Singlife CareShield Life Standard/Plus

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Singlife CareShield Life Standard/Plus

4.5

/5

Type

CareShield Life Supplementary Plan

Covers

Severe disability – defined by the inability to perform # Activities of Daily Living (ADLs). The 6 ADLs are washing, dressing, feeding, toileting, walking or moving around, and transferring.

Optional add-on Riders

N.A

Available Policy Term

LIfetime Coverage

Overview

A supplement plan to the national scheme CareShield Life, that pays out monthly benefits if unable to perform 2 or 3 out of 6 Activities of Daily Living (ADLs)*.
Provides additional payouts to help cover caregiver costs and lump-sum benefit if severely disabled
Customisable options to tailor the plan to individual needs, including
- Varying claims criteria (2 or 3 out of 6 ADLs)
- Payout structures: Fixed or increasing payouts (2% or 3% p.a)
- Premium term: Till age 69 or 99.
Ability to increase monthly benefit when entering phase of life (parenthood or property purchase), without the need for underwriting.

For Whom

Suitable For

Healthy lives enrolled in the CareShield Life or the ElderShield 300/400 base plan.

Not Suitable For

Individuals with chronic conditions, age below 30 and above 64.

For What Purpose?

Income replacement for dependants or self in case of:

Provide financial support in the event

You're unable to perform basic daily activities (like washing, using the toilet, walking, transferring, feeding, or dressing) due to an accident or illness.

Together with the base CareShield Life plan, it offers monthly cash benefit to support additional care expenses resulting from home-based, daycare and respite care centres, including ancillary expenses such as ambulance transportation and medical supplies.

What are the Pros & Cons?

Pros

Rehabilitation benefit (for Singlife CareShield Standard plan only) continues paying 50% of the monthly benefit when the insured suffers a Severe Disability (inability to perform 3 out of 6 ADLs) and later recovers but is still unable to perform 2 out of 6 ADLs

Premium waiver feature allows premium to be waived when the life insured is unable to perform at least 1 of the 6 ADLs and resumes after recovery, providing financial relief during time of disability

Cons

Individuals with chronic diseases such as diabetes, stroke and dementia will not be able to secure coverage

Severe disability must be sustained for 90 days (the deferment period) continuously before benefits are payable

The plan is subjected to GST, premium and policy adjustment during the policy term, introducing uncertainty for policyholders about future costs and terms of coverage.

What's the Cost?

Premium for $2,000 per month benefit, for inability to perform 3/6 ADLs (Singlife Careshield Standard), Non-escalating benefits, premium payment term till age 99

Premium for $2000 per month benefit

Age	Male Annual Premium^	Female Annual Premium^
30	$646	$805
40	$949	$1,190
50	$1,543	$1,941

^ Premiums quoted are after a 20% perpetual promotional discount applied to the plan.

$600 can be paid using Medisave to offset the annual premium, reducing the cash outlay required

Things to Note

You must have either the ElderShield or CareShield Life base plan to apply for the supplementary plan.

You can have multiple Singlife CareShield supplementary plans, subject to a cumulative sum assured of $5,000 across Singlife.

If the 2%/3% escalating benefit and premium structure is selected, the monthly benefit and premium will stop increasing upon the first successful claim or at the end of the premium term, whichever occurs first.

The plan is subject to GST increase.

Written by: Anton Tan, CFP®

Last updated: 21 November, 2024

Disclaimer: This publication has not been reviewed by the Monetary Authority of Singapore. The information contained herein does not have any regard to the specific investment objective(s), financial situation or particular needs of any individual. Buying insurance is a long-term commitment and should be based on your unique needs and the suitability of the products. It is advisable to seek advice from a financial adviser to assess your needs and guide you on the features and details of the products before making any financial decisions. The coverage, benefits, premiums, and terms of insurance policies may vary depending on individual circumstances and insurance providers. Individuals are encouraged to review their own insurance needs and policies and seek advice tailored to their specific situation. While every reasonable care is taken to ensure the accuracy of the information provided, no responsibility can be accepted for any loss or inconvenience caused by any error or omission.

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