First dementia care insurance introduced in Singapore by Singlife

SINGAPORE: With people living longer these days, it’s hard to find any families that have not been affected by dementia, the fifth leading cause of disability in Singapore.

The country’s first-in-market insurance for dementia care, recently introduced by Singlife, is a welcome addition.

Singlife’s Dementia Care Cover is “a long-term care protection plan that gives payouts for cognitive decline and mental health coverage,” with the company recently signing a Memorandum of Understanding with Dementia Singapore to support not only dementia patients but also their caregivers.

This groundbreaking insurance provides coverage for cognitive decline, mental health issues, accidental burns, and fractures for individuals up to the age of 99 on their next birthday.

Ms Pearlyn Phau, the Group Chief Executive Officer of Singlife, noted that as Singapore’s population ages, more individuals are expected to develop dementia.

“We urgently need to prepare our society to live with dementia and are working with other stakeholders in the long-term care ecosystem to prepare Singaporeans,” she added.

While the insurance plan can alleviate some of the financial challenges brought about by dementia, Ms Phau underlined that Singlife believes it’s even more “important to raise awareness of how we can improve the wellbeing of persons living with dementia and their caregivers holistically.”

As it stands today, ten per cent of people from the age of 60 and up in Singapore have dementia, a 2015 study by the Institute of Mental Health says.

Moreover, the Ministry of Health said in 2021 that by 2030, the number of people with the condition is expected to double to 152,000.

How does Singlife’s Dementia Cover work?

The company’s long-term plan offers yearly payouts of S$10,000 for dementia and mental health conditions. These include major depressive disorder, schizophrenia disorder, and bipolar disorder.

When a person is diagnosed with dementia, Singlife’s Dementia Cover provides them with a lump-sum payout of up to S$10,000 for depressive or anxiety disorder.

An additional lump-sum payout of as much as S$10,000 is also provided for medical expenses incurred for accidental burns and fractures.

“Upon a late-stage dementia diagnosis, the policyholder can stop premium payment and continue to receive annual payouts for up to 10 years,” the company says.

Meanwhile, Dementia Singapore is training the company’s financial adviser representatives and employees to better understand the condition, its impact on caregivers, and the support resources available in Singapore.

Mr Jason Foo, the CEO of Dementia Singapore, said:

“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.”

More information on Singlife’s Dementia Cover may be found here. /TISG

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