Domestic financial services company sing life revealed Singlife Dementia Covera marketplace insurance plan that provides annual payments to people living with dementia and other mental health issues.
This has been made possible through our partnership with Dementia Singapore, which provides training to Singlife’s financial advisors and employees.
This training aims to improve understanding of cognitive decline and its impact on caregivers.
The Singlife team will also volunteer with Dementia Singapore’s community support programme.
According to a 2015 study by the Institute of Mental Health, one in 10 people aged over 60 in Singapore have dementia. By 2030, this number is expected to double to 152,000 people.
Singlife Dementia Cover is a long-term care protection plan that provides payments of up to S$10,000 per year for dementia and mental health conditions such as major depressive disorder, schizophrenia and bipolar disorder. The warranty period is until age 99.
The plan provides a lump sum payment of up to S$10,000 for depression and anxiety disorders if diagnosed with dementia, as well as a lump sum payment for medical expenses related to accidental burns and bone fractures. will be paid.
After being diagnosed with late-stage dementia, policyholders can stop paying premiums and continue receiving annual payments for up to 10 years.
Main benefits and features
The two organizations will share resources to support people with dementia and their carers. Singlife offers freebies and exclusive discounts through Dementia Singapore. CARA app.
Through Singlife and Mirxes’ partnership, CARA app members can book a free Precision Community Screening (PCS) package with Dementia Singapore’s community support programme.
This initiative aims to raise awareness about early detection of disease and encourage active health management.
The collaboration between Singlife and Dementia Singapore is part of the Singlife Care Collaboration, a one-stop healthcare services hub offering preventive care, long-term care and other services.
Care Collab, introduced in September 2023, includes partners such as the Agency for Integrated Care, Homage and Parkway Cancer Centre. New partners include Simply Wills, Immortalize, Doctor Anywhere, and Helpling.
Singlife will also work with the Integrated Care Agency to increase awareness of the Post-Diagnosis Support Community Outreach Team (CREST-PDS) program.
In addition, mental health and dementia awareness training will be mandatory for Singlife relationship consultants.
Perlin Fau
Perlin Fau, Group Chief Executive Officer of Singlife, said:
“Singlife Dementia Insurance will help alleviate some of the financial challenges of dementia, but it will also raise awareness of how to improve the overall wellbeing of people living with dementia and their carers. I think that is more important.
Dementia not only affects people living with dementia, but also their caregivers, who often prioritize the needs of their loved ones over their own health. We are delighted to be working with Dementia Singapore to strengthen support for the health and wellbeing of the dementia community and their carers. ”
jason fu
Jason Foo, CEO of Dementia Singapore, said:
“The needs of people with dementia can vary widely, as can the ability of families to provide for the care of their loved one. Depending on the diagnosis, these include home care options that provide meaningful therapeutic support for people with dementia. and the task of managing center-based activities and may include a number of psychosocial factors that constitute self-care solutions for caregivers.
That’s why our decision to partner with a leading financial services company like Singlife to better support the growing dementia community is timely. ”
