Singlife CareShield Standard and Plus
Two government-approved supplement plans that boost your CareShield Life or ElderShield payouts so that you can get the care you need during unexpected events in life.
Two government-approved supplement plans that boost your CareShield Life or ElderShield payouts so that you can get the care you need during unexpected events in life.
Footnotes
All ages mentioned refer to age next birthday (ANB).
* Activities of Daily Living (ADLs) refer to washing, toileting, feeding, dressing, transferring around and walking or moving around.
1. You are unable to perform at least two (for Singlife CareShield Plus) or three (for Singlife CareShield Standard) of the six Activities of Daily Living (ADLs).
2. Add-on Benefit payouts start when you're unable to perform 2 ADLs for Singlife CareShield Standard and 1 ADL for Singlife CareShield Plus.
3. There are two ways to pay for a limited time; the later of the two options will apply. The two ways are:
a) The Life Assured may pay up to the policy anniversary after they turn 68
b) The Life Assured may pay for 20 years from entry age (if Life Assured joins at age 49 or older)
4. MediSave use is applicable to an amount of up to S$600, per calendar year, per life assured. Premiums exceeding this limit will have to be paid in cash. If there are insufficient funds in the designated MediSave account, cash payment will be required for the difference.
5. The monthly benefit refers to the monthly payout when the Life Assured suffers from a Severe Disability, as defined in the plan.
6. The Life Assured may receive an additional 20% of their monthly benefit - for up to 36 months - while they're receiving their monthly benefit or rehabilitation benefit.
7. The Life Assured may receive an additional 60% of their monthly benefit - for up to 12 months - while they're receiving their monthly benefit or rehabilitation benefit.
8. A lump sum benefit will be payable if the Life Assured dies due to any accident or sickness while receiving either the Severe Disability Benefit or the Rehabilitation Benefit. The Death Benefit will amount to 3 times of the last paid Severe Disability Benefit or the Rehabilitation Benefit, whichever is applicable.
9. The policyholder may exercise this option, without providing further evidence of insurability at any of the following life stage events, when the Life Assured:
a) purchases a property;
b) marries, divorces or is widowed;
c) becomes a parent by having a newborn child or by adopting a child below 19 years old
d) salary increases by 50% or more from application;
e) completes a skills development course of at least six months;
f) purchases a new individual life insurance policy or a Supplementary Benefit from us, with full underwriting at standard terms; or
g) spouse suffers a Severe Disability (with the inability to perform at least three of the six ADLs) or dies.
This option allows the policyholder to increase the policy's monthly benefit with extra premium payable. The total monthly benefit that can be increased under this option is limited to 50% of the policy’s initial monthly benefit, as agreed at policy inception or at the date this option is exercised – whichever is lower. This option is extended to standard life only. Please refer to the Product Summary for more details.
Both plans offer enhanced support for severe disabilities in addition to the existing government schemes, so you can have better assurance for you and your loved ones.
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I believe it is never too early to start planning for retirement. This has been my belief since I started working in the financial services industry more than 6 years ago.
Being in the sandwich generation has compelled me to take charge of my finances and plan for my retirement early. A good 95% of people I’ve met are sandwiched between supporting their parents and supporting their own families.
Our parents and the generation before them didn’t have the privilege or additional resources to plan for their retirement. Growing up amidst the rapid urbanisation of Singapore, our parents poured whatever remaining resources into their children. Sandwiched between our grandparents and us, our parents grew up struggling to support their parents, the ever-increasing utility bills and the preposterous $5 steamed chicken rice— You get my drift, the cost of living is rising faster than our pay raise.
Here’s the issue, Singapore’s extraordinary economic performance is proving harder and harder to sustain. It’s no doubt our next generation might be forking out $1M for a HDB property sooner than we expect. Our kids would be under immense pressure to keep up with rising property, healthcare and living costs. Supporting us might prove to be a challenge for them.
My point is—the strain on our next generation and the strain on ourselves can be managed if we plan our retirement early. The biggest upside to planning early is a longer time horizon, which leads to higher compound interest for our money, which ultimately leads to a larger retirement pool. Let’s all start planning for our retirement as early as 21 years old and put an end to the sandwich generation.
With 6 years of experience in this industry, I know very well there is no 1 size fits all solution for everybody. this is especially why I take pride in tailoring bespoke financial plans for all my clients based on their needs. I believe in being with my client at every step of the way.
It all begins with the first step. Financial planning is a dynamic process that demands timely attention and review. Click 'Contact Me' at the top right-hand corner for a chat about your favourite Netflix series, most hated Kardashian member or simply talk about my favourite subject—finances.
Hoping to hear from you!