Hi, I am 32 years old, keen to get supplement for Careshield life. I read that Aviva mylongtermcare (unable to do 3 out of 6 severe disability) VS mylongtermcarePlus (2 out of 6- similar premium but this has lower payout). Any thoughts? Thanks!? - Seedly
Seedly logo
Seedly logo
 

Insurance

Anonymous

Asked on 29 Oct 2020

Hi, I am 32 years old, keen to get supplement for Careshield life. I read that Aviva mylongtermcare (unable to do 3 out of 6 severe disability) VS mylongtermcarePlus (2 out of 6- similar premium but this has lower payout). Any thoughts? Thanks!?

Careshield life supplement

0 comments

2 answers

Answer Now

Answers (2)

Sort By

Hi anon,

Statistically speaking, precisely 2/6 ADLs is very rare, on the order of single digit percentage. I do not have full stats for every claim in Singapore, but one set of statistics from one insurer for long term care shows that exactly 2/6 ADL claims accounted for 1% of claims in 2018, with majority being 5/6 or 6/6 ADL claims. This figure was 0% for 2019 and 1H2020. Thus, a 3/6 ADL plan, for the same amount of coverage would be cheaper than a 2/6 ADL plan. I personally feel that with such statistics, the chances of 2/6 ADL is really low.

Furthermore, note that if you recover from 3/6 to 2/6 ADL, Mylongtermcare will still pay you half of the monthly benefit (the "rehabilitation benefit") whereas Careshield payout stops. So you still get some form of financial support.

Thus it depends on whether you would want to have the absolute certainity of claim in the event that you are that 1% or 2% that you are diagnosed with exactly 2/6 ADL, or you would just want to maximize the payout.

2

Question Poster

29 Oct 2020

Hi Elijah, thanks for your reply and insights. The reason why I'm asking its because the other supplement plans from GE and Income seems to be similar to longtermcareplus (2 out of 6). Thus, I am worried if I will be at an disadvantage in the future.
Elijah Lee
Elijah Lee

29 Oct 2020

Hi QP, Income's supplement plan is purely 2/6. There are no 3/6 options. GE's supplement plan has a 2/6, and a 3/6 which will pay 50% upon 2/6 (does not require you to have recovered from a 3/6 first, unlike Aviva) The insurers have to distinguish themselves anyway, or it will be a price war :) You have to decide which you prefer, or speak to an advisor for more insights. What kind of disadvantage are you referring to?
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post

Hello! You may watch the following video to find out more info before making a decision. 😊

Video Key Findings for Careshield Life Supplement

https://youtu.be/d62u-tG4WrE

0

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
Post