Gen Z vs Insurance in Singapore | Mothership Hits The Streets

What do Gen Z know about insurance? We hit the streets to find out.

Brought to you by SNACK by Income.

LET'S CONNECT!

Business Enquiries:

🔔Click on the bell icon to be the first to watch our videos! 🔔

[polarspirit]

Agents need to stop camping outside MRT and pestering people all the time. It's annoying AF

[ArtisanSouls]

Please highlight if this video is sponsored. Very socially irresponsible of you guys to not disclose any commercial links.

[tanjunhong]

The thing about insurance is that it is bought by health. If you are not healthy, no matter how wealthy you are, the insurance company will not insure you.

If we consider what are the most important insurances to be bought, if i were to rank them.
1. Hospitalisation
2. Critical Illnesses
3. Accident coverage
4. Income Protection

Do not confuse insurance with investments/savings. They are not the same.

[dwichiesa]

Lmao insurance is investment? Investment is investment. Insurance is insurance. Don't mix the two. We need financial literacy program in school

[felw]

?? How dare you market a financial product to these youths under the pretence of interviewing them? When they agreed to be interviewed, were they told that they will be in a video for a sponsored product? Are the interviewees given compensation? Please clarify, because it sure looks misleading in the video.

[irondeadshot]

Do your own google research on:
• What is insurance?
• What types of insurance are there?

Never judge the book by its cover, don't assume and don't be too quick to jump to conclusions. Judge with reliable evidence and not hearsay.

There are a list of insurance companies out there in Singapore and different types of insurance coverage. After watching this interview video, I genuinely hope mothership team will do a video on how the older generation views and opinion with regards to the definition of insurance.

On a positive note: It is good that this video brings awareness about insurance to the younger generation in Singapore. (Good head start and good job team!)

[destonwong]

Insurance covers a person financial risk should something unforeseen happens to him. However insurance companies aren't charities, they use your money to invest with hedge funds. Hence when come to insurance, base on your circumstance, evaluate the need for it, and how much. Do compare with various companies to get the best deal. Reading the fine prints of the contract is very important and best your agent can sit down and go through with you.

[Elcapitano]

Don't ever invest in insurance plans! Buy only medical insurance plans and DEF NOT SHITS LIKE ILP! Insurance is insurance, investments are investments! Note the difference kids!

[VincentNKW]

I got cheated by 2 insurance company when I was about to go somewhere, they keep approaching me and convinced me to buy savings plan and their plans for AXA is 24 years and Prudential is 25 years. So it all started I know nothing about insurance until age of 21 and I just pay $108 per month for AXA for 24 years and $101 per month for 25 years. So every month in total of $209, I keep being deducted from my bank account every month from July 2016 to January 2018 and within that periods, they keep giving me letters and more letters due to insufficient amount in the bank account aleady because I say I will promised them I can pay them all for 25 years in total and being deducted every month. And finally I got broke, really really broke so I stopped everything and break the promises for good because it took me 2 years to actually know what does insurance actually really really work when nobody has ever tell me about insurance plan before when I even turn 20 years old. I was so extremely desperate when I really want to continue living, sometimes even thought of commit suicide because of this so then I finally realised I felt cheated by both AXA and Prudential in the first place. Until today, I still running out of money, still needs plenty of financial assistance during this time and for don't know how long more and futhermore I don't have a family anymore and especially I need to find a rental room or a whole unit apartment to stay for the next few more years to have a roof over my head. It's been fustrating moments for the last 4 years already and this is not the end so far

P.S. There once a Prudential Agent approached me at year 2018 and happily saying we are not from an INSURANCE Company and is doing roadshows at Marsiling MRT that time 😒😱😡😠🤬

[kaels]

I think it’s quite important since you’ll never know when you’ll hahahahaha

[audreychoong]

The only insurance worth getting is medical insurance ... especially when you get older ... in your 30s, 40s as you may get more illness when you grow older.

As for the other insurance policies, check how much you pay monthly and the returns that you get, what’s the percentage of returns. Do consider the yearly inflation rate to judge if the return on insurance is good. Find out the yearly inflation rate yourself, do not believe what the insurance agent tells you in his / her calculations.

Consider if for the same amount of monthly insurance payment you need to pay, what other investment can you do that gives you a better return (if you are looking in a savings or investment form of insurance).

If you were a parent & have children, then maybe an insurance policy for your children university education. Otherwise get only the critical illness / medical insurance.

[Zoids-bfop]

the only person that calls me during this covid time is an insurance agent..

[publicalways]

Yes having appropriate insurance coverage is important, but the biggest problem (in Singapore at least) is that most insurance agents will try to oversell you expensive and bad investments instead of proper insurance. Why? because they get handsome commissions by ripping people off. It's just how most agency operates and train their new agents.

Luckily the Gen Z seems to have woken up to these unscrupulous practices.

Insurance is not as complicated as some charlatans made it out to be. Sales person will pretend to "help" because... yup, you already know the real reason.

Allowing people to buy insurance accordingly to their own needs thrgh the app, instead of getting manipulated and wink-hooded by sales agents is a positive step forward.

[doto]

i think the level of maturity can be shown by how a person reacts to insurance. I've a friend who's engaged but says things like:

"Its a scam"
"cheat people money"
"If I'm critically ill, ill just jump down and die"


Insurance is part and parcel of growing up and realizing that there's more to take care of, than just yourself. My personal take is just get a whole life insurance with limited premium term. Get it over and done with. And when i got my mortgage, i just top up my coverage with a term insurance.

Simple as ABC

[stevenlim]

Selling air insurance for $10 per month, if there is 0% air globally on earth will payout $100 000.

[kalai]

Insurance is the first thing you buy once you are in a stable occupation. You buy it while you are young to lock in the cheapest rate possible and while you are still healthy with no medical condition (else insurance companies will except that specific medical condition or worse reject your application). This is bad in both scenarios because if you already have a medical condition, chances are that this condition is going to follow you for life and you will have to continually finance it from your own pocket. So if you wait until you get a medical condition to realize that you need insurance, its already too late.

Any insurance provided to you by Government, Corporations or places of employment such as NSF insurance, CPF insurance (medishield, careshield, eldershield etc) are extremely basic, so its almost the same as not having any insurance as the cover is isn't adequate in the first place.

In the video one of the interviewee said that she would prefer to buy insurance from an app. Now this is at your own risk. Most people do not have the financial literacy to determine how much cover they need or aren't willing to dedicate the time and effort required to understand the policy that they bought. So you are probably going to spend a small amount of money to buy something that you won't even know what in a few months/years and is most likely insufficient to cover you anyway...

This is where insurance agents come in, to simplify the process for you. Unfortunately, many agents are too pushy and sales oriented but there are also some good ones out there too. Also when you attach an agent to your policy, in the event of any claims or any complications of claims, an agent will help you take care of it. The last thing you would want to do when you are struck ill is to have to worry about the paperwork and claims processes.

- From an Insurance Agent

you can pm me for more info if you want.

[koruspring]

If you think about it, insurance is a scheme by fintech and hospital. Insurance drives up the health cost, so people feel the need to buy insurance, which in turns drives up the cost some more. When the cost is high, insurance can hike their monthly subscription some more, and it's an eternal cycle. Making hospital inaccessible to the poor.

This is what happened in USA. That's why some democrats are pushing for a "one insurance for all" where price is controlled by government, ending the cycle, and ensuring everyone has access to health services.

[Asianoy]

I'm a grown ass man and don't know ish about insurance… 🥴

[rhuyisia]

The rationale behind insurance is good and sounds PERFECT ONLY when the insurance agent approaches, sweet talking you with proposed plans. Be FOREWARNED though, after sign up, the insurers happily get the business with agents getting their lucrative cuts in commissions.

Be forewarned, when time comes for CLAIMS though, that's another kettle of fish altogether! Your "agent" may have disappeared/ absconded! Woe betide if you've gotten an agent who doesn't care a hoot about your claim and sadly you are left in the lurch maybe lying in the emergency room of a hospital! 👎

[fishtea_oii]

Lmao.. I'm a 20 years old woman but i don't know what insurance is... I've heard about it but I don't really know how that thing works🤣🤣🤣i don't know how to do tax too🤣🤣🤣