Singapore-based financial services company Singlife has introduced Singlife Dementia Cover, the first insurance policy in the market specifically designed to provide annual financial support to individuals diagnosed with dementia and other mental health conditions.
Simultaneously, Singlife signed a memorandum of understanding (MoU) with Dementia Singapore, an organisation dedicated to supporting those affected by dementia through care services, advocacy, and training.
This new alliance with Dementia Singapore will allow Singlife to better educate its financial advisors and employees about dementia.
Training programs provided by the organisation will help increase understanding and improve communication with clients who are navigating the complexities of dementia, either personally or as caregivers. Employees of Singlife will also volunteer in Dementia Singapore’s community outreach efforts.
Jason Foo, CEO of Dementia Singapore, highlighted the partnership’s goal to bolster support for individuals with dementia and their caregivers.
“Even as we continue to ramp up efforts to advocate the need to do all we can to age well and reduce the risk of dementia, or to slow down the progression of the symptoms, we are ever mindful of the importance of being financially prepared for a long-term care plan,” he said.
According to research from the Institute of Mental Health conducted in 2015, approximately 10% of Singaporeans over the age of 60 are affected by dementia, a number expected to double by 2030.
In response to this growing issue, Singlife has launched its Dementia Cover, which promises up to S$10,000 annually to cover various mental health conditions for individuals up to age 99.
Upon receiving a dementia diagnosis, policyholders are eligible for a lump-sum payout of up to S$10,000 for depressive or anxiety disorders. The policy also includes additional lump-sum payouts for medical expenses related to accidental injuries due to the increased risk of falls in this population.
In cases of advanced dementia, the policy permits policyholders to halt premium payments while still receiving annual benefits for up to 10 years.
Singlife CEO Pearlyn Phau stressed the urgent need for societal adaptation to accommodate the increasing prevalence of dementia as the population ages.
“Dementia is the fifth leading cause of disability in Singapore, and more are expected to get dementia as our population ages. We urgently need to prepare our society to live with dementia and are working with other stakeholders in the long-term care ecosystem to prepare Singaporeans. 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,” she said.
The partnership with Dementia Singapore will also see Singlife offer caregivers complimentary benefits and exclusive discounts through Dementia Singapore’s CARA app. These include free one-year coverage under a group term life insurance plan and price reductions on long-term care policies like the Singlife Dementia Cover.
Moreover, the partnership extends into the healthcare sector, offering discounted healthcare services such as GP consultations and comprehensive health screenings aimed at early detection of diseases through Dementia Singapore’s community outreach initiatives.
This collaboration is a component of the broader Singlife Care Collab initiative, which aims to provide a holistic suite of health services to its customers by partnering with various healthcare providers and care organisations. It also follows Singlife’s announcement of its partnership with Doctor Anywhere, a Singapore-based healthcare company that leverages technology to deliver services.
