Disability shall mean the inability of the Policyholder to perform at least 3 of the following Activities of Daily Living, even with the aid of special equipment, and always to require the physical assistance of another person throughout the entire activity.
Washing : The ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash by other means.
Dressing : The ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical or medical appliances.
Feeding : The ability to feed oneself food after it has been prepared and made available.
Toileting : The ability to use the lavatory or manage bowel and bladder function through the use of protective undergarments or surgical appliances if appropriate.
Mobility : The ability to move indoors from room to room on level surfaces.
Transferring : The ability to move from a bed to an upright chair or wheelchair, and vice versa.
Definition of Pre-existing Disability
Pre-existing Disability are excluded, i.e. suffering from the Disability as defined above before your ElderShield Policy's commencement date. For persons who are auto-covered, disability caused solely by accidents that occur during the 90-day opt-out period shall not be regarded as Pre-existing Disability.
Tuesday, September 16, 2008
Eldershield - is it worth insuring?
Dear Mr Tan,
I have just received a letter asking me to subscribe for Eldershield. Can I know is it worthwhile to subscribe to it or not. I am covered with enhanced Incomeshield, term insurance, accident and critical illness plan.
REPLY
It depends on the cost and benefit of the Eldershield plan.
I suggest that you take the annual premium and accumulate it at interest rate of 4% per annum (which is what you now earn on your special account).
The chance of making a claim before age 75 is quite low. The chance of making a claim after 75 is probably between 30% to 50% (which is just my guess).
Perhaps, you can see if it make sense to insure, or carry the risk on your own.
I have just received a letter asking me to subscribe for Eldershield. Can I know is it worthwhile to subscribe to it or not. I am covered with enhanced Incomeshield, term insurance, accident and critical illness plan.
REPLY
It depends on the cost and benefit of the Eldershield plan.
I suggest that you take the annual premium and accumulate it at interest rate of 4% per annum (which is what you now earn on your special account).
The chance of making a claim before age 75 is quite low. The chance of making a claim after 75 is probably between 30% to 50% (which is just my guess).
Perhaps, you can see if it make sense to insure, or carry the risk on your own.
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