| Why
should you stay covered? |
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ElderShield
is designed to help reduce the financial burden of patients
and their families. If you are thinking of opting out from
the ElderShield scheme, we strongly urge you not to. Here
are some reasons why you should not opt-out: |
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• |
Basic protection for severe disabilities.
Based on the experience in developed countries, the chance
of disability is 35% for males and 45% for females. This increases
with age. While ElderShield payout of $300 or $400 per month (up to
60 or 72 months) upon disability (i.e. unable to perform 3 of the
6 Activities of Daily Living) may not be a big amount, it
would make a significant difference at a time when we are
no longer working and have no regular income. |
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• |
No underwriting is required for
those who are auto-covered.
Unlike other insurance schemes, there are no exclusions of
existing medical conditions such as diabetes or heart disease
for those who are auto-covered. Auto-coverage is extended
even to those who are unable to perform 2 ADLs. However, once
the policy is cancelled and you wish to rejoin later, you
will be subject to underwriting. |
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•  |
Non-Forfeiture
With a minimum number of premium payments made, the policy
will not lapse even if subsequent premiums are not paid. The
policy will become paid-up
at a reduced benefit but you will continue to be covered for
life. |
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If
you are thinking of opting out from the ElderShield scheme,
we strongly urge you not to. Here are some reasons why you
should not opt-out: |
| |
|
• |
There is no application hassle since
auto-coverage is provided. |
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• |
Waiting period of 90 days for claims
is waived for the auto-coverage cohort. |
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• |
No underwriting is required except for
those who are already "disabled". Auto-coverage
is extended even to those who are unable to perform 2 ADLs.
However, should you opt-out from the scheme now and subsequently
wish to opt-in again, your application would be subject to
underwriting. |
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