Compare Best Disability Income Insurance Singapore (2023)

Premiums for disability income like critical illness and health insurance plans are not guaranteed and subjected to claim experiences

The disability income plan will continue to pay the monthly benefits for the first two years if you are unable to work in your own occupation or draw the same pay in a restructured role. Thereafter the plan will continue to pay you a percentage of the sum assured based on the same definition if you are able to find a new job but receive a lower income for as long as your income remains disadvantaged.

Yes, right after two years, the disability income insurance plan will continue to provide the full monthly sum assured if you are diagnosed to be unable to work in any occupation due to your disability.

Disability income pays a monthly income due to the inability to work in your own occupation and it is a grossly overlooked insurance plan, it is commonly confused with a total and permanent disability insurance which pays a lump sum upon the diagnosis where you are inability to work in any occupation.

The disability income plan provides a monthly income pay-out right after 2 or 3 continuous months of waiting period should:

The insured be unable to carry out the material or substantial duty of his/her own occupation within the first 24 months

And continues to pay should the insured remain unable to carry out any occupation to which him/her is reasonably suited by reason of his/her training, experience and education from the 25th month onwards.

Disability income insurance fills in the coverage gap by paying you a monthly income especially when you fall into the category of being disabled but not serious enough to claim for total and permanent disability.

If you are concerned about the event of being ill and disabled and unable to work but still must provide for your family and your own monthly expenses, the disability income insurance is a plan you should consider.

The ideal coverage will at least be able to cover your own and your house hold expenses as well as your monthly mortgage instalments, you may also wish to include your rehabilitation and treatment cost not covered by other insurance plans.

On top of providing employees coverage for partial disability, disability income insurance is eligible to be purchased by the self-employed and unemployed under a different claim definition.

The definition for claim on self and unemployed is based on the inability to perform certain activities of daily living. E.g. 2 out of 6 ADL

Disability income insurance continues to provide coverage for you with a different claim definition even if you eventually become unemployed for a period, however, different insurers will have a different claim condition during such scenarios.

The claim definition may be completely different from the disability income insurance plan we have been discussing in this page, such riders may only cover in the event you are totally disabled and may not be claimable if you are only unable to work in your current occupation.

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