Discover Discuss Compare Blog About Us

4 Eye-popping Statistics that Change the Way You Look at Insurance

Posted 21 May, 2017 by Surely
in Educate Yourself

The decision to buy insurance is largely a personal choice.
Although the financial advisors are preaching that you should get a certain amount of protection, the decision of buying or not still falls flatly in your own hands.

It is reasonable to conclude that your personal viewpoint about the world around you is pivotal to your insurance purchases.
Being in a relatively safe Singapore, one may be expected to take safety for granted.
The low crime rate and high affluence support such opinions.
Or it is really so?

 

 

This pervasive feeling of safety does influence how we look at insurance.
Unless you decide to migrate to Japan or Switzerland, you are likely to live a longer, healthier life here in Singapore.
On this light, insurance does not seem too important.

However, life is never so straightforward.
We may live longer and thus, may experience more in our lifetime.
That means more opportunities to be sick or injured.

Therefore we have to change our attitude towards insurance.
It is not about protecting your assets upon death but more towards maintaining your standard of living during an unexpected bout of injury or illness.
And these are some startling statistics that may change your mindset.

 

More people died from cancer than from road accidents.

 

insurance statistics

Take a minute to absorb this fact.

 

In 2015, a total of 152 residents had passed away due to road traffic accidents.
During the same period, 5900 cancer patients had succumbed to the top killer, cancer, in Singapore.
It is a depressing figure, to say the least.

We know for sure that the victims of road accident would be compensated by the insurance of the tortfeasor.
Why?
Motor insurance is compulsory by law.

For the nearly 6,000 victims of cancer, there is no such guarantee.
Not all may have dread disease cover.
Worse, some may not even be able to afford better treatment and thus lost the fight.

>> Click here to find out more reasons that you should never miss out on CI insurance <<

 

 

37 residents are diagnosed with cancer every day.

 

Anyone can be one of them.
You definitely have heard of tales of someone’s friend who led a perfectly healthy lifestyle but was diagnosed with cancer.

 

Grim Reapers have a preference for smokers. But not always.

Grim Reapers have a preference for smokers. But not always.

 

It turns out that contacting cancer is really a random occurrence.
77% of cancer is caused by uncontrollable DNA mutations and 5 percent due to heredity.
The remaining 18% are due to environmental factors such as smoking and exercising.

So, to stay healthy, you should.
But getting a Critical Illness policy, you must.

>> Compare and get the best Critical Illness Insurance that you deserve <<

 

There is a 1% chance that you will stay in hospital this year.

 

Is he referring to 1% or that you are the one?

Is he referring to 1% or that you are the one?

 

555,284 Singapore residents had been admitted into hospital in 2016.
If you think that is a reasonable risk since you have Medishield Life, think again.
Medishield Life is a great government initiative but it is simply inadequate.

How can you make sure that you can afford the stay in the hospital?
In the ward that you deserve.
Get an Integrated Shield plan that will give you that and also pays for your Deductibles and Co-Insurance.

>> Find out why that is the smartest move you can make. <<

 

 

More than 25% Singaporeans is of substandard health.

 

23.5% of the population (aged 18-69) have hypertension.
11.3% have diabetes.
Even if we assume that there are high chances of overlapping between these two groups, it is reasonable to deduce that more than a quarter of the residents are in the high-risk group.

It is not only difficult but also costly to acquire insurance after you have been diagnosed with such chronic diseases.
Your premium may be loaded.
Or worse, the insurance companies may reject your application.

You must keep hypertension and diabetes under control before they lead to more serious complications.
As the saying goes, prevention is better than the cure.
Exercise and eat well to stay clear of them.
And insure yourself before you become un-insurable.

>> Discover your insurance needs before any pre-existing condition hits. <<

 

Keep calm & get behind cover.

 

Admittedly, these are some depressing and alarming insurance statistics.
Kinda screwed up the notion of a safe and comfy life in Singapore eh?
Even on such a wonderful island, there are many threats to our lives.

Of course, we can mitigate these risks by being overly cautious in everything we do.
Wrap ourselves in bubble suit to avoid injuries.
But that is not the way most of us want to live our lives.

 

And you will end up in hospital with a heat stroke anyway.

And you will end up in hospital with a heat stroke anyway.

 

The right move to make is to get yourself properly insured.
This way, we can lead the life that we want.
With a peace of mind.

www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.

  1. ZA

    “There is a 1% chance that you will stay in hospital this year. 555,284 Singapore residents had admitted into hospital in 2016.”

    How many in the 555,284 belong to age 20-25 non-smoking, regular-exercising folks? And how many belong to age 70 and above?

  2. Surely

    MOH does break down the figures by age but not by smoking/exercising parameters.

    And the age banding is 0-14, 15-64 and 65+.
    The percentages are 15.7, 53.7 and 30.5 respectively.

  3. Goh

    Just like to point out some differences in the statistics you mentioned, and those I found on the internet.

    You wrote:
    “77% of cancer is caused by uncontrollable DNA mutations and 5 percent due to heredity.
    The remaining 18% are due to environmental factors such as smoking and exercising.”

    Meanwhile from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2515569/:
    ” The evidence indicates that of all cancer-related deaths, almost 25–30% are due to tobacco, as many as 30–35% are linked to diet, about 15–20% are due to infections, and the remaining percentage are due to other factors like radiation, stress, physical activity, environmental pollutants etc.”

    From Scientific American: (https://www.scientificamerican.com/article/how-many-cancers-are-caused-by-the-environment/)
    “More than 60 percent of U.S. cancer deaths are caused by smoking and diet.”

    1. Surely *

      My guess is the difference between population.
      The research on cancer is always changing but at the end of the day, the message remains the same.
      CI insurance is really impt!

      “They also drew on the Cancer Research UK database, which has in-depth epidemiological and other data about cancers in the United Kingdom. In pancreatic cancer, for example, their results suggested that just 5% of mutations were inherited, 18% were due to environmental factors like smoking, and the remaining 77% were the result of random mutations.”

      From: http://www.sciencemag.org/news/2017/03/debate-reignites-over-contributions-bad-luck-mutations-cancer

  4. Pingback: Not ready for a proper financial review? This is the least you can do - Singapore's Insurance Blog

  5. Pingback: Why Over-insuring Today makes Perfect Sense - Singapore's Insurance Blog

Leave a Reply