Ought to I enroll in Careshield Life?

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Some time back, a reader asked me about Careshield Life and being the lazy person that I am, I didn’t want to blog about it.

I simply said that my attitude towards Careshield Life is the same as my attitude towards Eldershield which is the truth.

They are both disability insurance products and if we have the best insurance in life, we don’t really need these.

See:

Eldershield: Is it really necessary?

and

Best insurance to have in life.




However, as many people do not have passive income that is sufficient for them to stop working, it is a good idea for them to have disability insurance.

For this group of people, Careshield Life is a better product than Eldershield for the following reasons:

1. Lifetime coverage.

We only need to pay till we are 67 years old or for 10 years after joining, whichever is later, and we are covered for life.

2. Lifetime cash payouts.

We get monthly payouts for as long as we are severely disabled while Eldershield only pays for up to 6 years.

3. Payouts increase over time.

Eldershield pays a fixed amount of $400 a month while Careshield Life pays $612 a month and it will increase at 2% per year.




Low income families probably need Careshield Life the most and they will receive significant subsidies. 

For those of us who are older, we will get incentives for joining Careshield Life by 31 Dec 2023.

I received a letter from the Ministry of Health to automatically enroll in Careshield Life last month. 

Based on my age, I will get a small incentive to do so too.

Since I was already enrolled in Eldershield to help lower the cost of collective risk sharing at the suggestion of a friend, I went with the automatic enrollment.




Careshield Life is a low cost disability insurance product. 

For me, the premium is $200+ in the first year after subsidy and incentive. 

I also like the idea that I am doing some good for society with my enrollment.

For anyone who is interested in finding out more, do a login with your Singpass at:

careshieldlife.gov.sg/cshl-premium-checker 

to check on the premiums.




To be fair, although self insurance is probably the best form of insurance, we can never tell if our passive income could be impacted negatively at any point in time.

So, having some disability insurance is probably not a bad thing even for those of us who have the best insurance in life.

Related post:
Total and Permanent Disability Insurance.





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