In 02 Sept 2019, The Singapore Parliament approved Careshield Life. This is the 3rd Shield that Singapore has to prepare our population in this aging economy. We will be covering how will Careshield Life be part of our Wealth Management journey and whether it will be enough.
Careshield Life New Updates: My Letter
What is Careshield Life?
CareShield Life provides Singapore a Lifetime* payout of $600/month up to $1200/month** in the event of severe disability. The premiums can be fully paid by Medisave. The government ensures that no one will lose their coverage due to financial difficulties. The claim will be eligible if a person is unable to perform at least 3 out of 6 activities of daily living.
Careshield Life New Updates Activities of Daily Living
*As long as the insured remain severely disabled
**Estimated payout if increase at 2% a year
Why will you need it?
I hope you can agree with me that once a person is unable to perform 3 out of 6 activities of daily living,