Hi ,

Have you ever thought about how your financial plans would hold up if you or a loved one were diagnosed with dementia?

Singlife recently launched the first-of-its-kind Long Term Care insurance specifically designed for dementia for customers on Singlife CareShield/ElderShield enhancement.

This coverage can be an essential addition to your existing long-term care plan as only very severe dementia would lead to requiring assistance. Other possible symptoms could be behavioural changes, cognitive decline, or disorientation.

The Importance of Dementia Cover

Imagine enjoying your retirement years when you start to notice your mind isn’t as sharp as it once was. To ensure you’re well taken care of, you appoint a family member as your power of attorney to manage your physical and financial well-being.

In the event of dementia, your appointed attorney may face the challenging decision of liquidating some of your investments to cover the increased costs of care.

Without additional financial support, this could deplete your retirement funds much faster than anticipated and increase the risk of mismanagement if there isn’t a consistent flow of income to cover the higher expenditures.

Protect Your Retirement Funds

Dementia care often requires specialised medical attention and continuous support, leading to significantly higher expenses.

Without an additional income stream to cover these costs, your carefully planned retirement funds may be drained quickly, leaving you vulnerable in later years.

How Singlife Dementia Cover Works

The Singlife Dementia Cover provides a dedicated income stream to cover the increased costs associated with dementia care, ensuring your retirement funds remain intact.

By securing this insurance while you're healthy, you can protect your financial well-being and maintain your quality of life, even if you lose the ability to think independently and care for yourself.

Why Am I Sharing This?

Many of us, including myself, often neglect the potential pitfalls of retirement planning, thinking such events won’t happen to us. However, considering the certainty of our financial well-being during our later years is crucial.

As I see my own parents in their 70s, I must admit that they are no longer as sharp as they were 10 years ago. It can be worrisome as I become their caretaker in the future.

Can I Skip This and Re-look at It Next Time?

Yes, you can!

Currently, there is a 30% premium discount for the first year and a 20% perpetual discount from the second year onwards. We can't guarantee that the discount will still be available by the time you decide to look into this.

However, please note that the premium is locked in based on the age of entry, so the earlier you enroll, the lower the premium.

My parents Aren’t Covered for This, Can I Enroll for Them?

The last entry age is Age Next Birthday 65. If your parents are already past that age, please reach out to me as I will share with you in detail what other solutions we can look at to address this.

Last But Not Least!

If you would like more details on how Singlife Dementia Cover works and the claim definitions, please reply to email by typing "Video".

I will send you a short video recording of my sharing on the plan.

Additionally, do you know that retirement income plans from insurers provide additional guaranteed monthly payouts during your retirement should you be disabled due to an accident or an illness.

If you have yet to secure your future retirement income and wish to look into this, please do reach out to me to have a chat.

Have a blessed week ahead!

Best regards,

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