We have a critical problem in Singapore: critical illness (CI) coverage, or a lack of it, even in 2024. Many Singaporeans are vulnerable to financial strain from critical illnesses as they are underinsured. Why? * This is a sponsored post.
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The Life Insurance Association (LIA) of Singapore, which promotes financial literacy and sets industry standards, published a Protection Gap Study in 2023 and found these to be the reasons.
- The complexity and wide variety of CI policies make it confusing for consumers.
- Many people deprioritise CI insurance, thinking they won’t be affected.
- High premium costs.
- Standalone CI policies typically do not offer cash value upon surrender or maturity.
- It is difficult to assess what adequate coverage is due to the wide range of critical illnesses.
What people don’t realise about CI coverage
LIA found that the CI protection gap was 74% as of 2022. This number represents the average shortfall between the money needed for a critical illness event and an individual’s insurance coverage.
Tech Focus: Three Critical Considerations for Successful Product Lifecycle Management Testing
Friday, September 27th, 2024Software testing is key when deploying and managing any Product Lifecycle Management (PLM) system. Bla Sweeney at Keysight Technologies shares three important aspects to consider.
Embracing test automation for PLM software increases testing efficiency and frees teams up to focus on other important work, hitting release dates earlier and enhancing agility.
Product Lifecycle Management (PLM) systems support vital functions throughout successful high-tech manufacturing, software, and electronics companies.
Initially beneficial for engineering teams, PLM now benefits every department involved in a product’s lifecycle by providing the right information in a timely fashion and assisting in production, planning, control, and revenue strategies.
Just as the ripple effect of PLM’s benefits can be felt throughout an organisation, any deployment errors can have a widespread negative impact on business operations.
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