Insurance needs of individuals in Singapore

• Main Author: Ang, Yee Hia
• Other Authors: William Tan
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/64300
• Institution: Nanyang Technological University

This study examines the motivational factors for purchasing insurance, and the features of the existing insurance policies that appeals to the general public. This was done by measuring the importance attached to the various reasons for buying and not buying insurance and the preferences for the features of insurance policies. The investigation focuses on two areas:- Women and Children market. The analysis on the women's market indicated that the most important reasons for buying or not buying insurance were to provide family protection and but that they prefer other investments respectively. The features that were most preferred by women in insurance policies were cancer coverage and accident benefits. The analysis on the children's market indicated that the most important reasons for buying or not buying for children, as perceived by parents, were to provide a monthly allowance to child upon parents's early death/disability but they prefer other investments to insurance respectively. The analysis also indicated that most parents preferred to receive benefits in installments upon maturity when child enters tertiary education or upon parents' death/disability.