New insurance coverage for dementia, mental health issues
Singlife on May 14 launched a new insurance coverage that offers yearly payouts for persons living with dementia and other mental health issues.
In Singapore, one in 10 people aged 60 and above have dementia and there are more than 100 cases of young-onset dementia in people as young as 40 occurring each year.
Singlife Dementia Cover is the first insurance plan in Singapore that offers yearly payouts for individuals living with dementia and other mental health conditions – providing financial security for individuals affected by cognitive decline.
Covering individuals until their 99th birthday, the plan pays out up to $10,000 each year for dementia and mental health conditions such as major depressive, schizophrenia and bipolar disorders.
Individuals diagnosed with dementia are also eligible for a lump-sum payout of up to S$10,000 for depressive or anxiety disorder and an additional lump-sum payout of up to $10,000 for medical expenses for accidental burns and fractures.
If diagnosed with advanced dementia, the policyholder can stop premium payment but continue to receive annual payouts for up to
10 years.
“Even as we continue to ramp up efforts to advocate the need to do all we can to age well and reduce the risk of dementia, or to slow down the progression of the symptoms, we are mindful of the importance of being financially prepared for a long-term care plan,” said Dementia Singapore CEO Jason Foo.
Under their partnership, Dementia Singapore will be training Singlife’s affiliated financial adviser representatives and employees to improve their awareness and understanding of cognitive decline and the impact on caregivers.
Caregivers will also be offered complimentary benefits and exclusive discounts through Dementia Singapore's Cara app.
“Dementia affects not only those living with it, but also the caregivers who often prioritise the needs of their loved ones over their own well-being," said Singlife Group CEO Pearlyn Phau.
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