Parents can be covered up to $100,000 until the age of 100.
Life insurer Great Eastern has unveiled GREAT Family Care, a critical illness term plan that provides coverage for three generations in a family within a single policy, an announcement revealed.
This launch is said to come as the nation prepares itself to cater for the needs of a fast-ageing population, and the corresponding financial burden on the ‘Sandwich Generation’.
“One in every four working adults today is part of the ‘Sandwich Generation’, who bear the responsibility of caring for their ageing parents and young children. This group faces financial and emotional strain as their limited time and resources are spread over the needs of their family, which impacts their savings and financial planning,” the firm explained.
The features of GREAT Family Care include complimentary coverage for all current and future children of the life assured up till the age of 18, with each child enjoying comprehensive coverage of up to $100,000 against 53 critical illnesses and 25 juvenile conditions such as severe asthma and epilepsy without any medical underwriting required.
Additionally, the ‘Parent Protect rider’ provides coverage against major cancers, Alzheimer’s disease or severe dementia and Parkinson’s disease for the parents of the life assured without any medical underwriting.
“These illnesses have been selected as they are amongst the most common to affect the elderly and will pose a long-term impact on families and caregivers. A lump sum payout will help to ease the financial strain on these families and enable them to provide the necessary care for their parents. Each parent can be covered up to $100,000 till the age of 100,” the firm highlighted.
Data has showed that one in every four to five Singaporeans is at risk of developing cancer in their lifetime, and 60% of new cancer cases diagnosed are those aged 60 and above. Furthermore, one in 10 aged 60 and above will suffer from dementia, while three in 1,000 aged 50 and above will suffer from Parkinson’s Disease. Despite the sobering statistics, the 2017 LIA Protection Gap Study findings revealed that Singaporeans and permanent residents are covered on average for only 20% of their critical illness protection needs.
“In developing this, a key focus for us was to help the Sandwich Generation by providing coverage for their parents who are part of the Merdeka and Pioneer generations,” Colin Chan, managing director of group marketing at Great Eastern, said. “This plan allows their children, as the primary insured, to cover them under the same policy with no medical underwriting. Insurance protection for this vulnerable segment will provide a much-needed financial cushion to the Sandwich Generation should the worst happen.”
In addition, existing Great Eastern policyholders, including those who only hold Dependents Protection Scheme or ElderShield plans, will be able to purchase GREAT Family Care without any medical underwriting.
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