The service from DBS and Chubb offers support for dementia caregivers and care recipients.
This comes at a time when around one in ten aged 60 and above in Singapore live with dementia. Given Singapore’s increasing life expectancy and rapidly aging population, the amount of people living with dementia is expected to increase.
As a result, there needs to be more dementia-friendly communities as well as concerted efforts to provide more support for caregivers.
Policyholders can select from three plan types from DBS and Chubb to suit their dementia coverage needs with monthly premiums starting at SGD30.
Furthermore, as well as dementia insurance, Singaporeans and PRs are covered by CareShield Life, a long term care scheme. It aims to provide protection and basic financial support in the event one becomes severely disabled.
In addition, consumers can enhance their long-term care insurance coverage with a CareShield Life supplementary plan.
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“With a significant majority choosing to give up their jobs to become full or even part-time caregivers due to cost constraints, it is imperative that we come together to try and alleviate the financial and emotional stress that these family members face amid managing their loved ones’ health,” said Evy Wee, head of financial planning and personal investing, DBS Bank.
“Numerous studies have shown that compared to many other diseases, caregivers and family members of dementia patients face higher levels of stress and burnout. We’ve thus taken a very intentional approach when developing this policy to provide crucial caregiver benefits, in addition to coverage for care recipients, which we hope will offer some respite for caregivers and complement ongoing efforts towards building a dementia-inclusive Singapore.”