Cost of Doing Nothing
Bite-sized truths about money, business, and life in Singapore.
Get diagnosed with a major illness…
…and 74% of economically active Singaporeans are underinsured for critical illness, with a total protection gap of S$579 billion. Surviving cancer, stroke or a heart attack is now common — but the income loss, experimental drugs and home modifications are not covered by MediShield Life. That's why a real plan closes the gap before the diagnosis.
Source: Life Insurance Association Singapore 2022 Protection Gap Study (Ernst & Young Advisory).
Live to 65 as a healthy Singaporean…
…and 1 in 2 could become severely disabled in their lifetime — needing help with everyday tasks like bathing, dressing or feeding. Life insurance pays your family if you die, but CareShield Life payouts alone rarely cover the full cost of long-term care. That's the gap that quietly bankrupts families.
Source: Ministry of Health ElderShield Review Committee Report (2018), cited by CPF Board.
Live to a normal retirement age in Singapore…
…and about 1 in 5 Singaporeans will be diagnosed with cancer before age 75. The good news: 5-year survival has improved to 61.4%. The hard truth: survival often means years of treatment, income disruption and uncovered costs. Insurance isn't about fear — it's about keeping the rest of your life intact.
Source: Singapore Cancer Registry 2023 / National Registry of Diseases Office, Health Promotion Board.
Think critical illness only hits after 50?…
…between 2019 and 2023, 4,995 Singaporeans under 40 were diagnosed with cancer — a 34% jump from 2003–2007. Breast and colorectal cancers are leading the rise. Most standard CI plans pay only at severe stage; by then you may have already drained savings and income. Early-stage CI cover exists because the risk starts earlier than most people think.
Source: Singapore Cancer Registry Annual Report 2023, National Registry of Diseases Office / Health Promotion Board.
Die without a will in Singapore…
…and the Intestate Succession Act decides who gets your CPF, your home, even your business. Your spouse could walk away with only 50% — the rest split with parents or children. Most couples have no idea.
Source: Intestate Succession Act (Cap. 146), Singapore Statutes.
Singapore households owe S$236.5 billion in housing loans…
…with S$190.7 billion on owner-occupied properties alone. If the main income earner dies, becomes disabled or falls critically ill, the mortgage keeps running. Many people assume CPF HPS or bank MRTA fully protects the family — but the payout often shrinks as the loan ages, while the need for income replacement does not.
Source: MAS Housing Loans Data Disclosure, Q4 2025.
Lose the income that pays your HDB mortgage…
…and you're not alone. In 2024, CPF's Home Protection Scheme paid 582 death claims and 199 incapacity claims — 781 families who suddenly couldn't rely on the breadwinner's income. HPS is valuable, but it only covers the outstanding loan; it doesn't replace lost income, cover living costs, or help if you get early-stage critical illness. That's the gap a real plan closes.
Source: CPF Board / data.gov.sg, Number of claims made under Home Protection Scheme, Annual.
Colorectal cancer is no longer an 'old person's disease'…
…in Singapore, early-onset colorectal cancer has nearly doubled from 1968 to 2019. For younger adults, a late-stage diagnosis often means years of treatment, income stoppages, and insurance that only pays at the most severe stage. The real protection is a plan that pays when the illness is found early — not just when it becomes life-threatening.
Source: Singapore Cancer Registry / National Registry of Diseases Office, cited in Singapore Cancer Registry Annual Report 2023 and public health publications.
Lose a key partner with no plan…
…and the risk isn't small: SMEs make up 99% of Singapore's enterprises and employ around 71% of the workforce. Most are built around one or two key people. Without a continuity plan — key-person cover, buy-sell agreement, successor — years of sacrifice can unwind fast, not because the business failed, but because no one knew what to do next.
Source: Department of Statistics Singapore & Enterprise Singapore SME statistics.
Singapore households hold ~44% of assets in residential property…
…with the remaining ~56% in financial assets like CPF, insurance, cash and shares — much of which is also illiquid or restricted. When you actually need cash for a medical event, business shock or retirement, you often can't get to it without selling your home. A real plan turns frozen wealth into income you can spend.
Source: SingStat Household Sector Balance Sheet, 3Q 2024, Singapore Department of Statistics.
Need a nursing home in Singapore…
…and basic cost starts from S$3,900 per month before government subsidies, depending on care level. For a couple, that's more than many households' total monthly income. Most people plan for retirement, but few plan for the care that often comes after retirement.
Source: Agency for Integrated Care (AIC), Singapore Ministry of Health.
Turn 55 with only the Basic Retirement Sum…
…and you're not alone. Only 49% of active CPF members at 55 set aside the Full Retirement Sum. The rest have property pledges or lower payouts. CPF LIFE is the foundation, but for most households it won't fully replace the income they're used to.
Source: CPF Board 'Retirement sums and Silver Support' trends (as of Dec 2023).
Reach age 60 in Singapore…
…and 1 in 10 people have dementia. For those 85 and above, the risk is far higher. Dementia can last a decade or more — and the cost of care can exceed S$3,900 a month even before subsidies. A real plan covers the care, not just the medical bills.
Source: HealthHub.sg (Health Promotion Board), Singapore Ministry of Health, citing Institute of Mental Health.
Get hospitalised in Singapore…
…and MediShield Life covered an average of about S$1,660 per claim in 2023. Many common procedures cost far more once you include pre- and post-hospital care, recovery, and income loss. That's why an Integrated Shield Plan and critical illness cover exist — to close the gap basic insurance leaves open.
Source: CPF Board / data.gov.sg, Healthcare insurance claims, 2023.
Ask Gen Zs if they have a retirement plan…
…and 72% say they don't. Half believe they can retire well, but most are focused on earning more today and will start 'later'. The problem? 'Later' costs exponentially more. Starting at 28 instead of 40 can mean the difference between a retirement you choose and one you endure. A financial adviser turns intention into a plan — while time is still on your side.
Source: Prudential Singapore SG60 Financial Future Poll, July 2025.
Ask Baby Boomers when they wish they started planning…
…and they say age 28 — not 40. That's 12 years of lost compounding, contributions and calm. Across all ages, Singaporeans say they should have started five years earlier. The cost of doing nothing isn't just money; it's the regret of realising too late. The best time to plan was years ago. The next best time is now.
Source: Prudential Singapore SG60 Financial Future Poll, July 2025.