Careshield Life Supplement

[boredboiboi]

Thanks guys.

Circling back to the concern by profU. I have a similar query, assuming I'm looking at GE careshield supplement, how do i decide if i should insure till age 67 or 95? A contributor suggested it is better to "drag out the premium term" or something like that, can I understand why is that better?

I pay less per year (on a fixed basis) if I were to pay for more years till age 95. Shld i think of it as - I shld choose age 95 now, pay the lower premium/year. This is because should i die off at 67, i will have contributed less premiums overall? If i don't die, i can still decide whether to terminate the plan at age 67 if i feel my savings/annuity can cover any ADLs that come up?

Thanks again!

If u were to go for the medisave limit. The longer u drag, with the same premium, u can go for higher coverage.

 

[Prof. Utonium]

Thanks guys.

Circling back to the concern by profU. I have a similar query, assuming I'm looking at GE careshield supplement, how do i decide if i should insure till age 67 or 95? A contributor suggested it is better to "drag out the premium term" or something like that, can I understand why is that better?

I pay less per year (on a fixed basis) if I were to pay for more years till age 95. Shld i think of it as - I shld choose age 95 now, pay the lower premium/year. This is because should i die off at 67, i will have contributed less premiums overall? If i don't die, i can still decide whether to terminate the plan at age 67 if i feel my savings/annuity can cover any ADLs that come up?

Thanks again!

Like above poster mentioned (1st scenario).

2nd scenario: you hit with 2/3 ADLS and payout started. Could use the payout to pay the premiums lol.

I opted to pay up till 99. Reason being:

3rd scenario: We have higher commitments during our peak age period and lower when older/retired. So I rather have more disposable cash now than later. Costs are spread further, and if I drop dead earlier, I had paid lesser overall.

Can't remember the exact details but my plan is Aviva escalating (~2k+ per mth/800++ annual/3ADL).

 

[Happyhappydays]

Like above poster mentioned (1st scenario).

2nd scenario: you hit with 2/3 ADLS and payout started. Could use the payout to pay the premiums lol.

I opted to pay up till 99. Reason being:

3rd scenario: We have higher commitments during our peak age period and lower when older/retired. So I rather have more disposable cash now than later. Costs are spread further, and if I drop dead earlier, I had paid lesser overall.

Can't remember the exact details but my plan is Aviva escalating (~2k+ per mth/800++ annual/3ADL).

Thanks for sharing! Have you considered paying for disability income insurance up till say age 65, then start your careshield life supplement from age 65 onwards till age 99?

 

[Prof. Utonium]

Thanks for sharing! Have you considered paying for disability income insurance up till say age 65, then start your careshield life supplement from age 65 onwards till age 99?

No.

I planned to semi retire in my 40s and fully retire in my 50s. So DII is not something I considered when I was in my early 20s, reason being I would only be eligible for payout if I am employed. But glad I did not, as CSLS came out in the recent years.

Some MM folks do advocate it though it is not my cup of tea. If you have a high risk profession, then by all means go for it.

More reading:

https://dollarsandsense.sg/careshie...bility-income-insurance-key-differences-work/

 

[reddevil0728]

Thanks for sharing! Have you considered paying for disability income insurance up till say age 65, then start your careshield life supplement from age 65 onwards till age 99?

Will u even be able to have CSL without much exclusions at 65 and if the cost is even making any sense?

also, there might be some maximum age of entry.

DII and CSL covering diff thing also

 

[BBCWatcher]

Some MM folks do advocate it though it is not my cup of tea. If you have a high risk profession, then by all means go for it.

Whether you have a "high" or "low" risk profession doesn't matter in terms of whether you need Disability Income Insurance (DII). Your type of profession may influence DII premium levels, but that's as far as it goes.

If you're genuinely able to retire by age 48 (let's suppose, as an example) then that means you've reached a point where you can presumably self-insure against several risks by that age. At that point (or perhaps a bit before) you wouldn't need Disability Income Insurance or for that matter life insurance if you have it.

 

[Happyhappydays]

Will u even be able to have CSL without much exclusions at 65 and if the cost is even making any sense? also, there might be some maximum age of entry.

Hi redd, ahh I think you are trying to state something that is obvious - thank you! - but afraid I don't quite get your point. The inability to perform daily activities - yes chances will increase as one ages (accidents aside). So it makes sense that the insurer charges higher premiums.

I should hv posed my question clearer - I was hoping to ask why not get DII as priority, then enhance CSL later on or as and when one becomes unemployed eg retrenched? Is your point - yes get DII but don't wait too late to enhance CSL? I don't have to enhance CSL at the latest possible age (GE's max age of entry is 64), I wrote 65 as an example.

Or is your view - once one starts working and decides the need for DII, one should enhance CSL at the same time (though not possible before age 30) / as early as possible upon age of 30 because of exclusions and to "save" on the premiums paid?

 

[reddevil0728]

Hi redd, ahh I think you are trying to state something that is obvious - thank you! - but afraid I don't quite get your point. The inability to perform daily activities - yes chances will increase as one ages (accidents aside). So it makes sense that the insurer charges higher premiums.

I should hv posed my question clearer - I was hoping to ask why not get DII as priority, then enhance CSL later on or as and when one becomes unemployed eg retrenched? Is your point - yes get DII but don't wait too late to enhance CSL? I don't have to enhance CSL at the latest possible age (GE's max age of entry is 64), I wrote 65 as an example.

Or is your view - once one starts working and decides the need for DII, one should enhance CSL at the same time (though not possible before age 30) / as early as possible upon age of 30 because of exclusions and to "save" on the premiums paid?

If you see the ADLs, they are physical in nature. nobody say you can't be mentally disabled.

why not get both? DII can only pay cash while CSL can use medisave.

since they cover diff thing like i mentioned above

 

[neanea]

Which insurer to signup with?

 

[reddevil0728]

Which insurer to signup with?

There are only 3 possible insurers.

which to sign up with really depends on what you want and need.

you need to go compare either yourself or find an agent to help you with it

 

[twinklingstars]

Is it worthwhile to sign up if I have my own term plan and DII?

 

[Joelleyuan]

I'm born after 1980.
may i ask is there seriously NO WAY to opt out of Careshield??

 

[reddevil0728]

Is it worthwhile to sign up if I have my own term plan and DII?

Is not about worth. It covers different thing. It will obviously be worth in the unfortunate situation that you get to claim. But you will only know after the fact.

I'm born after 1980.
may i ask is there seriously NO WAY to opt out of Careshield??

Renounce citizenship and leave Singapore I think can

 

[tokiohotel]

Hi all, if im currently with Singlife Careshield Life Plus, am I able to switch to Great Eastern or NTUC Income if I find their supplement plans better for me?

 

[qhong61]

Hi all, if im currently with Singlife Careshield Life Plus, am I able to switch to Great Eastern or NTUC Income if I find their supplement plans better for me?

Need underwriting for existing conditions.

 

[exterminazn]

Is it worthwhile to sign up if I have my own term plan and DII?

Different type of coverage…. Moreover Careshield supplement able to use up to $600/year of Medisave to pay

I'm born after 1980.
may i ask is there seriously NO WAY to opt out of Careshield??

No, unless u renounce citizenship

Hi all, if im currently with Singlife Careshield Life Plus, am I able to switch to Great Eastern or NTUC Income if I find their supplement plans better for me?

Yes can, but will still go through underwriting…. Alternatively, u can use cash to apply the other companies

 

[qhong61]

Different type of coverage…. Moreover Careshield supplement able to use up to $600/year of Medisave to pay

No, unless u renounce citizenship

Yes can, but will still go through underwriting…. Alternatively, u can use cash to apply the other companies

Too much money?

 

[andyhtc]

Is it worthwhile to sign up if I have my own term plan and DII?

DII covers up to a certain age while Careshield Life is a lifetime payout.

However, the majority with severe disabilities tend not to live very long

 

[duhduhduh]

Still abit perplexed whether to sign the supplement....(looking at GE option)

 

[reddevil0728]

Still abit perplexed whether to sign the supplement....(looking at GE option)

what's your concern?