If you think $600 a month won't be enough in the event of disability, CareShield Life supplements by private insurers could help. This guide looks into CareShield Life, its limitations, and why additional coverage might just be necessary.
The Ministry of Health
estimates that 1 in 2 Singaporeans above age 65 could become severely disabled in their lifetime. And about
3 in 10 Singaporeans will live a decade (or longer) after they become severely disabled. With better medical care and longer life expectancy, more Singaporeans may become severely disabled in their old age and live with the disability for a longer duration.
As such, they've introduced CareShield Life (as an
"improved" version of its predecessor, ElderShield) to help provide lifelong payouts starting at $600 / month and increases annually until age 67, or when a successful claim is made. Premiums start from $206 a year for men and $253 for women at the age of 30, and are payable until age 67....
