Given the recent publicity on CareShield Life, many might mistake it as the policy that will take care of your disability insurance needs. This isn’t the case and you can read more about this government-administered policy in this article.
In short, CareShield Life provides long-term care support for Singaporeans and PRs in cases where they are severely disabled. This should not be confused with a disability insurance from private insurers, which is meant to complement CareShield Life, rather than be treated as a similar or additional insurance policy.
If you find yourself with a disability that prevents you from working, you will require a source of income to continue sustaining yourself and your family at a similar standard of living. This income will come in the form of payouts from your disability income insurance, such as AIA Premier Disability Cover.
Such policies cover you even in cases where you can continue working with your disability by providing top-ups if your earning power is reduced. You also stand to receive lump sum payouts in instances of severe disability rendering you unable to work, which may also be supplemented by payouts from CareShield Life, as well as rehabilitation benefits and premium waiver with continued protection.