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Malvin Tan WP

Writer at t.me/pwpfpodcast

14 Jul 2020

∙

Do i need disability insurance if i have an existing eldershield/careshield insurance?

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Hariz Arthur Maloy

14 Jul 2020

Independent Financial Advisor at Promiseland Independent

Hi Malvin, Disability Income has a different protection objective as compared to Long Term Care solutions like Eldershield and Careshield Life.

DI is meant to supplement 75% of your active employment wage should you be unable to perform the material duties of your occupation, plus top up the difference if you do manage to find employment again but take a lower salary.

LTC is meant to cover additional expenses incurred due to needing nursing care or to stay at a nursing home. This is usually for the tail end of your life and the definitions required to claim (inability to perform 3/6 ADLs) is higher than DI.

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