Disability

TM Protect 1: Essential Care When You Need It Most

In today's world, where medical advancements have significantly increased our lifespans, the risk of disability has also grown. Did you know that just over 1 in 4 of today's 20-year-olds will become disabled before they retire? Or that 15% of the world's population (over 1 billion people) has some form of disability? These statistics highlight the importance of being prepared for unexpected health challenges. If you're looking for a disability insurance plan that offers unique benefits and affordable protection, TM Protect 1 by Tokio Marine Life Insurance Singapore Ltd. might be the solution you've been searching for.

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What is TM Protect 1?

TM Protect 1 is a regular premium, non-participating disability plan designed to provide essential income support when you need it most. This innovative plan offers coverage for up to 72 months, helping you adjust your lifestyle in the event of a disability. What sets TM Protect 1 apart is its market-first feature: it pays out upon the loss of ability to perform just one of the 6 Activities of Daily Living (ADLs).

Key Features That Make TM Protect 1 Unique

Pays Upon the Very First ADL - A Market First

Provides support when you lose the ability to perform just one ADL . Monthly benefit payment starts after a 90-day deferment period. Continues for up to 72 months or until ability returns, whichever is earlier.

Complements Existing Insurance

Pays over and above any existing Total Permanent Disability insurance plans. Helps cover additional out-of-pocket expenses.

Affordable and Accessible

Premiums as low as 22 cents a day (for certain age groups and plans). Only 5 health questions required. Guaranteed renewal option. No medical examinations needed.

Why compare TM Protect 1 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

In summary: If you want more control and multiple suggestions, then Whatins is the way to go.

What Are the Activities of Daily Living (ADLs)?

The 6 ADLs used to measure personal disability are:

  • Transferring: Moving from a bed to a chair or wheelchair and vice versa

  • Mobility: Moving indoors from room to room on level surfaces

  • Toileting: Using the lavatory and managing bowel and bladder functions

  • Dressing: Putting on and taking off all garments and necessary appliances

  • Washing: Bathing or showering, including getting in and out of the bath or shower

  • Feeding: Eating food that has been prepared and made available

Comprehensive Benefits for Maximum Support

TM Protect 1 offers a range of additional benefits to support you on your journey to recovery:

Care Giver Benefit

Lump sum payment equivalent to 1-month's monthly benefit. Payable when a caregiver leaves their job to care for you.

Get-Well Benefit

Lump sum payment of up to 3 times the monthly benefit. Paid upon full recovery from disability.

Disability Due to Heart Attack or Stroke Benefit

Lump sum payment equivalent to 2-months' monthly benefit. Applies if disability is caused by a Heart Attack of Specified Severity or Stroke with Permanent Neurological Deficit.

Rehabilitation Benefit

Reimburses cost of rehabilitation treatment, including Traditional Chinese Medicine (TCM). Up to 100% of monthly benefit per policy year.

Mobility Aids Reimbursement Benefit

Covers expenses for necessary mobility aids. Up to 50% of monthly benefit per policy year.

Transport Benefit

Reimburses cost of specially adapted transportation for outpatient consultation. Up to 20% of monthly benefit per policy year (excludes ambulance cost).

Home Improvement Benefit

Covers cost of necessary home modifications. Up to 300% of monthly benefit per policy lifetime.

Death Benefit

Lump sum payment of S$5,000 in the event of death.

Plan Options and Eligibility

TM Protect 1 offers two plan options:

  • Plan A: 36 months payout period
  • Plan B: 72 months payout period

Entry age is from 19 to 60 years old (age next birthday), and the policy is renewable up to age 70. It's important to note that premiums do not remain level and will increase with age.

How Much Does It Cost?

The cost of TM Protect 1 depends on your age, chosen plan, and monthly benefit amount. For example, based on Plan A with a S$1,000 monthly benefit, premiums can be as low as 22 cents a day for individuals aged 19 to 24.

Real-Life Scenario

Let's look at an example to understand how TM Protect 1 works:

Mr. David Lim, age 40, purchases a 72-month payout policy with a monthly benefit of S$3,000. His premium is S$33.74 per month.

At age 43, Mr. Lim unfortunately loses his mobility. After a 90-day deferment period, he starts receiving a monthly disability benefit of S$3,000 for 72 months. In addition to this monthly benefit, Mr. Lim is eligible for:

  • Care Giver Benefit: S$3,000 (once per policy lifetime)
  • Home Improvement Benefit: Up to S$9,000 (once per policy lifetime)
  • Rehabilitation Benefit: Up to S$3,000 (per policy year)
  • Mobility Aids Reimbursement Benefit: Up to S$1,500 (per policy year)
  • Transport Benefit: Up to S$600 (per policy year, excluding ambulance cost)

These additional benefits provide comprehensive support to help Mr. Lim adjust to his new circumstances and work towards recovery.

Pros and Cons

Pros

  • Pays out on the loss of just one ADL - unique in the market

  • Complements existing insurance for greater financial protection

  • Affordable premiums with no medical examination required

  • Comprehensive range of additional benefits

  • Guaranteed renewal option

Cons

  • Premiums increase with age

  • Coverage is limited to 72 months maximum

  • 90-day deferment period before benefits start

Frequently Asked Questions

Can I get this plan if I have pre-existing conditions?

The plan requires answering 5 health questions. Your eligibility may depend on your answers.

What happens if I recover from my disability?

If you fully recover, you'll receive a Get-Well Benefit of up to 3 times your monthly benefit.

Can I change my plan later?

The plan offers a guaranteed renewal option, but you should check with Tokio Marine about changing plan details after purchase.

What's not covered by this plan?

Like most insurance policies, there are exclusions. You should review the policy documents for full details.

How do I make a claim?

Contact Tokio Marine as soon as possible after the disability occurs. They will guide you through the claim process.

Conclusion

TM Protect 1 offers a unique approach to disability insurance, providing essential support from the very first ADL loss. With its affordable premiums, comprehensive benefits, and easy application process, it can be an excellent complement to your existing insurance coverage. However, as with any insurance decision, it's crucial to carefully consider your personal needs and financial situation before making a choice.

Remember, the best insurance is the one that gives you peace of mind and fits your specific circumstances. If you're considering TM Protect 1 or any other disability insurance plan, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.

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