To meet the increasing monetary problems of those belonging to the “sandwich generation” — Singaporeans with kids and ageing parents to care for — as they juggle housing loans, escalating childcare costs, and tuition fees, a novel insurance policy is now available beginning today Thursday (May 23).
The said insurance policy covers three generations of a family, that is, the policy holder as well as his children and parents.
Dubbed the Great Family Care package, this policy is spearheaded by Insurer Great Eastern.
With this policy, the holder can be insured against death, total permanent disability, terminal illnesses and critical illnesses for an assured sum of between S$50,000 and S$3 million.
In addition, every child of the policy-holder – including those born in the future – is automatically given free coverage until 18 against various critical illnesses and juvenile conditions.
The lump sum payout – which is 25% of the sum assured – is capped at S$50,000 per child.
On top of that, the policy-holder can buy a rider for his or her aged parents without any medical underwriting as long as they are under 80 at the time the policy is bought.
The rider covers both the policyholder’s parents until the age of 100 but is terminated once a payout has been received for either parent.
Major cancers are covered as well as severe dementia and Parkinson’s disease.
The amount of premiums are dependent on the purchaser’s age and the sum assured.
Mr Colin Chan, managing director of group marketing at Great Eastern, said the company had hoped to simplify the process for individuals who want to get their parents insured.
“Buying insurance for your child is nothing new. But buying for your parent is not so easy,” he noted.
“We are trying to make it easy for people to get the necessary coverage that we believe would help them.”
He added that in Singapore where life expectancy is higher, the need for the expanding sandwich generation to have the means to provide for their parents is greater.