What is Disability Insurance?
Disability insurance provides income protection for individuals who have become disabled (unable to perform at least 2/3 out of 6 daily activities such as washing, dressing or feeding) and are unable to work.
Why is Disability Insurance important?
Without disability insurance, you will not be able to afford your basic needs as you will not receive any more income due to your disability. As such it will be good to protect your income before it is too late.
What are some of the basic coverages for Disability Insurance?
Common coverage that most disability insurance provide is monthly payout due to your disability. This monthly payout will be able to aid in daily expenses that you are incurring.
MyCare is a supplement for ElderShield which can transform your ElderShield cover into lifetime benefits with premiums that do not increase with age. It also provides you with a higher monthly payout which can be used to cover for more expenses incurred during your disability.
Unlimited Payout Term (receive monthly payouts as long as you are disabled)
Able to use Medisave Funds up to S$600 per calendar year per Life Assured
Able use your Medisave Funds to cover your spouse, parents or grandparents
Rehabilitation benefit of 50% of the monthly payout during your recovery stage
What other type of insurance are you looking for?