Singlife has announced the launch of Singlife Dementia Cover, the market’s first insurance plan offering yearly payouts for individuals living with dementia and other mental health conditions.
Singlife Dementia Cover is designed to provide financial support for those diagnosed with dementia, offering annual payouts of up to S$10,000. The plan covers various mental health conditions, including major depressive disorder, schizophrenia, and bipolar disorder, and offers coverage up to the age of 99. Upon a dementia diagnosis, policyholders can receive an additional lump-sum payout for medical expenses incurred for accidental buns and fractures rather than multiple payouts.
Strategic Partnership with Dementia Singapore
In line with its commitment to support health journeys, Singlife has signed a Memorandum of Understanding (MoU) with Dementia Singapore, a social service agency specializing in dementia care and advocacy. This partnership aims to enhance awareness and support for dementia care through training and community outreach. Singlife’s affiliated financial adviser representatives and employees will receive training from Dementia Singapore to better understand cognitive decline and its impact on caregivers. They will also volunteer in Dementia Singapore’s community outreach programs.
Supporting Caregivers and Promoting Financial Preparedness
The MoU enables Singlife to offer additional support to caregivers through Dementia Singapore’s CARA app, providing complimentary benefits and exclusive discounts. Caregivers will receive free one-year Group Term Life insurance coverage, offering a payout of S$100,000 in the event of death, terminal illness, or total and permanent disability. CARA app members will also enjoy discounts on Singlife long-term care plans and access to health services through Singlife’s partnerships with Doctor Anywhere and Mirxes.
Singlife Care Collab: A Comprehensive Health Services Hub
The partnership with Dementia Singapore is part of Singlife Care Collab, a one-stop health services hub launched in September 2023. Care Collab provides customers with access to preventive care, long-term care, and other essential services. New partners include Simply Wills, Immortalize, Doctor Anywhere, and Helpling, offering a range of services to support elderhood planning and caregiver assistance.
Building a Dementia-Friendly Singapore
Singlife is committed to building a dementia-friendly society. Initiatives include supporting Dementia Singapore’s Voices For Hope program, CARA membership, and the Dementia Hub resource portal. Additionally, Singlife will collaborate with the Agency for Integrated Care (AIC) to raise awareness of the Post-Diagnostic Support Community Outreach Team (CREST-PDS) program and implement compulsory training for Singlife Relationship Consultants on mental health and dementia.
Availability
Singlife Dementia Cover is available to Singlife CareShield Standard/Plus and Singlife ElderShield Standard/Plus policyholders.
