Today, one in nine Singaporeans are above the age of 65. By 2030, the number will nearly double to 900,000, making it one in five Singaporeans.
Against the backdrop of Singapore’s aging population, NTUC Income announced on 18 October 2016 its Silver Secure insurance plan, which is part of its suite of products to protect Singaporeans against old age related ailments. Other insurance plans for the elderly include Silver Protect and Silver Care.
Available from 28 October 2016, Silver Secure provides benefit pay-outs upon diagnosis of a senior disease such as Alzheimer’s disease, Parkinson’s disease, dementia, blindness, major head trauma and paralysis.
Policyholders will also receive payouts upon diagnosis of specified chronic health conditions such as osteoporosis with fractures, rheumatoid arthritis, glaucoma that requires surgery, diabetic complications and age-related hearing loss.
“Longer life expectancy comes with health and aged care issues. This calls for more quality and affordable aged care models or solutions in Singapore. Similarly, the onus is on NTUC Income to meet the needs of the growing silver population with the right insurance products and services. To do this, it requires a change in mindset and approach to insurance targeted at older customers,” said NTUC Income CEO Ken Ng.
Survey Findings
The launch of Silver Secure came as a response to the results of a survey by Lien Foundation and NTUC Income to gain insights into Singaporeans’ aspirations and concerns about aging.
Entitled ‘Supporting Singaporean’s’ Aspirations in Aged Care’, the survey involved about 998 Singaporean and Permanent Residents between the ages of 30 to 75.
The top concern among the respondents was caring for themselves in old age, with 78 per cent preferring to stay in their own home, independently or with their spouses in their old age.
When it came to financial preparedness and attitudes for aged care, two in three of those surveyed below 60 years old were found to be actively saving for retirement.
Four in five respondents below the age of 60 said that they were either financially prepared or preparing themselves to deal with healthcare expenses. However, amongst those between the ages of 60 and 75, one in three rely on government subsidies or require support from their children or spouse.
Meanwhile, senior respondents over 60 were also the least aware of the costs required for aged care and were the least confident of financing aged care services.
Long-Term Care Insurance
Respondents also indicated a fixed monthly payout and coverage for chronic elderly conditions such as diabetes as top expectations from a long-term care insurance plan.
Other expectations included premium discounts and incentives such as free health screenings and coverage for dental care and mobility aids.
To finance the insurance plan, respondents indicated that they were willing to pay about $180.
Touching on the findings of the survey, Mr Ng said: “Respondents’ top concerns were becoming dependent and a burden to their family, being in poor health and suffering from conditions such as heart disease, paralysis and dementia, as well as being financially incapable of funding long-term aged care. We took into consideration such insights when designing Silver Secure, including respondents’ preference for benefit pay-out options and cost.”
