Prudential Singapore and NTUC Income have partnered up to help Singaporeans prepare themselves financially for their later years and long-term care needs.
Under the partnership, Income’s Care Secure, a CareShield Life supplement plan, will be made available through Prudential’s network of financial consultants.
This is in addition to Income’s own multi-channel distribution network.
CareShield Life is a long-term care insurance scheme introduced by the government in October 2020. The scheme is to help provide basic financial support to help Singaporeans cover their personal and medical care expenses should they become disabled, especially in their old age.
Income’s Care Secure offers its policyholders additional coverage and financial support in addition to the coverage already provided by CareShield Life.
According to data pulled by Prudential Singapore, Singaporeans have one of the highest life expectancies in the world at 83.9 years.
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In addition, studies show that one in two healthy Singaporeans aged 65 could become severely disabled in their lifetime and may need long-term care.
By 2030, it is estimated that 47% of Singaporeans ageing population will experience one or two limitations to their daily living activities, while 53% will have three or more of such limitations.
Under the supplement, policyholders will be able to receive their lifetime monthly disability payout if they are unable to perform two or more activities of daily living (ADLs), compared to the basic CareShield Life plan, which requires customers to be unable to perform at least three ADLs.
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Prudential’s chief distribution officer, Ben Tan, says, “We are pleased that our partnership with Income allows us to protect even more Singaporeans against rising medical costs, and raise awareness about the importance of early planning for long-term care, through our 5,000-strong agency force.”
“As Singaporeans are living longer, the risk of disability associated with their health is real. It is crucial that they also have the necessary financial protection when unexpected events occur and there is a need for long-term care services,” he adds.
Fabian Ng, Income’s general manager for consumer business says, “We are very glad to be working with Prudential, a fellow industry service and advisory provider, who is equally passionate about improving access to insurance and giving customers more solutions to meet their individual needs.”
“Working with like-minded partners amplifies Income’s endeavours to promote better financial planning and preparedness amongst Singaporeans, particularly in the area of long-term care. Together, we look forward to closing protection gaps and empowering more Singaporeans with better financial security well into their later years, even in difficult times,” he adds.
