Disability

Singlife CareShield: Comprehensive Protection for Long-Term Care

As we journey through life, the possibility of needing long-term care due to severe disability is a reality we must face. Did you know that in Singapore, 1 in 2 healthy individuals aged 65 could become severely disabled in their lifetime? This sobering statistic highlights the importance of having adequate long-term care coverage. If you're looking for a way to enhance your CareShield Life or ElderShield coverage, Singlife CareShield Standard and Singlife CareShield Plus might be the solution you've been searching for.

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What are Singlife CareShield Standard and Singlife CareShield Plus?

Singlife CareShield Standard and Singlife CareShield Plus are government-approved supplement plans designed to boost your CareShield Life or ElderShield payouts . These plans provide additional financial support in the event of severe disability, ensuring that you can receive the care you need during unexpected events in life.

Key Features That Set Singlife CareShield Apart

Additional Payouts for Severe Disability

Get S$200 to S$5,000 more each month , on top of your basic government plan payout. Payouts continue for as long as you're severely disabled.

Financial Support for Mild to Moderate Disabilities

Disability payouts begin when you're unable to perform at least two Activities of Daily Living (ADLs) with Singlife CareShield Plus. CareShield Life, ElderShield, and Singlife CareShield Standard require inability to perform at least three ADLs.

Flexible Payment Options

Choose between fixed or increasing payouts (2% or 3% annually). Select a premium payment period that suits you (up to age 98 or for a limited time).

MediSave-Approved

Pay premiums using your MediSave, up to S$600 per calendar year .

Family Support Benefits

Receive a lump-sum benefit of three times your monthly benefit when severely disabled. Additional payouts for dependents under 22 and caregiver relief.

Waiver of Premiums

Stop paying premiums but remain covered when you have a mild disability (unable to perform at least one ADL).

Real premiums suggested for Singlife CareShield

37, Female making $5,000 a month

Coverage:
monthly benefit
$600
Premium:
Not provided
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27, Male making $3,200 a month

Coverage:
monthly benefit
$3,000
Premium:
$409.35
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44, Female making $12,500 a month

Coverage:
basic benefit
$600
supplemented benefit
$800
total monthly payout
$1,400
Premium:
$564.71
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32, Female making $6,000 a month

Coverage:
disability benefit
$1,500
Premium:
$504.7
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25, Male making $3,850 a month

Coverage:
total permanent disability
$1,000,000
Premium:
$59.85
Read More
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What Does Singlife CareShield Cover?

Severe Disability Benefit

Additional monthly payouts on top of your CareShield Life or ElderShield benefits . Payouts range from S$200 to S$5,000 per month and continue for as long as you're severely disabled.

Mild to Moderate Disability Benefit

With Singlife CareShield Plus, payouts begin when you're unable to perform at least two ADLs . Provides financial support even before reaching severe disability status.

Lump-Sum Benefit

Receive three times your monthly benefit when you become severely disabled. Helps cover one-time costs, such as purchasing a wheelchair.

Dependant Care Benefit

Additional 20% of your monthly benefit for up to 36 months if you have a child under 22 years old.

Caregiver Relief Benefit

Additional 60% of your monthly benefit for up to 12 months to help cover caregiver costs.

How Much Coverage Do You Get?

The coverage amount depends on the plan and options you choose. Here are two examples:

Singlife CareShield Standard Example: Andrew, age 35, chooses a S$1,000 monthly benefit that increases at 2% annually. At age 35, the monthly benefit is S$1,000. At age 65, the monthly benefit increases to S$1,811.

Singlife CareShield Plus Example: Tony, age 35, chooses a fixed S$1,000 monthly benefit. The monthly benefit remains at S$1,000 throughout the policy. He receives additional benefits like Lump Sum Benefit (S$3,000) and Dependant Care Benefit (S$200 monthly for up to 36 months).

How Much Does It Cost?

The premiums for Singlife CareShield depend on various factors, including your age, the plan you choose, and your payment options. Here are examples based on the scenarios above:

Singlife CareShield Standard (Andrew's case):

  • Age 35: Yearly premium of S$821.88
  • Age 65: Yearly premium increases to S$1,488.42

Singlife CareShield Plus (Tony's case):

  • Fixed yearly premium of S$554.04 from age 35 onwards

Remember, these premiums are in addition to your CareShield Life or ElderShield premiums.

Why Compare Singlife CareShield 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

Real-Life Scenarios

Severe Disability

Imagine you suffer a major stroke at age 65 and become unable to perform three ADLs. With Singlife CareShield Standard, you'd receive your CareShield Life payout plus an additional S$1,811 per month . These payouts continue for as long as you're severely disabled.

Mild to Moderate Disability

With Singlife CareShield Plus, if you have a minor stroke at age 48 and can't perform two ADLs, you'd start receiving S$1,000 monthly benefit . This continues for as long as you can't perform two ADLs, while your CareShield Life coverage remains intact for when you might need it later.

Family Support

If you become severely disabled and have a young child, you'd receive your regular monthly benefit plus an additional 20% (Dependant Care Benefit) for up to 36 months and an extra 60% (Caregiver Relief Benefit) for up to 12 months .

Pros and Cons

Pros

  • Enhances basic CareShield Life or ElderShield coverage

  • Provides support for mild to severe disabilities (Singlife CareShield Plus)

  • Flexible payment and benefit increase options

  • MediSave-approved premiums

  • Additional benefits for family support and caregiving

Cons

  • Premiums may increase over time (for increasing benefit option)

  • 90-day deferment period for most benefits

  • May be more expensive than some other supplement plans

Frequently Asked Questions

Can I get this plan if I'm not on CareShield Life or ElderShield?

No, you need to have either CareShield Life or ElderShield before purchasing these supplements.

What's the difference between Singlife CareShield Standard and Plus?

The main difference is that Plus provides payouts for mild to moderate disabilities (inability to perform two ADLs), while Standard requires severe disability (three ADLs) .

Can I use MediSave to pay all my premiums?

You can use up to S$600 per calendar year from your MediSave. Any excess must be paid in cash.

What happens if I recover from my disability?

If you no longer meet the disability criteria, the payouts will stop, but your coverage continues.

Can I increase my coverage later?

Yes, you can increase your coverage during certain life events without additional underwriting.

Conclusion

Singlife CareShield Standard and Plus offer comprehensive enhancements to your basic long-term care coverage. With flexible options, family support benefits, and coverage for various disability levels, these plans provide peace of mind for your future care needs. However, as with any insurance decision, it's crucial to carefully consider your personal needs, financial situation, and existing coverage before making a choice.

Remember, the best insurance is the one that provides adequate protection for your specific circumstances. If you're considering Singlife CareShield or any other long-term care supplement, it's always wise to consult with a financial adviser who can provide personalized recommendations based on your unique situation.

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 supplements. 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.

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Why people were suggested Singlife CareShield

Siti
Siti, 37
GenderFemale
Monthly Income$5,000
Insurance Types Suggested
  • Disability
  • Personal Accident
  • Critical Illness
Why CareShield Life was suggested:
CareShield Life is a government-provided long-term care insurance plan that provides a monthly benefit of $600 for life in the event of severe disability, defined as the inability to perform at least 3 out of 6 Activities of Daily Living (ADLs). This plan offers a basic level of long-term care coverage, which may be supplemented with additional private insurance options based on Siti's specific needs and budget.
Ching Ling
Ching Ling, 44
GenderFemale
Monthly Income$12,500
Insurance Types Suggested
  • Endowment
  • Critical Illness
  • Whole Life
  • Term Life
  • Investment Linked Plan
Why CareShield Supplement was suggested:
As a Singapore Permanent Resident, the prospect is eligible for the government's CareShield Life initiative, which provides a basic monthly payout of $600 for long-term care disability. However, this supplement increases the monthly payout to $1,400, ensuring a more comfortable standard of living in case of disability. The premium is payable through Medisave, making it an affordable and valuable addition to the prospect's coverage.
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