Why the in­surance sec­tor needs to act now

Insurance - - CONTENTS - by Jan­ice Chia Founder & Manag­ing Direc­tor Age­ing Asia Pte Ltd, Sin­ga­pore jan­icechia@agein­gasi­ain­

Re­tire­ment Plan­ning Re­tire­ment plan­ning in a fi­nan­cial con­text refers to the plan­ning and al­lo­ca­tion of fi­nances for re­tire­ment. The pur­pose of re­tire­ment plan­ning is to have fi­nan­cial in­de­pen­dence so that gain­ful em­ployed is an op­tion. The process of re­tire­ment plan­ning in­cludes the as­sess­ment of how ready is one to re­tire given a de­sired re­tire­ment age and lifestyle; to iden­tify ac­tions to im­prove the readi­ness to re­tire and this is where in­surance and taka­ful providers can come in to sup­port and ed­u­cate a po­ten­tial re­tiree in ac­quir­ing fi­nan­cial plan­ning knowl­edge and en­cour­ag­ing their sav­ing prac­tices. In this sec­tion, a few con­tribut­ing au­thors shares their thoughts on this sub­ject with us.

By 2017, Asia Pa­cific’s age­ing mar­ket po­ten­tial is pro­jected to hit U.S. $3 tril­lion with 463 mil­lion peo­ple aged over 60, ac­cord­ing to the lat­est find­ings from the 2nd Asia Pa­cific Sil­ver Econ­omy Busi­ness Op­por­tu­ni­ties Re­port 2013, a bi-an­nual pub­li­ca­tion pro­duced by Age­ing Asia Pte Ltd, Sin­ga­pore. To­day, Malaysia’s pop­u­la­tion aged over 60 is 2.4 mil­lion, and this num­ber is ex­pected to in­crease to 3 mil­lion by 2017. The World Health Or­gan­i­sa­tion Life states that the life ex­pectancy in Malaysia for males is 72 years and 76 years for fe­males by end of 2012. By 2020, life ex­pectancy for males is ex­pected to reach 74.2, and for fe­males to reach 79 years.

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