Singlife Launches First-in-Market Coverage for Dementia

Leading homegrown financial services company Singlife today announces the launch of Singlife Dementia Cover, the market’s first insurance plan offering yearly payouts for persons living with dementia and other mental health issues.

In line with its commitment to support individuals throughout their health journey, Singlife has also today signed a Memorandum of Understanding (MoU) with Dementia Singapore, a social service agency specialising in dementia care, caregiver support, training, consultancy, and advocacy.

Dementia Singapore will provide training to Singlife’s affiliated financial adviser representatives and employees to enhance their awareness and deepen understanding of cognitive decline, the impact on caregivers and the support resources available in Singapore. This initiative will better equip them to start conversations with customers and their loved ones and provide valuable support when necessary. In addition, Singlife’s affiliated representatives and employees will contribute to the dementia community by serving as volunteers in Dementia Singapore’s community outreach programmes.

According to a 2015 study by the Institute of Mental Health, one in 10 people aged 60 and above in Singapore has dementia¹. By 2030, the number of people living with dementia is expected to double to 152,000².

Launch of Single Dementia Cover

Singlife believes it is important to be part of a dementia inclusive society and to empower Singaporeans to be financially prepared for long-term care needs. Singlife Dementia Cover is a long-term care protection plan offering annual payouts of up to S$10,000 for dementia and mental health conditions like major depressive disorder, schizophrenia disorder and bipolar disorder. It covers individuals up till age 99 at next birthday.

Upon a dementia diagnosis, the plan provides a lump-sum payout of up to S$10,000 for depressive or anxiety disorder. There is also an additional lump-sum payout of up to S$10,000 for medical expenses incurred for accidental burns and fractures due to the increased risk of falling and injuring themselves. Upon a late-stage dementia diagnosis, the policyholder can stop premium payment and continue to receive annual payouts for up to 10 years.

Pearlyn Phau, Group Chief Executive Officer, Singlife said: “Dementia is the fifth leading and more are expected to get dementia as our population ages. We urgently and are working with other stakeholders in the long-term care ecosystem to prepare Singaporeans. Singlife Dementia Cover can help alleviate some of the financial challenges of dementia, but we think it is more important to raise awareness of how we can improve the wellbeing of persons living with dementia and their caregivers holistically.”

Singlife Partners with Dementia Singapore

The MoU with Dementia Singapore to leverage the resources of both organisations to support those with dementia and their caregivers reflects a growing need to strengthen our ability to cope with potential hurdles.

“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,” shared Jason Foo, CEO, Dementia Singapore.

“The needs of a person with dementia can vary significantly, as might a family’s ability to provide for their loved one’s care journey. Depending on the diagnosis, these can include the task of managing home- and centre-based activities that offer meaningful and therapeutic assistance for persons with dementia, as well as a host of psychosocial factors that comprise self-care solutions for caregivers. That is why our decision to partner with a leading financial services company like Singlife to provide better support for our growing dementia community is a timely one.”

Pearlyn added: “Dementia affects not only those living with it but also the caregivers who often prioritise their loved ones’ needs over their own wellbeing. We are pleased to collaborate with Dementia Singapore to enhance support for the dementia community and the health and wellbeing of their caregivers.”
The partnership enables Singlife to support caregivers by offering complimentary benefits and exclusive discounts via Dementia Singapore’s CARA app.

For protection against death, or terminal illness for caregivers:
Singlife is giving free one-year Group Term Life insurance coverage for eligible caregivers via the CARA app. The plan provides a payout of S$100,000 to the nominated beneficiary in the event of death, terminal illness, or total and permanent disability of the insured caregiver.

For protection against the financial burdens of long-term care:
Eligible members of Dementia Singapore’s CARA app will get to enjoy exclusive discounts on Singlife long-term care plans such as Singlife Dementia Cover and Singlife CareShield.

Additionally, on the back of Singlife’s partnership with Doctor Anywhere (DA)³, caregivers will also be able to redeem a one-year DA Healthwise subscription plan via the CARA app. The annual subscription plan offers panel rates for GP consultations, either through the DA app or in-person at over 300 GP clinics islandwide, as well as access to health and wellness programmes.

Leveraging Singlife’s partnership with Mirxes4, CARA app members can also book a complimentary Precision Community Screening (PCS) package5 at Dementia Singapore’s upcoming community outreach programmes. PCS is an extensive health screening initiative which aims to raise awareness about the importance of early disease detection and encourage the community to take a proactive approach to their health.

Singlife Care Collab – One-Stop Health Services Hub for Singlife Customers

The partnership with Dementia Singapore is part of Singlife Care Collab, a one-stop health services hub offering customers convenient access to preventive care, long-term care, and other services.

Care Collab was introduced in September 2023 with partners the Agency for Integrated Care (AIC), Homage, Icon Cancer Centre, IHH HealthCare, Parkway Cancer Centre and SG Assist. In line with the launch of Singlife Dementia Cover, policyholders will get to enjoy benefits at the following new Care Collab partners:

  • Simply Wills and Immortalize, Singapore’s most comprehensive elderhood marketplace, to allow customers to plan ahead and ease any burdens on their loved ones; and
  • Doctor Anywhere and Helpling, a leading online platform for on-demand home services including part-time caregivers, to support caregivers and families who may require such services.

Under Care Collab, Singlife will also work with partners to contribute towards building a dementia-friendly Singapore. Assets now include the likes of Dementia Singapore’s Voices For Hope empowerment programme, its CARA membership programme and its one-stop resource portal, Dementia Hub, for up-to-date information on dementia.

Singlife will also further its collaboration with AIC to raise awareness of the Post-Diagnostic Support Community Outreach Team (CREST-PDS) programme for persons living with dementia and their caregivers. It will roll out AIC’s mental health and dementia awareness e-learning modules as compulsory training to Singlife Relationship Consultants so that they are well equipped to support their clients living with dementia.

For more information on Singlife Care Collab, please visit: https://www.singlife.com/carecollab

More information on Singlife Dementia Cover can be found here: https://www.singlife.com/dementia-cover

Singlife Dementia Cover is currently available to Singlife CareShield Standard / Plus and Singlife ElderShield Standard / Plus policyholders.


References:
¹ https://www.dementiahub.sg/what-is-dementia/what-is-dementia/ 2 Ministry of Health, 2021
² Ministry of Health, 2021
³ Doctor Anywhere is a tech-led healthcare company headquartered in Singapore, providing comprehensive care across Southeast Asia, encompassing primary care, specialist care, preventive health and wellness solutions.
4 Mirxes is a Singapore-headquartered RNA technology company that is a pioneer and leader in developing and commercialising accurate, non-invasive, and affordable blood-based miRNA test kit products for the early detection of cancer and other diseases.
5 The package includes screening for 3 chronic conditions (blood pressure, diabetes, cholesterol) and up to 5 types of cancer namely colorectal, ovarian/ prostate, liver, lung and breast.

Images: Singlife and Dementia Singapore

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