Switch to CareShield Life? Yes for some

Older S'poreans say they'll opt for disability insurance if premiums are affordable

Madam Chew Poh Geok and her husband Tan Kah Tee, who are ElderShield policyholders, said they will consider joining CareShield Life if they can afford it. Unlike ElderShield, CareShield Life will provide lifetime payouts, starting at $600 in 2020, bu
Madam Chew Poh Geok and her husband Tan Kah Tee, who are ElderShield policyholders, said they will consider joining CareShield Life if they can afford it. Unlike ElderShield, CareShield Life will provide lifetime payouts, starting at $600 in 2020, but with pricier premiums.ST PHOTO: SONG TAO

While the payout for long-term disability insurance CareShield Life is better than the current ElderShield scheme, older Singaporeans say they will make the switch if premiums are affordable.

When it is made available in 2020, those aged 30 to 40 in that year will be the first to join CareShield Life, but those born before 1980 can choose to opt out when it is made available to them a year later. Subsequent cohorts will join the scheme when they are 30.

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A version of this article appeared in the print edition of The Straits Times on July 05, 2018, with the headline 'Switch to CareShield Life? Yes for some'. Subscribe