DBS and Chubb to offer first-in-market dementia care support insurance for caregivers
Singapore.25 Aug 2023
Dementia Caregiver Protect provides essential caregiver benefits as part of building a dementia-inclusive Singapore
Singapore, 25 Aug 2023 - DBS Bank today announced that it has partnered with Chubb Insurance Singapore Limited (Chubb) to offer Dementia Caregiver Protect – a first-in-market insurance solution that provides support for dementia caregivers and care recipients. This comes at a time when around one in 10 aged 60 and above in Singapore live with dementia. Given Singapore’s increasing life expectancy and rapidly ageing population, the number of people living with dementia is expected to rise[1], spurring a need for more dementia-friendly communities, as well as concerted efforts to provide more support for caregivers.
“With a significant majority choosing to give up their jobs to become full or even part-time caregivers due to cost constraints[2], it is imperative that we come together to try and alleviate the financial and emotional stress that these family members face amid managing their loved ones’ health,” said Evy Wee, Head of Financial Planning and Personal Investing, DBS Bank. “Numerous studies have shown that compared to many other diseases[3], caregivers and family members of dementia patients face higher levels of stress and burnout. We’ve thus taken a very intentional approach when developing this policy to provide crucial caregiver benefits, in addition to coverage for care recipients, which we hope will offer some respite for caregivers and complement ongoing efforts towards building a dementia-inclusive Singapore.”
Policyholders can choose from three plan types to suit their coverage needs, with monthly premiums starting at SGD 30 (excluding GST). Highlights of Dementia Caregiver Protect include[4]:
Coverage for the Caregiver
Coverage for the Care Recipient
Said Mdm Jenny Tan, aged 61, who gave up her job to care for her mother living with dementia: “My sister and I struggled the most initially when our mother was first diagnosed, as we had to suddenly pay out-of-pocket for items such as relocation, hiring help, and miscellaneous expenses including treatment – all of which we could not possibly have budgeted for. Unfortunately, this put a strain on our relationship, as we also had to navigate the complexities of learning how to care for a person living with dementia, which were already challenging to manage both emotionally and practically. Having some financial support during the transition period of caregiving would have eased our burden, so that we could concentrate on what was most important - to support and care for our mother - even as we learned to cope ourselves.”
Hng Keng Yoong, Country President of Chubb in Singapore said, “Caring for someone with dementia can be financially and emotionally challenging. That’s why we are launching Dementia Caregiver Protect, a product that has been specifically designed to address the gaps in insurance available to caregivers of people suffering from dementia. By easing some of their financial burden and emotional distress, we hope to better support their circumstances.”
On top of dementia insurance, Singaporeans and PRs are covered by CareShield Life – a long-term care scheme aimed at providing protection and basic financial support in the event one becomes severely disabled. Consumers can also consider enhancing their long-term care insurance coverage with a CareShield Life supplementary plan, and/or opt for a critical illness (CI) plan that will provide a lump sum payout when dementia is diagnosed.
For more information on Dementia Caregiver Protect, please refer to the FAQs appended or visit here to find out more.
[1] Director of Medical Services, Ministry of Health and Member at the launch of The Dementia research
[2] The Straits Times, Having help boosts caregivers' quality of life, but many not seeking support: Study
[3] TODAY, 6 things you need to know if your loved one has dementia
[4] Terms and conditions apply.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Chubb Singapore
Chubb is the world’s largest publicly traded property and casualty insurer. Chubb Insurance Singapore Limited, via acquisitions by its predecessor companies, has been present in Singapore since 1948. Chubb in Singapore provides underwriting and risk management expertise for all major classes of general insurance. The company’s product offerings include Financial Lines, Casualty, Property, Marine, Industry Practices as well as Group insurance solutions for large corporates, multinationals, small and medium-sized businesses. In addition, to meet the evolving needs of consumers, it also offers a suite of tailored Accident & Health and Personal & Specialty insurance options through a multitude of distribution channels including bancassurance, independent distribution partners and affinity partnerships.
Over the years, Chubb in Singapore has established strong client relationships by delivering responsive service, developing innovative products and providing market leadership built on financial strength.
More information can be found at www.chubb.com/sg.
“With a significant majority choosing to give up their jobs to become full or even part-time caregivers due to cost constraints[2], it is imperative that we come together to try and alleviate the financial and emotional stress that these family members face amid managing their loved ones’ health,” said Evy Wee, Head of Financial Planning and Personal Investing, DBS Bank. “Numerous studies have shown that compared to many other diseases[3], caregivers and family members of dementia patients face higher levels of stress and burnout. We’ve thus taken a very intentional approach when developing this policy to provide crucial caregiver benefits, in addition to coverage for care recipients, which we hope will offer some respite for caregivers and complement ongoing efforts towards building a dementia-inclusive Singapore.”
Policyholders can choose from three plan types to suit their coverage needs, with monthly premiums starting at SGD 30 (excluding GST). Highlights of Dementia Caregiver Protect include[4]:
Coverage for the Caregiver
- Monthly payout for voluntary loss of employment and utility bills, in the event of voluntary resignation to provide caregiving to the Care Recipient
- Reimbursement of counselling expenses incurred due to mental distress arising from caregiving
Coverage for the Care Recipient
- Lump-sum payout in the event of dementia diagnosis
- Double indemnity if the diagnosis is confirmed before the Care Recipient’s 55th birthday
Said Mdm Jenny Tan, aged 61, who gave up her job to care for her mother living with dementia: “My sister and I struggled the most initially when our mother was first diagnosed, as we had to suddenly pay out-of-pocket for items such as relocation, hiring help, and miscellaneous expenses including treatment – all of which we could not possibly have budgeted for. Unfortunately, this put a strain on our relationship, as we also had to navigate the complexities of learning how to care for a person living with dementia, which were already challenging to manage both emotionally and practically. Having some financial support during the transition period of caregiving would have eased our burden, so that we could concentrate on what was most important - to support and care for our mother - even as we learned to cope ourselves.”
Hng Keng Yoong, Country President of Chubb in Singapore said, “Caring for someone with dementia can be financially and emotionally challenging. That’s why we are launching Dementia Caregiver Protect, a product that has been specifically designed to address the gaps in insurance available to caregivers of people suffering from dementia. By easing some of their financial burden and emotional distress, we hope to better support their circumstances.”
On top of dementia insurance, Singaporeans and PRs are covered by CareShield Life – a long-term care scheme aimed at providing protection and basic financial support in the event one becomes severely disabled. Consumers can also consider enhancing their long-term care insurance coverage with a CareShield Life supplementary plan, and/or opt for a critical illness (CI) plan that will provide a lump sum payout when dementia is diagnosed.
For more information on Dementia Caregiver Protect, please refer to the FAQs appended or visit here to find out more.
[1] Director of Medical Services, Ministry of Health and Member at the launch of The Dementia research
[2] The Straits Times, Having help boosts caregivers' quality of life, but many not seeking support: Study
[3] TODAY, 6 things you need to know if your loved one has dementia
[4] Terms and conditions apply.
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Chubb Singapore
Chubb is the world’s largest publicly traded property and casualty insurer. Chubb Insurance Singapore Limited, via acquisitions by its predecessor companies, has been present in Singapore since 1948. Chubb in Singapore provides underwriting and risk management expertise for all major classes of general insurance. The company’s product offerings include Financial Lines, Casualty, Property, Marine, Industry Practices as well as Group insurance solutions for large corporates, multinationals, small and medium-sized businesses. In addition, to meet the evolving needs of consumers, it also offers a suite of tailored Accident & Health and Personal & Specialty insurance options through a multitude of distribution channels including bancassurance, independent distribution partners and affinity partnerships.
Over the years, Chubb in Singapore has established strong client relationships by delivering responsive service, developing innovative products and providing market leadership built on financial strength.
More information can be found at www.chubb.com/sg.
