– 18 May 2022 – While two-thirds (66 per cent) of Singapore’s local workforce are worried about job loss due to illness or disabilities, more than half (53 per cent) do not have any disability income protection, according to findings from the AIA Disability Income Survey 2022.
The survey, conducted in April 2022 amongst more than 1,000 respondents consisting of full-time working Singapore Residents aged 18 and above, also revealed that:
Key barriers to purchasing disability income policies include product complexity, complicated processes and high premiums.
1 in 4 (25%) of females cite the cost of premiums as a reason for not having DI protection compared to less than 1 in 5 (16%) of males. This was the most selected reason amongst females.
However, 22% of men said they did not have DI protection because they don’t think they need it – the most selected reason amongst males. Only 13% of women chose this reason.
Melita Teo, Chief Customer and Digital Officer, AIA Singapore, said, “Losing one’s job and becoming dependent on others due to an unexpected accident or illness is painful and places heavy financial and emotional burdens on a person and their loved ones. Understanding the pain points of disability income plans allows us to better address Singaporeans’ concerns which range from affordability, to ease of getting insured and making a claim. These are key priorities which informed how we developed the AIA Pay Protector to make disability income protection accessible to even more members of the community.”
In 2021, a Ministry of Manpower (MOM) report noted that workplace injuries have risen to pre-covid levels, with construction, transportation and storage sectors accounting for the highest number of fatalities. The gap in disability income protection is a cause for concern, especially among blue-collared workers who are at a higher risk of disability due to the nature of their work.
AIA Pay Protector – first-in-market simplified disability income plan offers lower premiums, fixed monthly benefits regardless of income fluctuation or any sources of income and simplified processes
Designed with insights and feedback from customers and AIA Insurance Representatives, the AIA Pay Protector addresses key concerns and barriers around product complexity, vague definitions, and claims uncertainty arising from declaration of earnings and income fluctuation.
AIA Pay Protector is the first-of-its-kind in the market that promises payouts will not be offset by any sources of income or other disability income insurance payouts and will not be affected by any changes to income prior to disability, giving customers a peace of mind and ample support to reboot their careers while they recover from illness.
Customers can select their desired fixed monthly payouts from a range of $1,000 to $5,000 where benefits will be paid out for up to 5 years in the event where they are unable to perform material duties of their own occupation due to illness or disability (physical or mental).
With fixed payouts, claim processes are streamlined and become more efficient due to the elimination of calculation when claims are eventually made.
AIA Pay Protector also provides payouts in the event of job loss due to mental health conditions, paving the way for destigmatising mental health within the workplace.
This echoes the growing focus on mental health and well-being amongst Singaporeans as they emerge from a prolonged pandemic. As a leading insurer, AIA Singapore recognises the need for the inclusion of mental health in different types of insurance coverage, and as a reason for job loss across occupations. In 2019, AIA Singapore is the first insurer to cover mental health in its critical illness plan, AIA Beyond Critical Care.
Irma Hadikusuma, Chief Product Proposition Officer, AIA Singapore, said, “It is important for us to recognise and help people address their protection gaps with simple, innovative solutions. The pandemic has accelerated the need for greater financial independence – regardless of whether you’re single or have a family to care for. AIA Pay Protector responds to this demand by promising continuity of this independence with certainty of income in the short term for the unexpected event of job loss due to mental illnesses or physical disabilities.”
Customers who are keen to apply for AIA Pay Protector can do so directly from My AIASG app or contact an AIA Insurance Representative. The hassle-free application process includes a simple medical history questionnaire that customers can fill out on their own. Customers are neither required to disclose their actual income amount nor submit their payslip in the process of application via our digital direct sales platform.
For more information on AIA Pay Protector, and AIA’s comprehensive disability proposition, please visit:
  The AIA Disability Income Survey 2022 was conducted in April 2022 with a total of 1004 Singapore Residents – Singaporeans and Permanent Residents working full time.
Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs. You are discouraged from switching from an existing accident and/or health insurance policy to a new one without considering whether the switch is detrimental, as there may be potential disadvantages with switching. A penalty may be imposed for early policy termination and the new policy may cost more or have fewer benefits at the same cost.
Protected up to specified limits by SDIC. This advertisement has not been reviewed by the Monetary Authority of Singapore.
The information is correct as at 18/05/2022.