Larry Haverkamp [an adjunct faculty member of SMU School of Economics] was of the opinion that the insurance industry itself is mostly to blame for the low term insurance coverage in Singapore. There are two reasons for this: First, insurance companies make it hard to buy inexpensive term insurance. No Singapore insurer sells the most economical, decreasing term insurance, where coverage declines over the years until it hits zero at retirement. A second reason is that life insurers and agents encourage us to purchase the wrong policies: whole life and endowment.
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