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HomehealthBracing for life’s unexpected detours: Are younger S’poreans financially prepared?

Bracing for life’s unexpected detours: Are younger S’poreans financially prepared?

The journey of life is often filled with unforeseen twists and turns. Amidst carving out careers, building families and planning for the future, it’s easy to overlook the need to factor in detours that could derail carefully laid plans. A disability caused by an illness or accident could be one such detour.

According to life insurer Great Eastern’s new Long-Term Care Study, which surveyed 1,000 Singaporeans and permanent residents between 30 and 64 years old in June this year, half of the respondents believe disability tends to mainly hit people aged 60 or older. 

While this thinking may be prevalent, it is not true. Disability knows no age and boundary, and can strike when least expected.

 

The numbers from Great Eastern are one sobering reminder. Since the 2020 launch of its GREAT CareShield, there has been an increase in beneficiaries below 40 years old. Notably, four out of 10 GREAT CareShield claimants are in their 30s. 

The rising rates underscore the importance of being prepared for life’s unexpected events. The Long-Term Care Study also found that while at least 70 per cent of respondents are worried about burdening their families in the event of a disability, only 20 per cent feel financially ready to manage the associated costs. 

Getting yourself adequately covered can make a big difference. Great Eastern’s GREAT CareShield is a MediSave-approved supplementary plan to Singapore’s CareShield Life**, a national long-term care insurance scheme. 

CareShield Life offers monthly payouts from $600 if the insured is unable to perform at least three out of six Activities of Daily Living (ADLs) – such as washing, toileting, dressing, feeding, transferring or walking or moving around. 

GREAT CareShield, however, offers one of the best coverage in Singapore that provides monthly payouts from the inability to perform just one of the six ADLs.

 

Great Eastern’s head of Accident and Health Business David Yip says: “With the survey, we aimed to understand the role of long-term care coverage in financial planning, uncover the gap between consumer perception and actual long-term care costs, and assess financial readiness for such care.”

“Whether young or old, no one can predict when disability can strike and the severity of the disability,” says Mr Yip. “The supplementary coverage gives loved ones the assurance that they will not be financially burdened when faced with such a circumstance.”

“Life is unpredictable, which is why when something unexpected happens, the value of being prepared really comes through to get you back on track.”

Mr David Yip, head of Accident and Health Business, Great Eastern

He adds: “Disability insurance such as GREAT CareShield is your safety net, helping to navigate life’s unforeseen detours with peace of mind.”

Benefits of GREAT CareShield:

Recovering from a disability takes time depending on the severity – and the long-term care costs may add to your financial burden – which is why a MediSave-approved supplementary plan like Great Eastern’s GREAT CareShield comes in handy. 

You can start receiving monthly payouts1 for up to a lifetime and a lump sum Initial Benefit2 upon the inability to perform just one ADL.
Upon the inability to perform at least 2 ADLs, you will receive an additional 60 per cent of the Monthly Benefit in monthly payouts3 for caregiving support and an additional 30 per cent of the Monthly Benefit in monthly payouts4 to provide for your child. 

Enjoy 20 per cent off premiums throughout your coverage. Sign up using your MediSave5 funds today. 

Visit greateasternlife.com/greatcareshield for more information. 

**Information on CareShield Life can be found at www.careshieldlife.gov.sg.

1Subject to Deferment Period. Payouts of Monthly Benefit are payable for as long as the Life Assured suffers from the applicable number of disabilities, up to a lifetime.
2The Initial Benefit is a lump sum payment equivalent to 3 times of the Monthly Benefit. In the event the Life Assured fully recovers from the disability, the Initial Benefit may be paid again for subsequent episodes of inability to perform at least 1 ADL. However, it is not payable if such subsequent disabilities arise from or are related to the cause of disability(ies) for which there was a previous claim for Initial Benefit.
3Caregiver Benefit is subject to Deferment Period and payable for up to a maximum of 12 months (whether consecutive or not) per Policy Term.
4Dependant Care Benefit is applicable if the Life Assured has a Child who is below 22 years old (age last birthday) as at the Claim Date; subject to Deferment Period and payable for up to a maximum of 48 months (whether consecutive or not) per Policy Term.
5Subject to cap of S$600 per calendar year per insured person.

Disclaimers:

This advertisement has not been reviewed by the Monetary Authority of Singapore.

The information presented is for general information only and does not have regard to the specific investment objectives, financial situation or particular needs of any particular person.

GREAT CareShield can be purchased by CareShield Life or ElderShield policyholders. All Supplements are regulated under the CareShield Life and Long-Term Care Act 2019.

This is only product information provided by us. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs. If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.

Protected up to specified limits by SDIC.

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