Great Eastern GREAT CareShield Review [2022]: Best For 1 ADL

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Great Eastern GREAT CareShield Review: Best for 1 ADL!

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great eastern careshield review

Table of Contents

The Great Eastern GREAT CareShield is a CareShield Life supplement that supports you if you have long-term care expenses or a loss of income due to a disability.

The cover provides additional coverage over and above your standard CareShield Life policy.

Follow through to learn more about the Great Eastern GREAT CareShield.

Criteria

Entry Age

To sign up for the GREAT CareShield, you’ll need to be at least 30 years old and not older than 64 years old.

Depending on the age group you decide to purchase this policy for yourself, the premium period varies as seen in the table below:

Entry Age (Age Last Birthday) Premium Period
30 – 47 Up to age 67 – 95
48 – 64 20 years or up to age 95

Premiums

As previously mentioned, the premium period is up to age 67 or 95 years.

Like any other policy, premiums are payable monthly, quarterly, half-yearly, and yearly.

You can pay your GREAT CareShield premiums using your MediSave funds. The earlier you sign up for this, the lower premiums you’ll incur.

Here is a sample premium table for Great Eastern’s GREAT CareShield before MediSave deductions:

Gender Age Monthly Benefits Yearly Premiums Till 67 Yearly Premiums Till 95
M 30 $ 300.00 $ 198.56 $ 134.10
F $ 243.30 $ 178.88
M $ 1,500.00 $ 992.81 $ 670.50
F $ 1,216.50 $ 894.38
M $ 3,000.00 $ 1,985.64 $ 1,341.01
F $ 2,433.00 $ 1,788.75
M $ 5,000.00 $ 3,309.38 $ 2,335.00
F $ 4,055.00 $ 2,981.25
M 40 $ 300.00 $ 323.09 $ 193.79
F $ 397.20 $ 260.96
M $ 1,500.00 $ 1,615.50 $ 969.00
F $ 1,986.01 $ 1,304.81
M $ 3,000.00 $ 3,231.01 $ 1,938.00
F $ 3,972.00 $ 2,609.63
M $ 5,000.00 $ 5,385.00 $ 3,230.00
F $ 6,620.00 $ 4,349.38

Of course, the premiums will vary depending on your age and gender, so be sure to consult a financial advisor to obtain the premiums for you.

Benefits

Monthly Benefits

Great Eastern’s GREAT CareShield is the only CareShield Life supplement that offers you monthly benefits if you cannot perform 1 ADL – making it highly attractive if you’re a cautious individual.

When making claims for only 1 ADL, you will receive 50% of the monthly benefit. However, when claiming for at least 2 ADLs, you will get 100% of the monthly benefit.

Initial Lump-Sum Benefit

Additionally, your supplementary cover starts with a lump sum benefit of 3x your monthly benefit.

This means that the most you can receive is $15,000 if you selected $5,000 as your monthly benefit.

Caregiver Relief Benefit

Additional financial aid will be provided to your loved ones to aid in your healing.

If you are unable to do at least 2 ADLs for up to 12 months, you will get 60% of your monthly benefit.

Dependant Care Benefit

Inability to perform at least 2 ADLs will result in payment of 30% of the monthly benefit for a maximum of 48 months if your child is 22 years old and below (Age Last Birthday).

Premium Waiver

When unable to perform at least one ADL, premiums are waived for as long as you are facing the disability.

An Example To Illustrate the GREAT CareShield

Assuming John, aged 30, signs up for the GREAT CareShield with a single premium payment term of up to 95 years with the following coverage:

  • Monthly benefit of S$1,500.
  • Annual Premium is S$573 after the 20% promotional discount, which he can pay with cash or MediSave.

 

Assume John, at 40 years old, has a minor stroke that prevents him from performing at least 1 ADL. These are the benefits he will get;

  • S$4,500 as the initial lump sum benefit.
  • S$750 is payable every month (50% of monthly benefit as the claim is only for 1 ADL).
  • Monthly premiums are waived.

 

Assuming it took a year for John to recover.

At 41 years, the Monthly Benefit ceases, and now he continues his premium payments.

Therefore within the one year, John is sick, he receives a total of S$13,500 as benefits.

Benefits Payouts
Lumpsum $4,500
Monthly Benefits (750*12 months) $9,000
Total Benefits S$13,500

This excludes the payouts from the basic CareShield Life plan.

At 45 years, John is involved in another accident and subsequently permanently loses his ability to perform 2 ADLs. He then passes on at the age of 85.

In this case, he receives the following benefits.

Benefits  Payouts
Lumpsum Benefit* $4,500
Monthly Benefit $1,500 * 30 months = $45,000
Caregiver Benefit $900 for 12 months = $10,800
Dependant Care Benefit** $450 per month for 48 months = $21,600
Total Benefit $81,900

*John will receive the lumpsum benefit again unrelated to his previous claim.

**Assuming John has a dependant aged 22 and below.

Comparison of Great Eastern’s GREAT CareShieldWith Other CareShield Life Supplements Plans

CareShield Life Supplement Premium Payable (Example) Sample Monthly Payout at 30 Years Eligibility of Claims Death Benefit Dependent care Caregiver Relief Rehabilitation benefit Premium Terms
NTUC Income Care Secure S$218 (up to 67 years) $1,200 (including CareShield Life payout) At least 2 out of the 6 ADLs 300% of the last paid disability benefit Extra 25% of the monthly benefit for 36 months. Not Available Not Available Premium term options of 67 – 84 years
Great Eastern GREAT CareShield S$291 Up to 65 years S$600 -excludes CareShield Life payout Any of the 1 out of 6 ADLs Not Available 30% monthly benefits if unable to perform at least 2 ADLs Extra 60% of the monthly benefit for 12 months Not Available The premium term for 30 to 47 years is up to 67 or 95 (ANB) or 20 years. 

 

The premium term for 48-64 is up to 95 (ALB) or 20 years

Singlife CareShield Plus S$457 – Up to age 67 S$600 (excludes CareShield Life payout) At least 2 out of 6 ADLs 300% of the last paid disability benefit Extra 20% of the monthly benefit for 36 months. Extra 60% of the monthly benefit for 12 months Not Available Premium term options up to ANB1 68 and 99
Singlife CareShield Standard S$381 – Up to age 67 S$600 (excludes CareShield Life payout) At least 3 out of 6 ADLs 300% of the last paid disability benefit Extra 20% of the monthly benefit for 36 months. Extra 60% of the monthly benefit for 12 months 50% of your last monthly benefit (2 ADLs) Premium term options up to ANB1 68 and 99
  • Sample for a 30-year-old non-smoking male.
  • All payouts are subject to the Deferment Period.
  • Payouts are payable during the time the insured suffered disabilities or lifetime.
  • The maximum payout is equal to S$5,000 for all policies

Conclusion

The Great Eastern GREAT CareShield is the only CareShield Life supplement where you get lifetime monthly payouts if you can’t perform at least 1 of the ADLs.

Also, you get premium waivers for as long as you can’t perform an ADL. Other benefits include a lump sum payment and dependent benefits.

Despite the advantages, the policy doesn’t have an additional death benefit as compared to NTUC Income’s Care Secure and Singlife’s CareShield Standard and Plus.

Rehabilitation benefits are also missing as compared to what’s offered by Singlife’s CareShield Plus plan.

Also, if comparing based on 2 ADLs, the premiums on the GREAT CareShield are much higher as compared to NTUC Income’s Care Secure.

If you are looking for a cost-effective option, the NTUC Income Care Secure would be a good alternative.

Regardless of what it’s lacking, there’s much to like about the GREAT CareShield. And if you’re looking to get covered for at least 1 ADL, this is the CareShield Life supplement for you.

If you’d like to learn more about the best CareShield Life supplements, you read our post here.

Otherwise, you can contact a financial advisor to help you decide on what’s best for you.

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Dollar Bureau and its affiliated parties is not meant to be construed as financial advice. Dollar Bureau shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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