Best CareShield Life Supplement Plans Singapore 2021

Living with a disability can be very expensive. To help Singaporeans survive while living with a disability, Singapore's government implemented CareShield Life. To add on to the coverage provided by CareShield Life, insurers have launched CareShield Life supplemental plans that provide additional benefits. To help you find out which of these supplemental plans fit your needs and budget, we analysed and compared all the plans currently available and summarised our findings in the guide below.

What are CareShield Life Supplements?

CareShield Life supplements are plans that are sold by private insurers and provide additional benefits on top of CareShield Life. The main purpose of these plans is to provide additional monthly payouts on top of the S$600 per month you will receive if you get into an accident or suffer an illness that renders you disabled.

CareShield Life is the government-funded disability scheme that will provide monthly payouts if you get into an accident or suffer an illness that leaves you severely disabled. A few insurers came out with supplemental plans that provide additional benefits on top of CareShield life for those who want to top off their coverage.

Best for Comprehensive Coverage: Aviva MyLongTerm Care

ValueChampion x PolicyPal Promotion: Get 20% off your CareShield Life Supplements!
Plan:
Aviva MyLongTermCare
MyLongTermCare
Aviva MyLongTermCarePlus
MyLongTermCarePlus
CoverageLifetimeLifetime
Monthly Benefit:S$200-S$5,000S$200-S$5,000
Lifetime Monthly Benefit Qualification:3 ADLs2 ADLs
Increasing Payouts:
Option of 2% or 3% p.a. fixed rate^
Lump Sum Benefit:
3x of your 1st monthly benefit^^
Dependent Care Benefit:
An additional 20% of your monthly benefit, for up to 36 months^^
Premium Waiver
Available for inability to perform 1+ ADL
^Until the end of the premium term, or when a claim is made, whichever is earlier. ^^For severe disability online (inability to perform 3 out of 6 ADLs for LongTermCare; 2 out of 6 ADLs for LongTermCarePlus)
Plan:
Aviva MyLongTermCare
MyLongTermCare
Aviva MyLongTermCarePlus
MyLongTermCarePlus
CoverageLifetimeLifetime
Monthly Benefit:S$200-S$5,000S$200-S$5,000
Lifetime Monthly Benefit Qualification:3 ADLs2 ADLs
Increasing Payouts:
Option of 2% or 3% p.a. fixed rate^
Lump Sum Benefit:
3x of your 1st monthly benefit^^
Dependent Care Benefit:
An additional 20% of your monthly benefit, for up to 36 months^^
Premium Waiver
Available for inability to perform 1+ ADL
^Until the end of the premium term, or when a claim is made, whichever is earlier. ^^For severe disability online (inability to perform 3 out of 6 ADLs for LongTermCare; 2 out of 6 ADLs for LongTermCarePlus)

Aviva's MyLongTermCare and MyLongTermCarePlus plans provide a plethora of benefits not generally seen with other CareShield supplement plans, making them a good choice for people looking for maximum coverage. In addition to standard benefits like an additional monthly payout option of up to S$5,000 per month, Aviva also offers additional coverage for the dependent care benefit, caregiver benefit and death benefit. These additional coverages provide an increased umbrella of financial protection for everything (and everyone) that a disabled person might require. While both plans offer most of the same benefits, MyLongTermCarePlus provides coverage for less severe disabilities, as it defines a severe disability as the inability to perform 2 out of the 6 Activities of Daily Living (ADL) rather than 3.

Since pricing wasn't available, we compared pricing using Aviva's illustrative profile and found that premiums range between 20%-46% more for MyLongTermCare and 7%-35% for MyLongTermCarePlus. You can pay premiums up to the policy anniversary after your 97th birthday or pay for a limited period either up to the policy anniversary after your 67th birthday or for 20 years if you are older than 49. Lastly, you should note that if you choose to have increasing payouts, your premiums will increase accordingly.

Best for Mild Disabilities: Great Eastern GREAT CareShield

ValueChampion x PolicyPal Promotion: Get 20% off your CareShield Life Supplements!
Plan:
Great Eastern GREAT CareShield
GREAT CareShield Enhanced
Great Eastern GREAT CareShield
GREAT CareShield Advantage
CoverageLifetimeLifetime
Monthly Benefit:S$300-S$5,000S$300-S$5,000
Monthly Benefit Qualification:50% for 2 ADLs; 100% for 3+ ADLs100% for 2+ ADLs
Lump Sum Payout:N/A3x monthly payout if unable to perform 1+ ADL
Increasing/Fixed Payouts:
Fixed
Dependent Care Benefit:
N/A
Premium Waiver
Available for inability to perform 1+ ADL
Premiums^ - Monthly Benefit S$1,500 (Male)S$885.80S$1,078.56
Premiums^ - Monthly Benefit S$1,500 (Female)S$1,213.54S$1,514.16
Premiums for premium payment terms up to age 80
Plan:
Great Eastern GREAT CareShield
GREAT CareShield Enhanced
Great Eastern GREAT CareShield
GREAT CareShield Advantage
CoverageLifetimeLifetime
Monthly Benefit:S$300-S$5,000S$300-S$5,000
Monthly Benefit Qualification:50% for 2 ADLs; 100% for 3+ ADLs100% for 2+ ADLs
Lump Sum Payout:N/A3x monthly payout if unable to perform 1+ ADL
Increasing/Fixed Payouts:
Fixed
Dependent Care Benefit:
N/A
Premium Waiver
Available for inability to perform 1+ ADL
Premiums^ - Monthly Benefit S$1,500 (Male)S$885.80S$1,078.56
Premiums^ - Monthly Benefit S$1,500 (Female)S$1,213.54S$1,514.16
Premiums for premium payment terms up to age 80

Great Eastern's GREAT CareShield plans are relatively inexpensive options that can be useful for people who want coverage for mild disabilities. However, while both provide some form of payout if you are unable to do 2 out of the 6 Activities of Daily Living (ADL), GREAT CareShield Advantage will be the better choice if you're looking for coverage for minor disabilities since it provides a lump sum payout if you are unable to do just 1 ADL. That being said, both options still provide a premium waiver if you are disabled and unable to perform 1 ADL.

We mentioned earlier that Great Eastern's supplemental plans are reasonably priced. This is because premiums for a 35-year old cost 3-34% less Income and Aviva's plans. Great Eastern's premiums are fixed and you can choose to pay them up until the policy anniversary on your 65th or 80th birthday.

Best for Dependent Coverage: Income Care Secure

ValueChampion x PolicyPal Promotion: Get 20% off your CareShield Life Supplements!
Plan:
Income Care Secure
Income Care Secure
CoverageLifetime
Monthly Benefit:S$1,200-S$5,000
Monthly Benefit Qualification:100% if unable to perform 2 out of 6 ADLs
Support Benefit:300% of disability benefit for moderate disability; 600% for severe disability
Increasing/Fixed Payouts:Fixed
Dependent Care Benefit:25% of disability benefit for 36 months
Death Benefit:300% of disability benefit (if already receiving benefit)
Premium WaiverAvailable for inability to perform 2+ ADL
Premiums^ - Monthly Benefit S$2,100 (Male)S$1,114.30
Premiums^ - Monthly Benefit S$2,100 (Female)S$1,619.00
^For apples to apples comparison with other insurers, monthly payout chosen is S$2,100 to break down into the inclusive CareShield Life S$600 benefit and & S$1,500 from Income
Plan:
Income Care Secure
Income Care Secure
CoverageLifetime
Monthly Benefit:S$1,200-S$5,000
Monthly Benefit Qualification:100% if unable to perform 2 out of 6 ADLs
Support Benefit:300% of disability benefit for moderate disability; 600% for severe disability
Increasing/Fixed Payouts:Fixed
Dependent Care Benefit:25% of disability benefit for 36 months
Death Benefit:300% of disability benefit (if already receiving benefit)
Premium WaiverAvailable for inability to perform 2+ ADL
Premiums^ - Monthly Benefit S$2,100 (Male)S$1,114.30
Premiums^ - Monthly Benefit S$2,100 (Female)S$1,619.00
^For apples to apples comparison with other insurers, monthly payout chosen is S$2,100 to break down into the inclusive CareShield Life S$600 benefit and & S$1,500 from Income

Income's Care Secure plan can be a good option for people who want to make sure their dependents will be well taken care of in the event of a disability. Income provides between S$1,200 and S$5,000 of additional monthly payouts for life, although there's one caveat not seen with other insurers. For moderate disabilities—inability to perform 2 Activities of Daily Living (ADL)—Income will pay the full disability benefit you have chosen. However, in the event you suffer a severe disability (inability to perform 3 ADLs), Income will pay you 100% of the disability benefit minus your CareShield Life benefit. Additional benefits include 25% of the disability benefit for your dependents, an up to 600% support benefit payout, a premium waiver and a 300% of your disability benefit death waiver.

Due to the dependent and death benefits being larger than what other plans offer, Income Care Secure can be well suited for people who have dependents. Since a disability can easily leave you out of work and without a solid income, this supplemental plan can fill in the missing gaps for families who are dependent on one source of income. It is also the cheapest option for people who want a full payout for a moderate disability. That said, because Income's payouts for severe disabilities includes the CareShield Life benefit, it may not be the best option for people looking to maximise coverage against severe disabilities.

Frequently Asked Questions

CareShield Life is a government-mandated disability insurance that provides a lifetime monthly payout of S$600 if you get into an accident or suffer an illness that renders you disabled. Do note that while monthly payouts will start at S$600/month, they will have a non-guaranteed increase of 2% annually until you turn 67. Your pre-existing disabilities will not exclude you from coverage. As soon as you are qualified to make a claim, you will stop paying premiums and will start receiving your monthly payout. Coverage is also worldwide, as long as you are a Singaporean citizen or permanent resident.

Singaporean Citizens and Permanent Residents will be automatically covered when they turn 30 years old or those born in 1980 or later. For citizens and permanent residents who were born in 1979 or earlier, you may choose to enrol in CareShield Life starting at the end of 2021—provided you are not currently severely disabled.

You can pay for CareShield Life premiums fully via MediSave. If you are unable to pay for your premiums, then you may be eligible for government help. You can use up to S$600 from your MediSave for CareShield Life supplemental plans. Any leftover amount owed can be paid via cash, GIRO, credit card, debit card, cheque or bank order. You may also choose to use the MediSave funds of one of your family members (thought it will be subject to CPF approval).

To qualify for a payment, you will have to have suffered a disability. The disability can occur from an accident (like a car accident) or from an illness (like a stroke). There are three levels of disabilities: mild/minor, moderate, and severe. Mild disabilities mean you are unable to perform 1 Activity of Daily Living, a moderate disability is defined as being unable to perform 2 Activities of Daily Living and severe disabilities mean you are unable to perform 3 Activities of Daily Living. While CareShield Life will payout only if you are unable to perform 3 or more Activities of Daily Living, CareShield Life supplemental plans will start providing payouts for mild or moderate disabilities.

An Activity of Daily Living is defined as a common activity you would normally be able to do independently on a daily basis. There are 6 Activities of Daily Living that are used to help insurers and the government to see whether you are disabled. These activities are dressing, toileting, washing, feeding, mobility and transferring (i.e. moving from a bed to a wheelchair and vice versa).

Methodology

We gathered premium and benefit data for all the currently available CareShield Life Supplemental plans. To help people find the best one for their needs, we used analysed the available information to distinguish where each plan's strengths and weaknesses lie. Please note that your premiums may be changed at the insurer's discretion and may not be the same as the illustrative rates shown above.

Anastassia Evlanova

Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.

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