2 in 3 Singaporeans expect recovery during their ‘health gap’ year to cost more than $200,000
SINGAPORE – Media OutReach Newswire – 29 September 2026 – Recovering from a critical illness (CI) can take far longer than many Singaporeans expect, yet few are financially prepared for the journey. A poll by Prudential Singapore ("Prudential") found that 67 per cent of Singaporeans expect recovery from a severe-stage critical illness to take more than a year. However, only 29 per cent say their savings could cover household expenses for that long if they had no income during recovery.
The findings highlight the challenges of what Prudential terms "health gap years" – the period when individuals may be unable to work while recovering from a critical illness such as cancer, heart attack or stroke, even as ongoing household expenses, caregiving costs and financial commitments continue.
Concerns over the cost of recovery are reflected in the poll as only one in five Singaporeans (20 per cent) are confident they could cover both medical bills and everyday expenses during recovery. More than three in five (64 per cent) estimate they would need more than S$200,000 to cope with the financial impact of a severe-stage critical illness.
The findings are aligned with the Life Insurance Association (LIA) 2022 Protection Gap Study that reported a 74 per cent CI protection gap. This suggests that most people do not have sufficient protection coverage, which leaves them financially vulnerable in an unforeseen event.
Mr Manu Tandon, Chief Health & Protection Officer, Prudential Singapore, said: "Many people recognise that recovery from a critical illness can take a long time, yet they may not be financially ready when it happens. Critical illness is not merely a medical episode. It can have far-reaching emotional, financial and physical implications for patients and their families, long after they leave the hospital. This may include the patient's loss of income, the strain of additional expenses, and greater demands on caregivers."
These concerns are reflected in the poll where about half the respondents (46 per cent) cited medical expenses as their primary concern, while 34 per cent were worried about the loss of income and 31 per cent about burdening their family.
Critical illness can impact long-term financial goals
Beyond immediate healthcare expenses, respondents expect CI to affect their long-term financial security. If they run out of funds during recovery, they are most likely to draw on their emergency funds (53 per cent), retirement savings (40 per cent) or sell investments (33 per cent). Almost one in four (24 per cent) would even return to work earlier than planned.
Families with children may face particularly difficult trade-offs. Among respondents with children, 35 per cent identified education fees as a key expense during recovery. If they were unable to work, 24 per cent were likely to pull their children out of enrichment classes and 19 per cent would dip into education funds.
Caregiving costs represent a major blind spot
The poll also found that many Singaporeans may be underestimating the financial impact of caregiving during recovery. For most families, the financial strain will deepen when caregivers leave work to provide care. Almost 3 in 4 (72 per cent) cited financial support as the most important form of support for caregivers, but only 13 per cent believed their household would have enough savings if a caregiver stopped working to care for them.
Respondents also identified caregiving-related costs that could arise during recovery, including costly drugs and alternative treatments (71 per cent), ongoing daily living expenses linked to care needs (67 per cent) and rehabilitation and therapy (59 per cent).
Mr Tandon added: "Ultimately, being prepared for potential health gap years can make a difference between a recovery journey overshadowed by financial stress and one focused on what matters most: recovery and getting life back on track. Building a strong financial safety net to weather a critical illness event is crucial not only for the individual, but the whole family."
Owning a critical illness (CI) plan does not mean adequate protection
Although more than half (59 per cent) of respondents own a CI plan, only 20 per cent are confident that they have adequate coverage to sustain them through recovery.
CI insurance is designed to provide a lump sum payout that will help policyholders manage income loss and additional expenses, and it supplements hospitalisation insurance that pays for medical bills incurred from hospital stays. Nearly nine in 10 respondents (88 per cent) said a lump-sum CI payout would be important in helping their families manage caregiving expenses and income loss during recovery.
Said Mr Tandon: "This indicates that consumer awareness and ownership of a CI plan do not necessarily translate into a sense of financial security. Closing the protection gap would require consumers to assess if their coverage is enough to support them and their families throughout the health gap years. Besides the sum assured, understanding the breadth of coverage and types of illnesses covered under your plan is important as there are different types of plans available. This is why it is important to do regular reviews with your financial representative to ensure your coverage continues to meet your needs through the years."
The poll commissioned by Prudential surveyed 1,000 Singapore residents aged 18 to 55+ from June to July 2026. The study explored how prepared Singaporeans are for their potential "health gap years" and examined gaps in financial preparedness, caregiving support and understanding of CI protection.
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About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life and health insurance companies in Singapore, serving the financial and protection needs of the country's citizens for 95 years. As at 31 December 2025, it has S$66.3 billion funds under management. The company has an AA Financial Strength Rating from leading credit rating agency Standard & Poor's and delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of 5,400 financial representatives.
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Demonstrated Full-Licence Advantages, Strengthened Fee Income Capabilities, Expanding into High-End Wealth Management Segment to Forge New Growth Engines, Deepening Trade Finance to Support Government Initiatives, Serving the Real Economy via Financial Services
- As of 30 June 2026, Ping An Digital Bank's total assets exceeded HK$15.6 billion, while total customer deposits reached nearly HK$13.7 billion, both surging over 130% year-on-year.
- Capitalising on its full-licence advantage, investment commissions have emerged as a new driver for fee income, boosting core profitability with net interest income rising 55% year-on-year to HK$140 million.
- PingAnDB will continue to uphold its "Customer Experience First" vision, providing all retail customers with a user-friendly digital banking service. Meanwhile, the Bank will continuously deepen its wealth services and expand into the high-end wealth management to meet customers' diversified asset allocation needs.
- Responding to the government's initiative to "take forward 'Finance+' to serve the real economy," Business Banking remains committed to serving trade SMEs. Leverages fintech and alternative data to strengthen trade finance, PingAnDB empowers trade SMEs and cross-border e-commerce in global expansion.
HONG KONG SAR – Media OutReach Newswire – 29 September 2026 – Ping An Digital Bank (International) Limited ("Ping An Digital Bank" / "PingAnDB") enters its 6th anniversary with strong upward momentum and standout operational performance across key indicators. Total assets and customer deposits both surged over 130% year-on-year, while net interest income rose approximately 55% year-on-year to over HK$140 million. Following the branding revamp and the launch of investment services, Ping An Digital Bank has fully leveraged its full-licence advantages, making investment commissions a new growth engine for service fee revenue. Moving forward, Ping An Digital Bank will continue to uphold its "Customer Experience First" vision, delivering a seamless and all-in-one digital banking solution through a single app. PingAnDB will also elevate its wealth platform by introducing a broader suite of investment offerings and high-end wealth management services, assisting them with diversified asset allocation and management.
Since accelerating its retail banking expansion, Ping An Digital Bank has launched wealth and offline insurance services, driven business scale and strengthening core profitability. As of 30 June 2026, total assets surged 133% year-on-year to over HK$15.6 billion, while total customer deposits reached HK$13.7 billion, increased 131% year-on-year. Following the official launch of wealth services in March this year, PingAnDB has achieved initial success in opening new channels to boost fee and commission income. As of June 30, 2026, fee and commission income grew sevenfold year-on-year to HK$6.5 million, with service fee income expected to gradually become another growth engine of the PingAnDB's revenue.
Mr. Ronald Iu, Chief Executive of Ping An Digital Bank, said, "Ping An Digital Bank has accelerated the expansion of its retail banking arm recently. As a rising star in retail banking, we adhere to our brand vision of 'Always with You. Always Ahead.' By delivering precise product and service strategies, we comprehensively meet customers' needs, driving significant leaps in asset and deposit scale, with fee income set to become another key revenue driver for us. Furthermore, Ping An Digital Bank is set to elevate its wealth services. Centered on the "Customer Experience First" vision, the Bank will continuously diversify the suite of investment offerings and introduce high-end wealth management services , creating a digital wealth management experience that balances flexibility with professional expertise."
Mr. Iu, added, "In Business Banking, we remain steadfast in our commitment to trade SMEs. By leveraging fintech and alternative data to strengthen trade finance, we actively respond to the government's mandate to 'leverage financial services to support the real economy.' As of 30 June 2026, our loan assets grew steadily, with total loans reaching HK$4.14 billion. Moving forward, we will continue to navigate global expansion for trade SMEs and cross-border e-commerce, further deepening trade finance application scenarios to serve as a robust pillar for SMEs."
Ping An Digital Bank's Retail Banking centers its design on usability with a "Customer Experience First" approach. Backed by Ping An Group's strengths and its full-licence advantages, PingAnDB actively builds an exclusive financial ecosystem and integrated financial platform. Customers can enjoy a one-stop suite of financial services—including deposits, foreign exchange, cross-border remittances, wealth, and insurance—all via a single app. Additionally, Ping An Digital Bank offers a dual-strength wealth services feature enabling retail banking customers to seamlessly switch funds between investments and savings deposits. US stock trades carry a flat brokerage fee of USD0.881 per transaction regardless of transaction value or share count. Combined with a USD savings yield of up to 3.28% p.a.2, customers can park liquidity to earn interest and pivot instantly when market opportunities arise. Together with comprehensive online and offline insurance services, Ping An Digital Bank delivers smart financial experiences with a human touch.
While deepening retail financial services, as the first digital bank tailored for SMEs, Ping An Digital Bank extends its financial capability into the business banking sector, comprehensively covering business banking account, cross-border remittance, currency exchange, and loan services. As a core supporter of trade enterprises, Ping An Digital Bank has unlocked the potential of commercial data over the years to revamp account opening and credit assessment process, solving previous pain points of SMEs to achieve fast and accurate evaluations. This fully empowers enterprises to capture global market opportunities and builds a robust digital financial ecosystem.
For the interim report 2026 of Ping An Digital Bank, please visit https://www.pingandb.com/en/financial-report.html
1 Brokerage fee excludes any custody fee, securities deposit charges, nominee services fee and any third-party transaction charges such as transaction levy, stamp duty and trading fee, handling fee, securities management fee, transfer fee, capital gain tax and SEC Fee, etc.
2 Applicable only to USD savings deposits between USD 15,000 and USD 60,000 and subject to the "USD Savings Interest Rate Offer" terms and conditions. Interest on USD deposits will be calculated on a daily basis on a 360-day year and is determined at the Bank's discretion from time to time.
| USD Savings Balance | Interest Rate (p.a.) |
| First US$14,999.99 | 0.50% |
| US$15,000 to 60,000 | 3.28% |
| Above US$60,000 | 2.00% |
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The issuer is solely responsible for the content of this announcement.
Ping An Digital Bank
Ping An Digital Bank (International) Limited ("Ping An Digital Bank," "PingAnDB") is a wholly-owned subsidiary of Lufax Holding Ltd ("Lufax") (SEHK: 6623; NYSE: LU) and a member of Ping An Insurance (Group) Company of China, Ltd. ("Ping An") (SEHK: 2318; SSE: 601318). Ping An Digital Bank was granted a banking licence by the Hong Kong Monetary Authority in May 2019 to offer retail banking and business banking services. Backed by Ping An's advanced technology, Ping An Digital Bank is elevating banking experience, serving customers in Hong Kong and the Greater Bay Area, establishing itself as Ping An Group's integrated financial platform in Hong Kong.
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