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Anonymous

26 Aug 2020

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Insurance

What are the different types of disability insurance in Singapore?

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PolicyPal

26 Aug 2020

Official Account at PolicyPal

There are three main types of insurance policies that provide a payout for disability.

1) Disability Income Insurance

This is a form of insurance that provides income protection should you lose the ability to work due to a disability. It usually comes in the form of a fixed monthly payout (up to 80% of your average monthly income).

2) Total Permanent Disability (TPD)

TPD is usually included in the coverage of a Life Insurance Policies, rather than coming as a stand-alone insurance. Unlike Disability Income Insurance, the payout often comes in the form of a lump sum payout, with the policy terminated upon the payout. It is also important to note that the definition of TPD can differ across insurers, so it is best to clarify the definitions before committing to a plan.

3) Severe Disability Insurance

In Singapore, there are government schemes such as ElderShield and CareShield Life. The criteria for a payout is when a person cannot perform 3 out of the 6 Activities of Daily Living (ADLs).

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