Introduction
In an unpredictable world, protecting yourself against the financial impact of disability is crucial. The GE Great CareShield insurance product offers comprehensive coverage that starts paying out when you're unable to perform just one Activity of Daily Living (ADL). This innovative plan provides both monthly payouts and a lump sum benefit, ensuring you're financially supported during challenging times. With the rising costs of long-term care in Singapore, averaging between S$3,500 and S$5,000 per month, GE Great CareShield offers peace of mind and financial security when you need it most.
Eligibility and Coverage
GE Great CareShield offers flexible coverage options to suit various needs and life stages. Understanding the eligibility criteria and coverage limits is essential for making an informed decision about this disability insurance product.
Age Requirements
GE Great CareShield is available to CareShield Life or ElderShield policyholders. The plan offers coverage up to age 95, ensuring long-term protection against disability.
Occupation Categories
This plan is suitable for individuals across various occupations. The product details don't specify occupation-based restrictions, making it accessible to a wide range of working professionals.
Coverage Amount Limits
Policyholders can select a Monthly Benefit ranging from a minimum of S$300 to a maximum of S$5,000, in multiples of S$10. This flexibility allows you to tailor the coverage to your specific financial needs and budget.
Payout Structure
GE Great CareShield offers a comprehensive payout structure designed to provide financial support at various stages of disability. The plan combines lump-sum payments with ongoing monthly benefits, ensuring both immediate and long-term financial assistance.
Lump-sum and Monthly Payouts
Upon inability to perform just 1 ADL, policyholders receive an Initial Benefit lump sum of 3 times the Monthly Benefit. Additionally, a Monthly Benefit of 50% is paid for 1 ADL disability, increasing to 100% for 2 or more ADLs.
Severity-based Payouts
The payout percentage increases with the severity of disability. 50% of the Monthly Benefit is paid for 1 ADL disability, while 100% is paid for 2 or more ADLs. Additional benefits like Caregiver Benefit (60% of Monthly Benefit) and Dependant Care Benefit (30% of Monthly Benefit) are provided for 2 or more ADLs.
Waiting Period
Payouts are subject to a Deferment Period, though the exact duration is not specified in the provided information. Benefits continue as long as the policyholder suffers from the applicable number of disabilities, potentially for a lifetime.
Riders and Additional Benefits
GE Great CareShield goes beyond basic disability coverage by offering additional benefits that provide comprehensive support for policyholders and their families. These features enhance the overall value of the policy and address various aspects of care and financial protection.
Caregiver Benefit
Upon inability to perform at least 2 ADLs, policyholders receive an additional 60% of the Monthly Benefit for caregiving support. This benefit is payable for up to 12 months, whether consecutive or not, per Policy Term.
Dependant Care Benefit
If the policyholder has a child under 22 years old, an additional 30% of the Monthly Benefit is provided upon inability to perform at least 2 ADLs. This benefit is payable for up to 48 months per Policy Term, supporting the care of dependent children.
Premium Waiver
Premiums are waived upon inability to perform at least 1 ADL. This ensures that coverage continues without financial burden during periods of disability.
Integration with Other Policies
GE Great CareShield is designed to complement existing insurance coverage, particularly CareShield Life or ElderShield policies. It serves as a supplement to these basic disability income schemes, providing enhanced benefits and coverage. While life insurance and critical illness policies offer protection against death and specific illnesses, GE Great CareShield focuses on long-term care needs arising from disability. The key advantage of this supplementary plan is its ability to provide payouts starting from the inability to perform just one ADL, offering earlier and more comprehensive coverage compared to basic government schemes. Additionally, the plan's lifetime coverage term and the option to use MediSave funds for premiums make it an attractive addition to one's overall insurance portfolio.
Policy Term and Renewability
GE Great CareShield offers long-term coverage with flexible premium payment options. Understanding the policy term and renewability features is crucial for planning your long-term disability protection strategy.
Entry Age
While specific minimum and maximum entry ages are not provided, the plan is available to CareShield Life or ElderShield policyholders. Premium rates are based on the age last birthday at entry.
Policy Term
GE Great CareShield provides lifetime coverage, ensuring protection throughout the policyholder's life. This long-term commitment offers peace of mind and continuous disability support.
Premium Payment Options
Policyholders can choose to pay premiums up to age 67 or 95. Alternatively, a 20-year premium payment term is available. Premiums are level and based on the entry age, offering predictability in financial planning.
Claims and Customer Service
While specific claims procedures are not detailed in the provided information, Great Eastern Life Assurance Company Limited is committed to supporting policyholders through the claims process. For assistance with claims or any inquiries about GE Great CareShield, customers can reach out to Great Eastern's customer service team. The company's main office is located at 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659. Policyholders can also visit the official website at greateasternlife.com for more information or to get in touch with a representative. Remember that prompt notification of any disability claim is important to ensure timely processing and payout of benefits.
Conclusion
GE Great CareShield is an excellent choice for individuals seeking comprehensive disability coverage that starts early and lasts a lifetime. It's particularly well-suited for young professionals who want to lock in lower premiums and ensure long-term protection. Families with dependents will appreciate the additional caregiver and dependant care benefits. Moreover, those looking to supplement their CareShield Life or ElderShield policies with enhanced coverage will find GE Great CareShield to be a valuable addition to their insurance portfolio.
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