriously affect your quality of life or hamper progress towards your long-term goals.
If this prospect concerns you, taking steps to ensure you have appropriate protection in place can help to give you greater peace of mind.
We can help you find the protection that would benefit you the most, based on your circumstances and long-term goals. To find out more, please get in touch.
