Singlife launches first-in-market coverage for dementia
The policy offers annual payouts of up to S$10,000 upon diagnosis and covers individuals up till age 99
HOME-GROWN financial services company Singlife launched Singlife Dementia Cover on Tuesday (May 14). It is the market’s first insurance plan offering yearly payouts for persons living with dementia.
The policy offers annual payouts of up to S$10,000 upon the diagnosis, and covers individuals up till age 99.
There is also an additional lump-sum payout of up to S$10,000 upon the diagnosis of other mental health issues, such as bipolar and schizophrenia disorder, and medical expenses incurred for accidental burns and fractures due to the increased risk of this group of people falling and injuring themselves.
Upon a late-stage dementia diagnosis, the policyholder can stop premium payments and continue to receive annual payouts for up to 10 years.
Prime Minister Lee Hsien Loong said in a 2023 speech that almost one in four Singaporeans will be over the age of 65 by 2030.
According to a study by the Institute of Mental Health, the number of people living with dementia is also expected to double to 152,0002 in that same year.
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Pearlyn Phau, group chief executive officer of Singlife, said: “Dementia is the fifth leading cause of disability in Singapore, and more are expected to get dementia as our population ages. We urgently need to prepare our society to live with dementia and are working with other stakeholders in the long-term care ecosystem to prepare Singaporeans.”
She continued: “Singlife Dementia Cover can help alleviate some of the financial challenges of dementia, but we think it is more important to raise awareness of how we can improve the well-being of persons living with dementia and their caregivers holistically.”
At the event, Singlife also signed a memorandum of understanding with Dementia Singapore, a social service agency specialising in dementia care, caregiver support, training, consultancy and advocacy.
The agency will provide training to Singlife’s affiliated financial adviser representatives and employees on the issues, impact on caregivers and support resources available in Singapore.
Jason Foo, CEO of Dementia Singapore, said: “The needs of a person with dementia can vary significantly, as might a family’s ability to provide for their loved one’s care journey. Depending on the diagnosis, these can include the task of managing home and centre-based activities that offer meaningful and therapeutic assistance for persons with dementia, as well as a host of psychosocial factors that comprise self-care solutions for caregivers.”
The partnership enables Singlife to support caregivers by offering complimentary benefits via Dementia Singapore’s Cara app, which includes a free one-year group term life insurance coverage for eligible caregivers.
The plan provides a payout of S$100,000 to the nominated beneficiary in the event of death, terminal illness, or total and permanent disability of the insured caregiver.
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