CareShield Life Supplements Comparison: NTUC Income vs Aviva vs Great Eastern

With all the talk now on the MediShield Life proposed changes, news about CareShield Life has been somewhat drowned out since launching roughly two weeks ago. 

Perhaps it’s due to the optics surrounding CareShield Life that it’s meant for the elderly, but the young and healthy ought to be paying attention to this new government disability scheme as well. 

With all that said, the basic $600/month that CareShield Life pays out is still a very low amount. Anyone who has to support a family will find that that’s barely enough to tide them through. So, if that’s the case, what’s the point of CareShield Life?

What many don’t know is the option to upgrade their coverage via supplements that are being provided by private insurers – Aviva, NTUC Income, and Great Eastern. That’s not all, these supplements can even be paid for using yours and your family’s MediSave accounts, so you don’t even need to fork out cash. 

Do take note that there is a cap up to using your MediSave of a limit of $600 per calendar year per person insured.

What do these upgrades actually mean? Well, read on to find out how you may stand to earn five times the payout with these supplement plans.

 

CareShield Life Supplements Comparison: NTUC Income vs Aviva vs Great Eastern

It comes as no surprise that the private insurers offering CareShield supplements are the same ones that have been offering supplements for ElderShield. 

Features 

Aviva MyLongTermCare Plus

NTUC Income Care Secure

Great CareShield Advantage

Payout period

10 years or lifetime

12 years or lifetime

Lifetime

Premium period

Till 80 years old

20 years or lifetime

Til 65 years old

Claims eligibility

2/6 ADL

2/6 ADL

2/6 ADL

Monthly benefit

Up to $5,000

Up to $5,000 

Up to $5,000

Dependants’ benefit

20% of monthly benefit

25% of monthly benefit

Information yet to be released. 

Death benefit

300% of monthly benefit

300% of monthly benefit

Information yet to be released.

Waiver of premium once disabled

Yes

Yes

Yes

Special promotion: Aviva is offering 20% perpetual discounts until December 2020 for premiums that are $500 and above. 

 

Here’s how it all works

Meet Dave, 35, a father of two working your typical office job. Automatically enrolled into CareShield, he looks to secure additional benefits and payouts by signing up for a supplement plan. 

Seeing as he has two kids (one aged 22 ANB and below), he’s hoping for a plan that has a dependants’ benefit which both Aviva MyLongTermCare and NTUC Care Secure offer. Dave is also looking at a monthly benefit of $1,000. In this scenario, let’s assume he opts for Aviva MyLongTermCare Plus. 

Opting for a lifetime premium term (up to age 99 ANB) and a monthly benefit of $1000 that increases by 2% p.a. every year, Dave will have to pay $602.41 annually. With the 20% discount offered by Aviva, the premium owed becomes $481.93. This premium can be paid via your MediSave account.  

At age 45, Dave suffers a stroke which leaves him unable to perform at least 2 ADLs. Under the Aviva MyLongTermCare Plus plan, he will be entitled to receive several payouts:

1. Monthly benefit: $1200 (for as long as Dave is disabled.
2. Dependants’ benefit: $300/month (up to 36 months, max 20% of monthly benefit)
3. Lump sum benefit: $3600 (one time payment)
4.  Caregiver relief benefit: $720/month (up to 12 months)

In total, Dave will receive a total potential payout of up to $24,240 at the end of three years. With premium waivers as soon as you are certified disabled, Dave would have only paid $5,783.16 by age 45.

Do note that this is on top of the $600/month basic payout which CareShield Life gives you. 

 

Which provider should you go for?

There are many things to consider when making a decision for your supplement provider. For one, both Aviva and Income have dependants’ benefit which means that if you have kids, you’ll be eligible for an additional layer of support when you become disabled and are out of work. 

Another aspect to consider is the premium payment period. As it stands:

  1. NTUC Care Secure has payment periods up to age 67 or age 88. 
  2. Aviva MyLongTermCare Plus has more flexibility payment periods: one up to age 99 ANB or a limited premium payment term which comes up to 20 years from entry age or age 68 ANB. 
  3. For GREAT CareShield, information has yet to be released.

With an extended premium payment term, you’ll get to enjoy the benefit of premium waivers should you be unable to perform one of the ADLs. In the event that you finish paying the premium before an unfortunate event leaves you mildly disabled, you will not be able to enjoy the premium waivers. A longer premium term also means the annual premium you pay will be far lower. 

All three plans will have the option of using your MediSave and even your family’s Medisave for payment, so you don’t have to worry about forking out cash if you have enough in your MediSave. Again, we will like to remind you that the usage of MediSave has a limit of up to $600 per calendar year per person insured

Well, whichever insurer you go with, understand that at the end of the day, these plans are here to provide you with greater security for you and your family. 

 

Interested to find out more about supplements? 

If you would like to learn more about the supplements, we’ll be happy to connect you with our advisers who can explain to you every detail before you make any decisions. It’s an opportunity for you to clear any queries and doubts about CareShield Life as well find out what your next steps should be. 

Leave your details in the form below and we’ll be in touch!

Read more:
CareShield Life: The Ultimate Guide for Singaporeans & PRs
How CareShield Life might just save you and your family, regardless of age
Changes to MediShield Life in 2021: 7 Things to Expect

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