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        Singaporeans ill-prepared for end of life and incapacitating events

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        Old 24-07-2020, 01:32 PM   #1
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        Singaporeans ill-prepared for end of life and incapacitating events

        Singaporeans ill-prepared for end of life and incapacitating events

        https://sbr.com.sg/hr-education/more...itating-events

        Only 28% of respondents have a finished will.

        Singaporean adults need to ensure they are much better prepared for end-of-life events and incapacity, says STEP, the worldwide association for those advising families.

        A survey from STEP shows that only 28% out of 495 people surveyed have a finished will and, of those, a significant proportion feel it is not adequate or up-to-date. A further 56% of respondents reported they had no will at all, whilst the remaining 16% said their will was currently under development.

        The survey also reveals that 39% have no delegations or directives in place should they become incapacitated, such as lasting powers of attorney, and a huge 80% do not have life insurance.

        Of those respondents who have children, just 34% have nominated a guardian in the event of death, which potentially places the children of the other 66% at risk of family disputes and the cost or disruption of court cases.

        Furthermore, 62% of those who own businesses do not have a succession plan whilst 65% are unaware of what would happen to their digital assets in the event of their death.

        STEP says the numbers show that the it will never happen to me?mentality is alive and well in Singapore and people should think much more carefully about preparing for end-of-life events and incapacity.

        With this, the association is calling for more education, particularly with respect to issues like the impact of digital technology and trusts on the administration and succession to their property. Irrespective of culture, age, occupation and income, death and disability are issues that all adults need to consider if they want to ensure their wishes are carried out.
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        Old 24-07-2020, 05:58 PM   #2
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        This may entice people to acctually get their life insurance since its so important to have one. Check out this blog:

        https://blog.policypal.com/announcem...ch-win-prizes/
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        Old 24-07-2020, 05:59 PM   #3
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        CPF is useless meh?
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        Old 24-07-2020, 06:32 PM   #4
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        This may entice people to acctually get their life insurance since its so important to have one. Check out this blog:

        https://blog.policypal.com/announcem...ch-win-prizes/
        U seem like keep promoting for them. See you post alot about this.
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        Old 24-07-2020, 08:05 PM   #5
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        The survey also reveals that 39% have no delegations or directives in place should they become incapacitated, such as lasting powers of attorney, and a huge 80% do not have life insurance.
        The 80% figure might be OK! Consider:

        1. Children don't need life insurance.

        2. Late career and retired individuals don't need life insurance, and Singapore is demographically mature and getting progressively older.

        3. Early and mid-career people who don't have dependents don't need life insurance.

        4. Early and mid-career people who can self-insure don't need life insurance.

        That leaves the following people who do need life insurance:

        5. Early and mid-career people, with at least one dependent, who cannot self-insure.

        And the following people who cannot get life insurance even if they need it:

        6. Anybody with a disqualifying preexisting condition.

        7. Anybody who cannot afford it.

        Does that category #5 (less those also in category #6 and/or #7) amount to 20%? Maybe!

        Of those respondents who have children, just 34% have nominated a guardian in the event of death, which potentially places the children of the other 66% at risk of family disputes and the cost or disruption of court cases.
        But probably not. Two parent/guardian arrangements are common (albeit not universal), with the surviving parent/guardian continuing his/her role. Even divorced and separated couples often have joint legal custody.

        Furthermore, 62% of those who own businesses do not have a succession plan....
        OK, but a very large percentage are sole proprietorships that would wind up anyway.

        ....whilst 65% are unaware of what would happen to their digital assets in the event of their death.
        And 55 percentage points of that number are unaware of what "digital assets" are.

        STEP says the numbers show that the ‘it will never happen to me’ mentality is alive and well in Singapore and people should think much more carefully about preparing for end-of-life events and incapacity.
        That's fair, but some of these statistics are questionable. How about a survey question about Disability Income Insurance?

        Last edited by BBCWatcher; 24-07-2020 at 08:28 PM..
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        Old 24-07-2020, 11:22 PM   #6
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        I agree with what bbcw said

        So its not a surprise the number is low
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