Disability Income vs ElderShield/CareShield?

Own Occupation Disability Income will pay you up to the benefit amount chosen whn you're deemed unable to perform the material duties of your occupation.

Let's assume that being half-paralysed permanently falls into the above mentioned definition.

Then yes you will get paid your benefit chosen. But you brought up a great point, if your company is still paying you your full salary, then yes, there is nothing to claim from the policy.

But how long do you expect this to continue? Half a year? Maybe a year? After you lose your income, DI would start paying.

If you make income in the future that is less than your previous income, DI may provide a top up to the benefit chosen of 75% of your pre-disability earnings (depends on insurance policy defintions eg AIA vs Aviva).

DI is useful to help you receive an income when you physically are unable to or in the future are only able to make a lot less than previously.

However I only recommend DI to three groups of people.

1) Those with niche skills that are not easily replaceable by the average person on the street.

2) Those with really high qualifications and specified certifications.

3) Those in senior leadership positions usually with many years of experience.

This means I wouldn't recommend a junior administrative staff to get DI as it would be hard to claim as the material duties of their occupation is simple in nature.

Now on to Eldershield and Careshield life and their supplementary plans.

These plans payout in the event of the inability to perform 2 or 3 out of the 6 activities of Daily Living.

1) Transferring

2) Mobility

3) Dressing

4) Feeding

5) Toileting

6) Washing

If you fit the criteria, you will get the payout, irregardless of your previous or current income earned.

Thus, these plans are also referred to as Long Term Care products as they usually affect you in old age and is meant to subsidise the cost of care and nursing during that period of time.

DI doesn't replace Long Term Care and vice versa.