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What is a Severe Disability Insurance?
Severe Disability Insurance is often called Disability Income Insurance, or Income Protection. It is a form of insurance that insures the beneficiary's earned income against the risk that of a severe disability creating a barrier for completion of core work functions.
In Singapore, a long-term care insurance scheme targeted at severe disability, especially during old age was implemented.
ElderShield was introduced in 2002 for those Age 40 and above, to provide payouts of $300/month for up to 5 years upon severe disability. It was subsequently reviewed in 2007 to provide better benefits of $400/month for up to 6 years.
CareShield Life was introduced in 2020 for those Age 30 and above, to provide payouts of $600/month for a lifetime upon severe disability.
Who needs Disability Insurance?
Why must we Enhanced the Basic Plans?
Why We need Disability Insurance?
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Everyone who has started working.
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Sole Breadwinners
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Parents with kids
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Eldershield and Careshield Life provides the basic coverage payout only for severe disability.
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Enhancement can increase the monthly income payout to cover expenses during severe disability
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Enhancement can be done using Full Medisave.
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To protect your lost of income during severe disability
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Income payout can cover your living expenses
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To maintain your lifestyle and spending during severe disability
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To reduce the risk of financial setbacks
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To reduce the burden of liabilities on you and your family