Better to get CareShield Life earlier than later

There are advantages to signing up early, including immediacy of coverage and participation incentives for the Pioneer and Merdeka generations

- Salma Khalik

While they can wait for up to two years if they want to, people born before 1980 who would like to take on the protection of CareShield Life insurance would be better served doing it sooner rather than later.

There is no difference in the amount paid, but coverage begins immediately. Buying in early would also ensure they don’t get disqualified should anything untoward happen in these two years.

CareShield Life is the national disability insurance that provides monthly payouts – currently $612 a month, but set to increase annually to offset inflation – for as long as a person is unable to do at least three of the six activities of daily living: bathing, dressing, eating, moving from bed to chair, going to the toilet or moving around.

It includes people suffering from dementia that requires caregiver help.

The money can be used for anything, from paying for nursing home care to having a live-in helper.

This insurance, launched on Oct 1, 2020, is compulsory for all Singaporeans and permanent residents born in or after 1980, from the time they turn 30 years of age. The first batch includes people up to the age of 40.

CareShield Life is the successor to ElderShield 300 and 400, which no longer accept new applications.