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Seedly PFF 2019

Asked by Anonymous

Updated on 18 Apr 2019

With eldershield and careshield around, is it necessary to add on a disability plan with a private insurer?

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Though they sound similar to disability plans, they are used for different purposes. Eldershield and careshield life are long term care plans. They pay for your upkeep should you be permanently disabled especially in your old age.

Own occupation disability plans like Aviva ideal income and AIA premier disability cover pay you a monthly amount to replace your income during your working years should you be unable to do the material requirements of your job.

An example could be; losing your fingers if your full time job is a violinist, or a long term knee injury preventing you from being a ice skating coach.

The latter may not be a permanent disability and do not use the activities of daily living clause as a means of claim.

Though i'm not a huge fan of disability income plans, i am a huge believer in long term care. after settling your hospitalisation, life insurance, and CI protection insurance, i may look at DI plans.

I classify DI as a lifestyle insurance product, similar to personal accident, annual travel plans. Great to have but not your utmost priority. Other advisors may have a different point of view of course.​​​

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