We have all heard it, Careshield life will kick-in in 2020 whether we like it or not. Unlike its…
CareShield Life Supplement In Singapore can be your guardian angel if you are severely disabled due to an illness or injury. With this enhancement insurance, you can get additional payouts on top of what is offered through your basic CareShield Life or ElderShield policy.
Are you ready to retire?
If you are, you may be wondering what the financial implications of your retirement will be. Are you going to have enough money to cover your daily expenses and care-giver costs? And what about those extra expenses that come with a unexpected disability—what if you need help getting around or doing everyday tasks?
Insurer (Aviva) recently conducted a study that found that an average of S$2,324 per month is needed for living aids, daily expenses and care-giver costs. That’s a staggering amount of money for anyone to have to pay for something when they are no longer able to work, retired and not covered by insurance.
The Eldershield and CareShield Life only offers a monthly payout starting from $400 and $600 respectively, while CareShield Life Supplement offers an even higher monthly payout of $200 to S$5,000 more monthly
1. Source: Aviva’s Long-term Care Study 2018.
2. Source: Ministry of Health, Long Term Care Financing- https://www.careshieldlife.gov.sg/long-term-care/planning-ahead.html
3. Source: Ministry of Health, What is the Action Plan about- https://www.moh.gov.sg/ifeelyoungsg/about/what-is-the-action-plan-about
We know that life can be unpredictable. That’s why the 3 insurers created well-rounded plans that offers more than just monthly payouts. For example, the Dependant Care Benefit offers financial support for your kids so that you can leave your worries aside and focus on recovery.
The CareShield Life Supplement plan monthly payouts start when you’re unable to perform at least 1 out of 6 Activities of Daily Living (ADL) such as bathing, dressing, eating, toileting etc. This allows you to get back on your feet and live independently again as soon as possible.
CareShield Life Supplement’s future premiums are waived for as long as you’re unable to perform at least 1 or 2 ADLs (Activities of Daily Living). If you do not recover, no further premiums will be owed. This means that you’ll only pay small premiums when you are well, which makes sense.
No additional cash premium top-ups may be needed as it can be paid with your CPF MediSave, up to a limit of S$600 per calendar year per insured person.
Source: NTUC Income
Given our aging population, as well as the increasing number of illnesses and accidents, CareShield Life Supplement is a worthwhile investment that allows you to financially prepare for future impairment expenses. Don’t delay your purchase!
Start a care plan now: Careshield Life Supplement: Best Upgrade Option & Comparison