Singlife announces SG Assist partnership for caregiver coverage
Singlife announces SG Assist partnership for caregiver coverage | Insurance Business Asia
Life & Health
Singlife announces SG Assist partnership for caregiver coverage
New initiative announced during Caregiver Appreciation Day
Life & Health
By
Kenneth Araullo
Singlife has joined forces with social enterprise SG Assist to offer caregivers a year of complimentary group term life insurance coverage. Additionally, the Singaporean insurer is extending an exclusive discount for CareShield supplementary plans, aiming to safeguard caregivers and their loved ones.
The complimentary group term life insurance cover is accessible to the initial 200 caregivers who successfully enrol in SG Assist’s new CaregiverCircle membership program. This initiative was introduced during the Caregiver Appreciation Day event, a collaborative effort by SG Assist and Nee Soon GRC.
This policy offers a payout of SG$100,000 to the nominated beneficiary in the event of the insured caregiver’s death, terminal illness, or total and permanent disability. The primary objective is to alleviate the financial strain on the care recipient should unforeseen circumstances prevent the caregiver from fulfilling their caregiving responsibilities.
Acknowledging the need to support caregivers in maintaining their own well-being, Singlife is also extending an exclusive 15% discount on first-year premiums for CareShield Standard and CareShield Plus (in addition to a 20% lifetime premium discount) to all SG Assist CaregiverCircle members until the end of the year.
“As the proportion of seniors in Singapore grows significantly in the coming years, there will be an increasing demand for caregivers. Singlife is happy to have the opportunity to collaborate with SG Assist to provide meaningful financial protection to CaregiverCircle members. We hope that with this insurance coverage, they will have greater peace of mind to focus on better care for their loved ones and their own well-being,” said Richard Vargo, Singlife group head of products, propositions and transformation.
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