Singlife and Dementia Singapore partner up to support dementia patients and their caregivers

Singlife and Dementia Singapore have signed a Memorandum of Understanding (MoU), with both parties intending to better support people living with dementia and their caregivers. This MoU is a non-binding agreement that outlines the terms and details of a cooperative relationship before a formal partnership is finalised. 

In addition to this partnership, Singlife also announced their launch of the Singlife Dementia Cover, an insurance plan offering yearly payouts for people living with dementia and other mental health issues, and is the first of its kind in the market. 

Dementia and Singapore

The fact that Singapore has an ageing population is not new to anyone, and the unfortunate reality of ageing is that it comes with various complications. 

In Singapore, one in 10 people above the age of 60 suffers from dementia. By 2030, the number of people living with dementia is projected to increase to 152,000 — averaging out to one in four people above the age of 65. 

In less than ten years, most Singaporeans will have at least one relative grappling with dementia.

“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,” said Jason Foo, CEO, Dementia Singapore.

Singlife Dementia Cover

One of the ways that Singlife is trying to reduce the financial burden that dementia has on people with dementia and their caregivers is through the Singlife Dementia Cover.

This insurance plan is a long-term care protection plan. Upon a dementia diagnosis, the plan provides a lump-sum payout for up to S$10,000 for depressive or anxiety disorder, colloquially referred to as depression and anxiety.

There is also an additional lump-sum payment of S$10,000 for possible future medical expenses. These aim to allieviate the cost of accidental burns and fractures, which may be incurred due to the increased risk that dementia patients have of falling and injuring themselves. 

Along with these initial payouts, the Singlife Dementia Cover offers annual payouts of up to S$10,000 for dementia and mental health conditions like depression, schizophrenia, and bipolar disorder, for individuals up to 99 years old at their next birthday.

Once those under the insurance plan are diagnosed with late-stage dementia, they can stop paying for the policy, and continue to receive annual payouts for up to 10 years.

Singlife, Dementia Singapore, and dementia

The MoU signed between Singlife and Dementia Singapore aims to leverage the resources of both organisations to support those living with dementia, and their caregivers. 

Dementia Singapore will provide training to Singlife’s affiliated financial adviser representatives and employees to deepen their understanding of dementia. Specifically, it aims to familiarise these employees with cognitive decline, the impact that it has on caregivers and the individual, and the support resources available in Singapore.

Singlife’s affiliated representatives and employees will also serve as volunteers in Dementia Singapore’s community outreach programmes. 

In this way, they will be better equipped to start conversations with customers and their loved ones, and provide more tailored support.

“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,” said Pearlyn Phau, Group CEO of Singlife. 

Caregivers are thus also given complimentary benefits and exclusive discounts on Dementia Singapore’s CARA app.

Assured insurance 

These benefits and discounts aim to protect caregivers against death or terminal illness, and against the financial burdens of long-term care.

For the former, Singlife is giving free one-year Group Term Life insurance coverage for eligible caregivers. This plan provides a payout of S$100,000 to a nominated beneficiary, should the insured caregiver suffer from a terminal illness or permanent disability, or in the unfortunate circumstances of the caregiver’s death.

For the latter, eligible members of the CARA app will enjoy discounts on Singlife’s long-term care plans. These care plans include the recently launched Singlife Dementia cover. 

Caregivers will also be able to redeem a one-year Doctor Anywhere (DA) Healthwise subscription plan through the app. This plan offers panel rates for consultations with general practitioner (GP) consultations, and access to health and wellness programmes. 

Furthermore, Singlife has a partnership with Mirxes — members of the app can attend Dementia Singapore’s upcoming community outreach programmes, and book a complimentary Precision Community Screening (PCS) package. This screening does early disease detection, and aims to encourage the community to take be proactive about upkeep their health.

Phau said, “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.”