Singlife has introduced Singlife Dementia Cover, the first insurance policy specifically designed to provide annual financial support to individuals diagnosed with dementia and other mental health conditions. This innovative product addresses a critical gap in the market, offering much-needed financial security for those affected by these debilitating conditions.
In tandem with this product launch, Singlife has signed a memorandum of understanding (MoU) with Dementia Singapore, an organisation dedicated to supporting those affected by dementia through comprehensive care services, advocacy, and training initiatives. This collaboration aims to create a more informed and empathetic approach to dementia care within the financial services industry.
The partnership with Dementia Singapore will enable Singlife to better educate its financial advisors and employees about dementia. The training programs provided by Dementia Singapore will enhance understanding and improve communication with clients who are either personally navigating dementia or acting as caregivers for loved ones. Additionally, Singlife employees will participate in Dementia Singapore’s community outreach efforts, further embedding a culture of empathy and support within the company.
Mr. Jason Foo, CEO of Dementia Singapore, emphasized the partnership’s goal to strengthen support for individuals with dementia and their caregivers. “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 ever mindful of the importance of being financially prepared for a long-term care plan,” he said.
According to research conducted by the Institute of Mental Health in 2015, approximately 10% of Singaporeans over the age of 60 are affected by dementia, a number expected to double by 2030. In light of this growing concern, Singlife has developed the Dementia Cover policy, which promises up to S$10,000 annually to cover various mental health conditions for individuals up to the age of 99.
Upon receiving a dementia diagnosis, policyholders are eligible for a lump-sum payout of up to S$10,000 for depressive or anxiety disorders. The policy also includes additional lump-sum payouts for medical expenses related to accidental injuries, acknowledging the increased risk of falls among this population. Furthermore, in cases of advanced dementia, the policy allows policyholders to halt premium payments while still receiving annual benefits for up to 10 years.
Pearlyn Phau, CEO of Singlife, highlighted the urgent need for societal adaptation to accommodate the increasing prevalence of dementia as the population ages. This innovative insurance product and strategic partnership with Dementia Singapore demonstrate Singlife’s commitment to addressing the financial and emotional challenges associated with dementia, providing comprehensive support for individuals and their families.
Key Benefits & Features of Singlife Dementia Cover
Coverage up to 99 Years Old
Singlife Dementia Cover provides long-term security, offering coverage until the age of 99. Policyholders can choose their benefit amount, ranging from S$200 to S$2,000, culminating in a total potential payout of up to S$170,000. This extensive coverage ensures that individuals have the financial support they need throughout their lifetime, addressing the high costs associated with dementia care.
Support During Advanced Stages
Recognizing the long-term nature of dementia care, Singlife provides substantial financial support for those in the advanced stages of dementia. The policy offers payouts of up to S$100,000, distributed over 10 years, to help cover the increased care requirements and associated costs during this challenging period. This feature ensures that families have the necessary resources to provide adequate care for their loved ones.
Comprehensive Mental Health Coverage
Beyond dementia, Singlife’s coverage extends to a variety of serious mental health conditions. This broad scope ensures that policyholders receive financial assistance for a range of mental health issues, highlighting Singlife’s commitment to comprehensive mental health support. This inclusivity provides peace of mind, knowing that various conditions are covered under one policy.
Personal Injury Payout
Dementia patients often face an increased risk of accidents, such as burns or fractures. Singlife addresses this risk by offering lump-sum payouts for accidental injuries related to dementia. This benefit ensures that individuals have the financial means to cover medical expenses resulting from such incidents, reducing the overall burden on families.
Emotional Helping Hand
Mental health conditions like depressive or anxiety disorders often accompany dementia. Singlife provides lump-sum payouts specifically for these conditions, ensuring that policyholders can access the necessary treatment and support. This feature underscores Singlife’s holistic approach to mental health, addressing both physical and emotional needs.
Premium Payment Relief
In cases of late-stage dementia, Singlife offers a significant relief by allowing policyholders to stop paying premiums while still retaining their coverage. This benefit ensures that financial strain does not compound the difficulties associated with managing advanced dementia, providing continuous support without the added burden of ongoing premium payments.
