Disability

Care Secure: Enhancing Your Long-Term Care Protection

In a world where Singaporeans enjoy the longest life expectancy globally at 84.8 years, it's crucial to consider the potential need for long-term care as we age. Did you know that 1 in 2 healthy Singaporeans aged 65 could become severely disabled in their lifetime? Even more concerning, about 3 in 10 could remain in severe disability for 10 years or more. These statistics highlight the importance of planning for potential long-term care needs.

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What is Care Secure?

Care Secure is a supplement to your CareShield Life plan, designed to provide enhanced protection for your long-term healthcare needs. Offered jointly by Prudential and Income, this plan aims to give you greater health security with lifetime coverage and comprehensive benefits.

Key Features of Care Secure

Lifetime Monthly Disability Benefit

Care Secure provides a lifetime monthly payout if you become disabled. This benefit is activated if you're unable to perform at least two of the Activities of Daily Living (ADLs).

Premium Waiver

If you become disabled, your future premium payments for this policy will be waived, giving you one less thing to worry about during a challenging time.

Support Benefit

To help you on your recovery journey, Care Secure offers a support benefit of up to 600% of the disability benefit.

Dependant Benefit

If you become disabled and have at least one dependant, you'll receive an additional 25% of the disability benefit every month for up to 36 months in your lifetime.

Death Benefit

In the event of your death while receiving disability benefits, Care Secure will pay 300% of the disability benefit to your beneficiaries.

MediSave-Approved

You can use up to S$600 from your MediSave account per calendar year to pay for your Care Secure premiums.

How Care Secure Works

Let's look at two scenarios to understand how Care Secure provides greater coverage:

Scenario 1: Moderate Disability

Ms. Wong, age 32, supplements her CareShield Life with Care Secure, choosing a monthly disability benefit of S$1,500. At age 33, she's in a serious accident and becomes moderately disabled. Total payout: S$274,500, with monthly payouts continuing as long as she remains disabled.

Scenario 2: Severe Disability

Mr. Sim, age 40 with two young children, supplements his CareShield Life with Care Secure, choosing a monthly disability benefit of S$1,800. At age 44, he suffers a stroke and becomes severely disabled. Total payout: S$248,400

Eligibility and Coverage

Care Secure is available to Singapore Citizens and Permanent Residents aged 30 to 64 years old (last birthday) who have an existing CareShield Life plan. You can choose monthly benefit levels from S$1,200 to S$5,000 in multiples of S$100.

Important Considerations

Waiting Period

There's a waiting period during which no claims are paid except those resulting from accidents.

Claim Process

To claim under Care Secure, you need certification from an approved assessor that you're suffering from disability.

Deferment Period

There's a 90-day deferment period from the claim date before benefits are paid.

Recovery and Recurrence

If you recover from disability but become disabled again from the same cause within 180 days, the deferment period is waived for the new claim.

Support Benefit Conditions

The maximum support benefit is 600% of the disability benefit. If you recover from moderate disability and become moderately disabled again, this benefit isn't paid a second time.

Dependant Benefit Conditions

This benefit is paid for up to 36 months in your lifetime. If a child dependant ages out during the benefit period, payments continue until your death or recovery.

Why Compare Care Secure by Prudential and Income with other Disability Options through Whatins?

Traditional Approach

  • Only see one company's disability definitions
  • Limited perspective on occupation coverage
  • May miss better options from other insurers

Whatins Advantage

  • Compare how different insurers define disability
  • See various approaches to occupation coverage
  • Get multiple views on coverage amount needed
  • Understand different waiting period options

Pros and Cons of Care Secure

Pros

  • Lifetime Coverage: Provides protection throughout your life

  • Comprehensive Benefits: Offers disability, support, dependant, and death benefits

  • MediSave Usage: Allows use of MediSave funds for premium payments

  • Premium Waiver: Waives future premiums if you become disabled

  • Flexible Benefit Levels: Choose a monthly benefit level that suits your needs and budget

Cons

  • Waiting Period: Initial waiting period where claims aren't paid unless due to accidents

  • Deferment Period: 90-day deferment period before benefits are paid after a claim

  • Limited MediSave Usage: Only up to S$600 per year can be used from MediSave

  • Age Limit: Only available for those aged 30 to 64

  • Requires CareShield Life: You must have an existing CareShield Life plan to be eligible

Is Care Secure Right for You?

Care Secure could be a good fit if:

  1. You're concerned about potential long-term care needs.
  1. You want to enhance your existing CareShield Life coverage.
  1. You're looking for lifetime disability protection.
  1. You want additional benefits like dependant support and death benefit.
  1. You're between 30 and 64 years old and have CareShield Life.

However, it might not be suitable if:

  1. You're outside the eligible age range.
  1. You don't have CareShield Life.
  1. You're looking for a standalone long-term care plan.
  1. You prefer a plan with no waiting or deferment periods.

Conclusion

As Singaporeans live longer, the risk of needing long-term care increases. Care Secure offers a way to enhance your CareShield Life coverage, providing additional financial protection against the costs of long-term disability. With its comprehensive benefits and lifetime coverage, it can offer peace of mind for you and your loved ones.

However, like any financial decision, it's crucial to carefully consider your personal circumstances, needs, and budget before purchasing Care Secure. Consulting with a qualified financial advisor can help you make an informed decision about whether this plan is right for you.

Remember, the best insurance plan is one that fits your specific needs and provides you with the protection you require at a price you can afford. Take the time to understand the details of Care Secure and how it fits into your overall financial and healthcare planning.

Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on long-term care insurance. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.

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By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your long-term care needs. Don't leave your future care to chance – get the expert advice you deserve today.