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Disability insurance
Have you considered what would happen if, through accident or illness, you were unable to work? Or you became so severely disabled that you could not perform simple everyday tasks. The unexpected loss of income would not only disrupt your financial plans, but it could cause unwanted financial hardships to your family and loved ones. Your spouse may have to work harder in order to support you and your kids single-handedly. Or if you are single, you may lose your only form of income.

Disability insurance provides a few ways to provide protection. We have identified the following that would be useful to help you plan for coverage against an unexpected loss of income or the costs of a future disability:

ElderShield

All CPF members (Singaporeans and Permanent Residents) with Medisave accounts are automatically covered under ElderShield at the age of 40. ElderShield is an insurance scheme introduced by the Ministry of Health (MOH) since 2002 to help people who become severely disabled and are not able to perform simple everyday tasks. Learn more here.

ElderShield Supplement

If you are currently covered under ElderShield, and you find you want higher coverage for a longer period, this supplement will be very useful to meet your needs. Learn more here.

Income Replacement Insurance

Separate from Eldershield, Income replacement plans replace a portion of your usual employment income, such as a salary, in the event of disability due to illness or accident. If you are 22 years old (age next birthday) and above, you may be eligible to apply for such plans. Such plans may continue until your chosen age of retirement (for example, 55, 60, or 65). Learn more here.

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Page last updated 2 Mar 2009

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