Dear Mr Tan,
Recently I received an ElderShield policy from an insurer (appointed by MOH). I already have my own endowment and life policies. Do you think it is necessary for me to take up the ElderShield and ElderShield Supplement policies?
I have extracted the following information from NTUC Income's website.
* 1 in 12 people is expected to make a claim (due to severe disability)
* the benefit is $400 a month for 60 months (but some elderly people may die before collecting for 60 months).
If you have sufficient savings that can take care of a severe disability, you do not need to buy the Eldershield plan. You can carry the risk on you own. The total payout under Elderhsield is a maximum of $24,000 over 60 months.
If you cannot take the risk of a severe disability, then you need to buy this insurance.
You can read more from this website.
Premium payable at age 40 for 26 years:
Total premium paid, plus interest accumulated at 4% to age 80:
This is nearly 48% (male) and 60% (female) of the maximum payout of $28,800.
- ► 2013 (304)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
- ► 2008 (2105)
09/30 - 10/07
- Eldershield Valueplus
- Look after the interest of others
- Keep your money in the CPF Special Account
- How to decide on the Eldershield offer
- Insurance takes care of your worry
- $5 million cover under a Shield plan
- Mother not eligble for medical insurance
- Use Google Search
- Increase in bonus rates
- Visit other countries
- Taking the MRT for a gala dinner
- Do you really need the insurance?
- Insurance agents - the bad and the good
- Life annuity and the poor
- Presenting views in "words"
- Investing in Foreign Currency Deposit
- Insurance agents
- Real estate agents
- Compensation for injury
- Monthly income benefit
- Single premium endowment invested in CDOs
- Private settlement for motor accident
- Advice on buying insurance
- Life annuity with no refund
- Tips on investing $60,000
- Tips on investing SGD 1 million
- Actuarial Education
- Avoid "quick return" investments
- Courteous drivers in Brussels
- ▼ 09/30 - 10/07 (30)
- ► 2006 (696)
- ► 2005 (159)