In response to Singapore’s increasing ageing population and need for retirement planning, HSBC Insurance (Singapore) Pte. Ltd. (HSBC Life Singapore) has launched a unique solution that offers a regular stream of monthly income when the insured reaches retirement as well as additional coverage should they be diagnosed with ageing-related conditions and chronic diseases.
HSBC Life Retirement Income offers:
HSBC Life Retirement Income is designed to protect and financially support Singapore’s seniors adequately, especially when they are no longer capable of generating active income. For those planning for their retirement, HSBC Life Retirement Income is the latest solution offered by HSBC Life (Singapore) to address this concern.
Mr. Carlos Vazquez, CEO of HSBC Life Singapore, shared: “HSBC Life Retirement Income covers age-related conditions such as loss of mobility and illnesses including Parkinson’s, Alzheimer’s and Dementia. Seniors diagnosed with such conditions and illnesses are on the rise so it is critical they have adequate financial support to fund for their long-term care.”
Singapore has one of the fastest ageing populations in the world. In 2018, close to 15% of Singaporeans were aged 65 and above and the number is expected to grow to 24% by 2030. One in two of healthy seniors aged 65 run the risk of becoming severely disabled before they die.1
There are over 500,000 aged over 65 which makes up about 13% of Singapore’s resident population in 2017. Accordingly, the 2015 Well-being of the Singapore Elderly (WiSE) study by the Institute of Mental Health indicates that one in ten aged 60 and above may have dementia. By 2018, almost 82,000 may be living with the disease and the number is expected to exceed 100,000 in the next couple of years.
Correspondingly, S$2.8 billion was spent in 2015 to care for elderly with dementia here. The cost is expected to triple by 2030.2
Mr Vazquez added: “While the Singapore government offers some form of a safety net via the ElderShield scheme, it is important that as individuals, we proactively plan and manage our retirement. HSBC Life Retirement Income is a good supplement to other protection or retirement plans that you already own.”
HSBC Life Retirement Income is the latest in a range of products, focused on supporting Singaporeans’ protection and retirement needs that HSBC Life has launched in Singapore over the past year.
HSBC Life Singapore now offers a range of solutions geared at helping Singaporeans close the protection gap, be better prepared against critical illnesses as well as plan for their retirement.
In May 2019, HSBC Life Singapore made sweeping upgrades to its business including the launch of its new brand, the expansion of its product suite, and widening its distribution channel to include independent Financial Advisory (FA) firms. The business overhaul reflects the overall growth and evolving composition of Singapore’s insurance market including an ageing and wealthier domestic population, and a rise in international citizens seeking more sophisticated wealth and insurance solutions.
2 Study on monetary cost of family caregiving for people with dementia in Singapore (Lai, Thompson and Magadi, 2017)