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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Having personally witness a close relative fall into a dire state in just a matter of weeks, the amount of shock and grief is an emotionally overwhelming and distressing situation. It's a time marked by intense and complex feelings. The shock can leave one feeling numb, disoriented, and unable to fully comprehend the gravity of the situation. Grief, on the other hand, is a deep and profound sorrow that comes with a sense of loss, helplessness, and sadness.
The added financial strain, stemming from inadequate financial coverage, can compound these emotions. It may create a sense of frustration, anxiety, and guilt, as you're not only dealing with the emotional burden but also the practical challenges of managing medical expenses and other financial responsibilities. This can lead to a feeling of helplessness and uncertainty about the future, as one grapple with how to provide the best care and life-long support for the relative, as well as for the spouse, young kids, and aging parents.
As a Financial Architect, I uses different financial tools to ensure that my clients are not just well sheltered under a financial roof, but a financial architecture that speaks history, modern and cutting edge.
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