Singlife Rolls Out Insurance Plan Tailored to Dementia and Mental Health Care – Fintech Singapore

Homegrown financial services company Singlife has unveiled the Singlife Dementia Cover, an insurance plan in the market offering annual payouts for those living with dementia and other mental health issues.

This was made possible through a partnership with Dementia Singapore, which will provide training to Singlife’s financial advisers and employees.

This training aims to improve their understanding of cognitive decline and the impact on caregivers.

Singlife’s team will also volunteer in Dementia Singapore’s community outreach programmes.

According to a 2015 study by the Institute of Mental Health, one in 10 people aged 60 and above in Singapore has dementia. By 2030, this number is expected to double to 152,000.

The Singlife Dementia Cover is a long-term care protection plan offering annual payouts of up to S$10,000 for dementia and mental health conditions like major depressive disorder, schizophrenia, and bipolar disorder. The coverage extends until the age of 99.

Upon a dementia diagnosis, the plan provides a lump-sum payout of up to S$10,000 for depressive or anxiety disorder, with an additional lump-sum payout for medical expenses related to accidental burns and fractures.

After a late-stage dementia diagnosis, policyholders can stop premium payments and continue receiving annual payouts for up to 10 years.

Both organisations will pool their resources to support those with dementia and their caregivers. Singlife will offer complimentary benefits and exclusive discounts through Dementia Singapore’s CARA app.

Through Singlife’s partnership with Mirxes, CARA app members can book a complimentary Precision Community Screening (PCS) package at Dementia Singapore’s community outreach programs.

This initiative aims to raise awareness about early disease detection and encourage proactive health management.

Singlife’s collaboration with Dementia Singapore is part of the Singlife Care Collab, a one-stop health services hub offering preventive care, long-term care, and other services.

Introduced in September 2023, Care Collab includes partners like the Agency for Integrated Care, Homage, and Parkway Cancer Centre. New partners include Simply Wills, Immortalize, Doctor Anywhere, and Helpling.

Singlife will also collaborate with the Agency for Integrated Care to raise awareness of the Post-Diagnostic Support Community Outreach Team (CREST-PDS) programme.

Additionally, mental health and dementia awareness training will be made mandatory for Singlife Relationship Consultants.

Pearlyn Phau, Group Chief Executive Officer, Singlife said,

“Singlife Dementia Cover can help alleviate some of the financial challenges of dementia, but we think it is more important to raise awareness of how we can improve the wellbeing of persons living with dementia and their caregivers holistically.

Dementia affects not only those living with it but also the caregivers who often prioritise their loved ones’ needs over their own wellbeing. We are pleased to collaborate with Dementia Singapore to enhance support for the dementia community and the health and wellbeing of their caregivers.”

Jason Foo, CEO, Dementia Singapore said,

“The needs of a person with dementia can vary significantly, as might a family’s ability to provide for their loved one’s care journey. Depending on the diagnosis, these can include the task of managing home- and centre-based activities that offer meaningful and therapeutic assistance for persons with dementia, as well as a host of psychosocial factors that comprise self-care solutions for caregivers.

That is why our decision to partner with a leading financial services company like Singlife to provide better support for our growing dementia community is a timely one.”

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• Source: https://fintechnews.sg/95751/insurtech/singlife-rolls-out-insurance-plan-tailored-to-dementia-and-mental-health-care/