Some Details about CareShield Life

CareShield Life is a form of long-term care insurance, meant to provide financial protection against long-term care costs, in the event of disability.  It is meant for Singaporeans.  The policy provides lifetime cash payouts, for as long as the insured remain severely disabled.  These payouts increasing, from $600 per month.  It is subsidised by the government to keep it affordable, and Inability to pay does not result in the loss of coverage.  The premiums can be fully paid by MediSave. 

From a policy perspective, it is cheaper to subsidise the insurance coverage for long-term care for an ageing population, than to directly cover the costs of caring for them.  Reinsurance allows the risk to be spread, and portfolio pricing for citizens keeps mortality charges low.