LIA Singapore floats online life insurance calculator

The calculator generates a report of the user’s financial resources and commitments.

Life Insurance Association (LIA) Singapore has launched an online life insurance calculator which generates a downloadable report of a user’s financial resources and commitments, according to a press release.

The calculator, which can be found on the LIA website, hopes to help customers have a better understanding of their financial protection needs. Singapore currently has a 20% mortality and 80% critical illness (CI) protection gaps amounting to $893b, based on a LIA Protection Gap Study in 2017.

A follow-up study revealed that the gaps were caused by several reasons such as seeing insurance premium payments as losses and having an overconfident approach to finance.

Users wanting to avail of the service can go to the website, answer a questionnaire, and will be prompted to download the results with information on the cost of estimated expenses needed upon death and/or diagnosis of a CI.