Disability

Singlife ElderShield: Comprehensive Protection for Your Golden Years

As we age, the possibility of severe disability becomes a growing concern. Did you know that in Singapore, 1 in 2 healthy adults 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 basic ElderShield coverage and ensure better financial protection in case of severe disability, Singlife ElderShield might be the solution you're seeking.

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What is Singlife ElderShield?

Singlife ElderShield is a supplement to the government's basic ElderShield scheme. It comes in two variants: Singlife ElderShield Standard and Singlife ElderShield Plus . Both plans are designed to boost your monthly payouts in the event of severe disability, providing you with better financial support during challenging times.

Key Features of Singlife ElderShield

Enhanced Monthly Payouts

Receive between S$600 to S$5,000 monthly. Payouts last for up to 12 years or for life, depending on your chosen plan.

Flexible Premium Payment Options

Pay for life to keep premiums manageable, or pay for 20 years or up to your 65th birthday (whichever is later).

Lump-Sum Payout for Severe Disability

Receive up to three times your first monthly benefit when you're severely disabled.

Waiver of Premium Payment

Stop paying premiums while you're receiving monthly benefits or Rehabilitation Benefits.

Rehabilitation Benefit (Singlife ElderShield Standard)

Receive benefits even when you're no longer severely disabled but still unable to perform 2 Activities of Daily Living (ADLs).

Dependant Care Benefit

Get an additional S$200 monthly if you have a child aged 22 and below, for up to 36 months.

Understanding Severe Disability

In Singapore, a person is considered severely disabled when they can't independently perform at least three of the six Activities of Daily Living (ADLs):

  1. Washing
  1. Dressing
  1. Feeding
  1. Toileting
  1. Walking or moving around
  1. Transferring (e.g., from bed to chair)

Singlife ElderShield Standard vs. Singlife ElderShield Plus

Singlife ElderShield Standard

  • Pays out when you can't perform 3 out of 6 ADLs

  • Offers a Rehabilitation Benefit

  • Provides more flexible premium payment options

Singlife ElderShield Plus

  • Pays out when you can't perform 2 out of 6 ADLs

  • Doesn't offer a Rehabilitation Benefit

  • Has slightly more limited premium payment options

How Singlife ElderShield Works: Real-Life Scenarios

Scenario 1: Singlife ElderShield Standard

Neil, aged 50, buys Singlife ElderShield Standard with a S$1,000 monthly benefit. At age 58, he suffers a stroke that leaves him unable to perform three ADLs. He receives a lump sum payout of S$3,000, S$400 monthly for six years from basic ElderShield, S$600 monthly for life from Singlife ElderShield Standard, and an additional S$200 monthly for 36 months as Dependant Care Benefit.

Scenario 2: Singlife ElderShield Plus

Max, aged 41, purchases Singlife ElderShield Plus with a S$1,000 monthly benefit. At age 52, an accident leaves him unable to perform two ADLs. He receives a lump sum payout of S$3,000, S$600 monthly for life from Singlife ElderShield Plus, and an additional S$200 monthly for 36 months as Dependant Care Benefit.

Why Compare Singlife ElderShield 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 Singlife ElderShield

Pros

  • Enhances basic ElderShield coverage significantly

  • Offers lifetime payout option

  • Provides additional benefits like Dependant Care Benefit and death benefit

  • Allows use of MediSave for premium payments

  • Waives premiums during benefit payout periods

  • Singlife ElderShield Plus offers earlier claim eligibility (2 ADLs vs 3 ADLs)

Cons

  • Premiums may be higher compared to basic ElderShield

  • May not be suitable for those who already have comprehensive long-term care insurance

  • Rehabilitation Benefit only available in Singlife ElderShield Standard

Frequently Asked Questions

Can I buy Singlife ElderShield if I don't have basic ElderShield?

No, you need to have a basic ElderShield policy before purchasing Singlife ElderShield.

Can I use MediSave to pay for all my premiums?

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

What happens if I recover from severe disability?

If you have Singlife ElderShield Standard and recover but are still unable to perform 2 ADLs, you'll receive the Rehabilitation Benefit. For Singlife ElderShield Plus, benefits stop if you can perform more than 4 ADLs.

Is there an age limit for purchasing these plans?

Yes, but the exact age limit may vary. It's best to check with a Singlife representative for the most current information.

Can I change my plan after purchase?

Typically, major changes aren't allowed after purchase. It's crucial to choose the right plan from the start.

Conclusion

Singlife ElderShield offers a robust way to enhance your basic ElderShield coverage, providing greater financial protection in the event of severe disability. With its flexible options, additional benefits, and use of MediSave for premiums, it addresses many concerns about long-term care needs.

However, as with any insurance decision, it's important to carefully consider your personal needs, financial situation, and existing coverage before making a choice. The right plan for you will depend on factors like your age, health status, family situation, and financial goals.

Remember, the best insurance is the one that gives you peace of mind and fits your specific circumstances. If you're considering Singlife ElderShield or any other long-term care insurance, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.

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