Have you ever wondered what would happen if you suddenly became unable to perform basic daily activities? It's a sobering thought, but one that's important to consider. Did you know that 1 in 2 healthy Singaporeans aged 65 could become severely disabled in their lifetime? Or that 57% of Great Eastern's CareShield claimants are under the age of 50? These statistics highlight the importance of having robust disability coverage, regardless of your age.
Enter Great CareShield, a comprehensive disability insurance plan designed to provide financial support when you need it most. Let's dive deep into what this plan offers and how it can protect you and your loved ones.
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Great CareShield is a disability insurance plan that supplements your CareShield Life or ElderShield coverage. It's designed to provide financial support if you become unable to perform Activities of Daily Living (ADLs) due to disability. What sets it apart is that it starts paying out when you can't perform just one ADL, providing earlier and more comprehensive coverage than many other plans.
Benefits start when you can't perform just 1 out of 6 ADLs . Many other plans only pay out for 2 or more ADLs.
Protection lasts for your entire life. Premiums are payable only up to age 67 or 95, depending on your choice.
Receive a lump sum payment of 3 times your chosen Monthly Benefit. This can be paid again for future disabilities from different causes.
Get 50% of your chosen amount for 1 ADL. Receive 100% for 2 or more ADLs.
Caregiver Benefit: Extra 60% of Monthly Benefit for up to 12 months. Dependant Care Benefit: Extra 30% of Monthly Benefit for up to 48 months.
Stop paying premiums once you're unable to perform 1 or more ADLs.
| Age | What suggestion covers | Premium |
|---|---|---|
| 37, Female making $5,000 a month | lump sum benefit $2,700 additional cash benefits: caregiver benefit dependent benefit monthly disability income $900 | $598.36 |
The six ADLs covered by Great CareShield are:
Let's consider Mike, a 30-year-old dispatch rider with a family:
At age 32:
By age 47:
If Mike's condition worsens and he can't perform 3 or more ADLs, he'll receive additional payouts from his CareShield Life plan.
Unlike many plans that only pay out for severe disabilities, Great CareShield provides support from the earliest stages of disability.
With benefits for caregivers and dependants, it goes beyond just covering your basic needs.
Choose your coverage amount and premium payment term to suit your needs and budget.
Use your MediSave funds to pay premiums, making it easier to maintain coverage.
With lifetime coverage and level premiums, you're protected for life without worrying about rising costs.
Start early with lower premiums and lifelong protection.
The Dependant Care Benefit provides extra support for your children.
Enhance your existing CareShield Life or ElderShield coverage.
With long-term care costs averaging S$3,500 to S$5,000 per month, Great CareShield can help bridge the financial gap.
It's best to start with adequate coverage as increasing it later may be subject to health underwriting.
If you fully recover, payouts will stop, but your coverage continues. You can claim again for future disabilities.
Great CareShield provides earlier payouts and higher benefit amounts, complementing your basic CareShield Life coverage.
Premium rates are not guaranteed and may be adjusted based on future experience.
Like most insurance policies, there are exclusions. Pre-existing conditions and self-inflicted injuries are typically not covered.
In a world where disability can strike at any time, having comprehensive coverage like Great CareShield can provide invaluable financial security and peace of mind. By offering early payouts, lifetime coverage, and additional benefits for caregivers and dependants, it goes beyond basic disability insurance to provide holistic protection for you and your loved ones.
Remember, the best time to get disability insurance is when you're young and healthy. Starting early not only secures lower premiums but also ensures you're protected throughout your life's journey.
Ready to take the next step in securing your financial future against disability? Don't rely on just one perspective. Get expert insights tailored to your unique situation. Sign up now to receive 5 expert opinions on disability insurance options. These professionals will review your specific needs and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your needs. Don't leave your future to chance – get the expert advice you deserve today.
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