With about 75% of our population having completed their full vaccination regime, Singapore is currently one of the top countries in the world when it comes to her people getting their COVID-19 vaccination.
As efforts to encourage vaccination in our country continue, we thought it would be interesting to explore some of the similarities that we have observed between getting a vaccination, and the act of buying an insurance policy.
#1 Not Everyone Can Get A Vaccination
While that have been some statistics in Singapore focusing on the percentage of the population that is non-vaccinated, predominantly among the elderly in Singapore, it’s worth remembering that not every adult in Singapore can be vaccinated.
In fact, it was only on 28 July 2021 when MOH announced that those who are severely immunocompromised could receive their COVID-19 vaccination. However, these individuals who are on “active cancer chemotherapy, radiation therapy or immunotherapy or are severely immunocompromised, can be vaccinated in the hospital setting or in a community vaccination centre with a treating specialist’s memo.” This means that these individuals cannot just take their vaccination without a specialist’s memo that gives them the go-ahead.
Likewise, when it comes to getting insurance policies, we may realise that if we are of poor health, or have pre-existing illnesses, we could find it much harder to get the insurance policies we want. In some cases, we may have to get our doctors and specialists to write us a memo to certify our health, or even be rejected by the insurer altogether.
#2 To Enjoy Protection, You Need To Be Vaccinated Before You Are Infected With The Virus
In recent weeks, we are seeing a lot more social media news around how some non-vaccinated people in the US who fell very ill after being infected by COVID-19, wanting to be vaccinated – only to realised that it’s too late/pointless by then as they were already infected with the virus.
With vaccination, we need to get vaccinated against COVID-19 when we are in good health before we are infected.
Insurance policies work in a similar way. To enjoy financial protection against any illnesses, accidents or even death, we need to buy our insurance policy when we are still in good health, and not after we have fallen ill or suffered an accident. We cannot buy insurance protection to cover ourselves after the insured event has already occurred.
#3 Being Vaccinated Doesn’t Only Protect Us, But Also Our Loved Ones
By now, most of us would know that getting the COVID-19 vaccination isn’t meant just for our protection, but also for our family members, friends and the people around us. With the vaccination, we not only lower our risk of being infected but also in transmitting COVID-19 to the people around us.
Similarly, when we buy insurance policies, we are not only protecting ourselves but also providing financial stability for our loved ones. For example, by getting a critical illness and a life insurance plan, we can ensure that our families have the financial support they need during a challenging period when we may not be able to work, or if we are no longer around to provide for them.
#4 There Is A Cost To Getting Vaccinated (And Buying Insurance Policies)
In Singapore, we currently don’t pay for the COVID-19 vaccination we take. However, taking a vaccination does come with a small non-financial cost to us.
For example, many of us, especially the younger ones, tend to feel side effects such as rashes, fever and body aches a few days after our vaccination. While this isn’t ideal, especially if you are busy trying to complete your work, we understand that it’s a small price to pay in exchange for greater protection against COVID-19.
Moving ahead, with booster shots being discussed, taking regular vaccination to protect ourselves may be necessary if we want to enjoy optimal protection against COVID-19.
In the same way, when it comes to buying insurance policies, there are some costs we also have to pay. In this instance, the cost comes in the form of our insurance premium – actual money that we have to pay to continue enjoying protection and assurance against any critical illness or unfortunate accidents that may occur.
#5 Bad Things May Still Happen, But When It Does, We Are Better Off If We Have Our Vaccination
Unfortunately, getting fully vaccinated doesn’t protect us entirely against being infected with COVID-19. Even in Singapore, we are starting to see fully vaccinated individuals infected with the virus. Yet, reports are also showing that among those who are fully vaccinated, vaccine have proven effective in preventing serious illness.
Our insurance policies work in a similar way. While the insurance policies doesn’t stop us from getting ill or in an accident, the insurance payout we get is useful in helping us cope with the cost of recovery.
For example, the insurance payout could allow us to take time off work to focus on our recovery, or to seek specialised/alternate treatments that we otherwise can’t afford. All these can contribute to a higher probability of recovering, just like how our vaccination protects us from serious illnesses.