Life insurance

How much does a family need to survive in Singapore?

Monthly expenditures, listed

28 Jul 2023
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How much does a family need to survive in Singapore?
How much does a family need to survive in Singapore?

This is according to a 2021 study done by the National University of Singapore Lee Kuan Yew School of Public Policy (LKYSPP) and Nanyang Technological University (NTU).

This adds up to S$77,112 per year or S$385,560 over five years – not factoring inflation!

Will you still be able to provide for your loved ones should any of these unforeseen circumstances arise?
• Terminal illness impacting work abilities, leading to significant income loss
• Unforeseen disability or death of sole breadwinner, leading to reduction or complete loss of income for the surviving partner and children

Apart from savings and building multiple sources of income, you can use insurance to build a safety net for your loved ones. Term life insurance pays out in the event of death. Depending on the plan, it may also provide coverage for total and permanent disability and/or terminal illness. This can tide your family through a tough period when you are unable to provide for them.

*A family of four with parents, a pre-teen and a teenager, needs at least $6,426 a month to afford a basic standard of living.

Don’t be intimidated by your future, start planning here.

Life insurance
Life insurance

Covers death, total permanent disability, terminal illness

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