Alvin Tan, a board member of the Monetary Authority of Singapore (MAS), stated in a parliamentary reply that the primary purpose of life insurance is to provide financial protection to beneficiaries upon the death of the insured, and allowing policyholders to regularly make early withdrawals of death benefits would fundamentally alter the nature and pricing of insurance. He noted that other insurance products already exist in the market to meet living expenses, such as retirement income insurance and long-term care insurance, and some whole life and endowment policies also allow access to cash value through policy loans or withdrawals. MAS will continue to collaborate with the insurance industry to support product innovation to meet the evolving needs of Singaporeans.