In Singapore, many are familiar with “taking precautions before it is too late”. But do they really understand what it means? Take for instance, it is not common to see one getting insurance before delivering a baby, buying a house or planning for a wedding. Yet, many often ignore the most important event—the graduation ceremony of your whole life—and instead say, “plan when it is time”.
In many countries, pre planning is common. Families will arrange the funeral for their parents or themselves in advance. This allows them to plan according to their wants and needs. Similarly, this would also prevent unexpected rush and disagreement among family members.
As of 2014, with a population of 7.2 million, the annual death rate in Hong Kong is up to 40,000. Unfortunately the departed usually has to wait for 5.5 months to get a slot to rest in peace after death. This causes inconvenience to traditional rituals which is the primary reason why many are looking to pre plan.
Correspondingly, Singapore has a population of 5.3 million. Our annual death rate is between 16,000 to 18,000. An easy comparison would show that we are going close to the current situation in Hong Kong. And the current pool of slots is insufficient for the population.
Decades ago, talking about “death” was a taboo. 20 years ago when the insurance industry surfaced, people could not understand it completely. Due to its rejection, insurance companies were struggling in the early days. With time, the topic of insurance and insuring against death became more acceptable. People began to accept that “birth, age, illness and death” as part of a life cycle.
So how can pre planning help me and my loved ones?
The inflation rate of Singapore is around 5.5%. Do you remember that you used to be able to pay $3 for a meal in hawker center? Today, $3 will not get you a dish of chicken rice. Planning in advance means that both you and your family will not need to worry about inflation.
Avoid unexpected rush for your family
A multi-ethnic and multi-religious country, family members may have different opinions and suggestions resulting in conflict and misunderstanding. Pre planning allows you to make decision for yourself and also prevents unnecessary dispute. In time of need and grieve, this will greatly lessen the burden of family members.
Funerals cost anywhere from tens of thousands. Usually paid in full amounts within short period of time, families must face financial burden while in grieve of losing a loved one. Pre planning allows you to pay on the instalment plan with no interest rate within your capability.
A thoughtful and caring thing to do for one’s family, pre planning eases burden in the midst of grieve. A self-reliant move, your family will appreciate your care and concern. It ensures you that your affairs will be handled according to your wishes.