What is CareShield Life?
In short, CareShield Life is a nationwide insurance scheme that offers Singaporeans basic financial aid where severe disability or need for long-term medical care arises.
It is an upgraded version of ElderShield, providing larger reimbursements and lifetime payouts till age 67 or retirement. You are automatically enrolled into CareShield Life at age 30 if you are born in 1980 or later.
If you’re looking to learn more about Careshield Life, check out our comprehensive guide to CareShield Life!
To fully understand the differences between CareShield and ElderShield, you may read our Careshield Life vs Eldershield comparison.
What is a Careshield Life Supplement?
Like Riders, Careshield Life Supplements enhances your basic CareShield Life coverage through additional benefits like higher monthly payouts.
You may make payment for your CareShield Life Supplement via cash, your MediSave, or your family members’ Medisave.
Payments using MediSave are capped at $600 per calendar year per insured individual.
Let us take you through the various Careshield Life Supplements, and provide you a comparison of the available plans.
Comparison of the Best CareShield Life Supplements
Entry Age
You must be between age 30 and 64 to be covered under any of the CareShield Life Supplements.
Premium Payment Terms
The premium terms accompanying each plan are contrasted in the table below.
| Singlife with Aviva | Great Eastern | NTUC Income | ||||||||
| Singlife CareShield Standard | Singlife CareShield Plus | GREAT CareShield | Care Secure | |||||||
| Premium Waiver | Upon inability to perform at least 1 ADL, subject to a 90-day deferment period | Premium Waiver | Upon inability to perform at least 1 ADL, subject to a 90-day deferment period | Premium Waiver | Upon inability to perform at least 2 ADLs, subject to a 90-day deferment period | |||||
| Deferment Period | 90 days | Deferment Period | 90 days | Deferment Period | 90 days | |||||
| Premiums Payable | Levelled or escalating (2% or 3% yearly) | Premiums Payable | Levelled based on entry age last birthday | Premiums Payable | Levelled | |||||
| Premium Periods | Male | Female | Male | Female | Premium Periods | Male | Female | Premium Periods | Male | Female |
| Up to 97 ANB | $256 | $309 | $306 | $370 | For entry age 30 to 47: Up to 95 ALB | $287 | $383 | Up to 84 ANB | $175 | $245 |
| Up to 67 ANB, or 20 years after entry age | $381 | $460 | $457 | $553 | For entry age 48 to 64: Up to 67 ALB, or 20 years after entry age | $425 | $521 | Up to 67 ANB | $218 | $337 |
Premium rates wise, Great Eastern’s GREAT CareShield charges the highest amount of premiums payable, followed by Singlife with Aviva’s supplements, and lastly NTUC Income’s CareSecure.
For the premium period, the plans under Singlife with Aviva have the longest period of up to 97 ANB. It also offers the option of escalating premiums which aligns rates to inflation.
You will want to note that Singlife with Aviva and Great Eastern are currently giving a 20% discount off their premium rates throughout your coverage period!
Benefits
The table below lists the benefits you are entitled to under the respective plans. Benefits are subjected to a 90-day Deferment Period, starting from the date you are certified severely disabled.
| Singlife with Aviva | Great Eastern | NTUC Income | ||
| Singlife CareShield Standard | Singlife CareShield Plus | GREAT CareShield | Care Secure | |
| Eligibility for Monthly Benefit Claims | Unable to perform at least 3 ADLs | Unable to perform at least 2 ADLs | Unable to perform at least 1 ADL | Unable to perform at least 2 ADLs |
| Monthly Benefit |
| $300 – $5,000 on top of CareShield Life payouts, in $100 increments.
| $1,200 – $1,500 on top of CareShield Life payouts, in $100 increments.
| |
| Initial Lump Sum Benefit | Triple the first monthly benefit paid | Triple the monthly benefit |
| |
| Death Benefit During Claims Period | Triple the last monthly or rehabilitation benefit | – | Triple the monthly benefit | |
| Benefit Period | Lifetime, ceases upon death or recovery | |||
| Dependant Benefit | If the child is 22 ANB and below, 20% of the monthly benefit for a maximum of 36 months | If the child is 22 ALB and below, 30% of the monthly benefit for a maximum of 48 months (Policyholder must be unable to perform at least 2 ADLs) | If the child is below age 21, 25% of the monthly benefit for a maximum of 36 months | |
| Caregiver Relief Benefit | 60% of the monthly benefit for a maximum of 12 months | – | ||
| Rehabilitation Benefit | – | 50% of the last monthly benefit | – | |
| Guaranteed Issuance Option | Monthly benefit increases by 50% maximum without underwriting upon reaching key life stage events, with the additional premium payable | – | ||
| Paid-Up Benefits | Yes | |||
Sample Premium and Benefits
To give you an idea of the premiums payable and the accompanying monthly benefits claimable, a sample illustration for both policy plans are detailed below.
Singlife CareShield Standard and Singlife CareShield Plus
| Singlife CareShield Standard | Singlife CareShield Plus | |||
| Policyholder Age | 35 ANB | |||
| Monthly Benefit | $1,000 | |||
| Premium Terms |
|
| ||
| Escalating yearly premium (escalates by 2% yearly) | Monthly benefit (escalates by 2% yearly) | Fixed yearly premium | Fixed monthly benefit | |
| At 35 ANB: | $814.27 | $1,000 | $548.91 | $1,000 |
| At 36 ANB: | $830.56 | $1,020 | $548.91 | $1,000 |
| At 65 ANB: | $1,474.64 | $1,811 | $548.91 | $1,000 |
Great Eastern’s GREAT CareShield
| Policyholder Age | 30 ANB | |
| Monthly Benefit | $1,500 | |
| Premium Terms |
| |
| – | Inability to perform 1 ADL | Inability to perform 2 ADLs |
| Premium Waiver | Inforce during the disability period | |
| Initial Lump Sum Benefit Entitled | $4,500 | |
| Monthly Benefit Entitled | $750 | $1,500 |
| Caregiver Benefit | – | $900 monthly for up to 48 months |
| Dependant Care Benefit | – | $450 monthly for up to 48 months |
| Total Payout after 1 Year | $13,500 | $20,700 |
NTUC Income’s Care Secure
| Entry Age | Single, Age 32 | Married, Age 40 |
| Disability Status | Unable to perform 2 ADLs | Unable to perform at least 3 ADLs |
| Monthly Benefit | $1,500 | $1,800 |
| Premium Terms | Fixed premium | |
| Premium Waiver | Inforce during the disability period | |
| Initial Lump Sum Benefit Entitled | $4,500 | $10,800 |
| Dependant Benefit | – | $16,200 |
| Total | $270,000 (15-year disability period) | $270,000 (10-year disability period) |
Best CareShield Life Supplement – Singlife CareShield Standard
Overall, Singlife’s CareShield supplements would be the most holistic supplement. For the premiums it charges, the benefits are extensive.
Out of the 3 insurers, it offers you the highest maximum monthly benefit payout and gives you the flexibility to be reimbursed in levelled or escalating payouts.
It also provides a death benefit, caregiver relief benefit, and the Guaranteed Issuance Option, which are not offered by some of the other supplements available.
Most Comprehensive CareShield Life Supplement – Singlife CareShield Plus
Despite being the second most expensive supplement in the market, Singlife’s CareShield Plus delivers the most extensive coverage.
Alongside GREAT CareShield, its maximum monthly benefit payout is the highest ($5,000).
It also provides additional benefits such as the Guaranteed Issuance Option and Rehabilitation Benefit which other supplements do not offer.
Cheapest CareShield Life Supplement – NTUC Income’s Care Secure
If you’re looking for the cheapest CaresShield Life supplement, NTUC Income’s Care Secure commands the cheapest premium payable among all the supplements available.
For the premium period of up to age 67, the price of premium is half to two-thirds the price (51%-65%) of GREAT CareShield, which is the most expensive supplement in the market for the premium period of up to age 67.
If you opt for a longer premium period, the price drops even more as seen in the first table above.
So if budget is a concern, the NTUC Income Care Secure is definitely one you should look at.
Best CareShield Life Supplement to Counter Inflation – Singlife CareShield Standard or Singlife CareShield Plus
Both of Singlife with Aviva’s supplements (CareShield Standard and CareShield Plus) offer escalating monthly payouts to adjust for market inflation.
They’re the only plans that offer this feature and is something that many of our readers look out for – especially since inflation is going to play a big part in the future!
Please note that as your payouts increase, the premiums payable you are subjected to will increase by the same rate.
Best CareShield Life Supplement for 2 ADLs – Singlife CareShield Plus
Singlife’s CareShield Plus would be your choice supplement for 2 ADL.
The supplement entitles you to the most comprehensive range of benefits, namely the monthly benefit, lump-sum benefit, death benefit, dependent benefit, caregiver relief benefit, rehabilitation benefit, and the Guaranteed Issuance Option.
This comes with more bang for your buck as Great Eastern’s and NTUC Income’s plan does not even offer the same benefits and coverage for similar price points!
Best CareShield Life Supplement for 1 ADLs – GREAT CareShield
It is easiest to qualify for monthly benefit payouts under GREAT CareShield. You will only need to be unable to perform at least 1 ADL for a successful claim.
This is in contrast with the supplements by Singlife with Aviva’s policies and NTUC Income’s Care Secure, which requires an inability to perform at least 2 to 3 ADLs.
However, the likelihood of only claiming for 1 ADL is low.
There are higher chances of getting a few ADLs together as compared to just 1 ADL.
But if you’d like to play it safe, the GREAT CareShield is the only supplement that provides this, and is the one for you!
Best CareShield Life Supplement for Dependant Benefit – GREAT CareShield
GREAT CareShield dispenses the most attractive Dependant Benefit.
It covers your child for the longest duration (up to 22 years old) and reimburses the highest percentage of payouts (30%) for the longest duration (48 months) among the available CareShield Life Supplements.
This is in contrast to Singlife with Aviva’s 20% for 36 months and NTUC Income’s 25% for 36 months.
So if you’re worried that you might need the dependant benefit for your child (below 22 years old), the GREAT CareShield provides the most coverage for you.
Conclusion
Still unsure of which Careshield Life Supplement is best suited for you?
Our reliable partner financial advisors are ready to help!
They will objectively assess the various supplements with respect to your needs, and provide you unbiased advice on which supplement to adopt.
