SINGAPORE (Sept 3): The thought of living and working up to 100 years old might give reason to cheer or groan – depending on how you look at it. But, either way, the possibility of that happening is getting very real.
Just weeks after Prime Minister Lee Hsien Loong in his National Day rally speech on Aug 18 said Singapore is raising the retirement and re-employment ages, Prudential Singapore has launched medical insurance coverage plans to provide protection for employees of its corporate clients up to the age of 100.
These customised group insurance plans will cover hospital and surgical, outpatient medical and dental expenses. Insurers currently typically offer plans that cover employees only up to the age of between 70 and 75.
The group has also increased the maximum age coverage for its group term life, accidental death and dismemberment and major medical plans to 70-74, from 64-69 currently.
See: Achieving happiness, prosperity and progress in Singapore
Today, Singapore’s labour force participation rate in the older age groups is among the highest globally. This is expected to increase further as the country’s statutory retirement age rises and with more people choosing to extend their careers.
According to a 2018 report by Prudential, the number of centenarians in Singapore has surged – from just 50 in 1990 to 1,100 in 2015.
But more than half of the 1,214 Singapore residents surveyed for the report say they are not healthy or wealthy enough to live to that ripe old age.
See: Live to 100? No thanks, say Singaporeans
According to a report by the Institute for Health Metrics and Evaluation at the University of Washington, Singaporeans will be among the longest-living people in the world.
The average lifespan in Singapore is expected to be 85.4 years in 2040, the third-longest globally, and up from 83.3 years in 2016.
Economists and other experts estimate that, for an average person to live till 100, he or she would have to earn a living until well into their 80s.
See: Who wants to live to 100?
Jeff Ang, Prudential Singapore’s head of Enterprise Business Solutions, says the company’s Ready for 100 insurance solutions were designed to fulfil the needs of the greying workforce in Singapore.
“As people live longer, they will need and want to work for longer, so they can fund their extended retirement years and rising healthcare costs. By providing our corporate clients with insurance solutions that cover their employees up to age 100, they will be better placed to retain their senior talent and build an age-friendly workplace,” says Ang.
“We want to partner our corporate clients to help their employees live well for longer. When their employees are healthy and fit, they will be more productive and engaged. This will in turn drive better business performance,” he adds.
