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Anonymous

16 Oct 2020

Insurance

What do you think about enhancing the CareShield Life Scheme with other insurance?

30 yrs old, currently insured under careshield life scheme. I also have a direct great term plan with Great Eastern. Should i go for the enhancement for my careshield life scheme?

Discussion (4)

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PolicyPal

PolicyPal

16 Oct 2020

Official Account at PolicyPal

CareShield Life is a new government-run disability insurance scheme that seeks to offer basic financial protection against severe disability. Compared to its predecessor, it has an increased payout of $600 per month, in the event that you become severely disabled. This will increase every year to keep up with inflation.

Depending on your financial situation, the $600 payout may or may not be sufficient. However, it seems to be a small amount to pay for all your living expenses, mobility equipment, and home-based care. For those with dependents, it will almost certainly be insufficient to cushion against your loss of income.

There are currently 3 insurers providing CareShield Life Supplements. These are disability insurance plans that complement and augment the basic CareShield Life plan. This is aimed to enhance your coverage through higher monthly payouts.

Feel free to get in touch with us if you are interested to find out more.

Jonathan Soh

Jonathan Soh

12 Oct 2020

Wealth Manager at Aviva Financial Advisers

Hi there. The main reasons why you should upgrade are well covered by the other advisers here. When you are young, your upgrade will be most value for money, as you will get the highest payout amount. Moreover, it is highly unlikely you will exhaust your Medisave monies as you get 4% interest yearly, assuming you have upgraded your Medishield and all medical bills are foot by your insurer.

Bear in mind though, that Careshield upgrade can only be done via Aviva, NTUC or Great Eastern.

You can reach me here to find out more. I cover 9 companies including Aviva, NTUC, Manulife etc.

Elijah Lee

Elijah Lee

08 Oct 2020

Independent Financial Advisor at Phillip Securities (Jurong East)

Hi anon,

I would highly encourage you to get the enhancement for Careshield Life (CSL).

The covera...

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