LIA Singapore rolls out enhanced protection gap calculator

LIA Singapore rolls out enhanced protection gap calculator | Insurance Business Asia

Life & Health

LIA Singapore rolls out enhanced protection gap calculator

Tool aims to simplify insurance planning

Life & Health

By
Roxanne Libatique

The Life Insurance Association Singapore (LIA Singapore) has introduced an improved version of its protection gap calculator.

The calculator now incorporates a more user-friendly tool designed to assist individuals in evaluating and managing their life insurance needs. The calculator is available on the association’s website.

Key features of the LIA Singapore protection gap calculator

Key features of the updated calculator include:

A streamlined, intuitive interface for easier navigation
enhanced tooltips providing clearer guidance on inputting information accurately
new data from the 2022 Protection Gap Study

This tool enables users to quickly identify their mortality and critical illness insurance coverage gaps, encouraging them to make informed financial decisions.

LIA Guide to Medical Underwriting for Life Insurance

The release of the calculator follows LIA Singapore’s publication of the “Guide to Medical Underwriting for Life Insurance,” which offers clarity on underwriting principles in life and health insurance.

During the announcement of the new guide, LIA Singapore president Dennis Tan emphasised the industry’s commitment to adaptability amid economic uncertainties, geopolitical tensions, and rising living costs.

“We must work in close collaboration with one another – the insurance industry, medical fraternity, members of the public, [and] government stakeholders – to tackle these challenges jointly, together,” he said.