Eldershield

[singapore eagle]

I'd be interested to know if anyone else has been confronted with the following...

- I received a letter in the post today from Aviva
- As a PR and CPF contributor, I am going to be auto-enrolled in Eldershield when I turn 40 in a few months time, unless I choose to opt out
- The deal is that I will pay an annual premium out of my CPF of around S$175 until I am 65
- In return, I will be able to claim S$400 for up to 72 months if I become severely disabled

My initial reaction is:

- S$175 for 25 years equals almost S$4k. That's quite a lot to pay for a max of ~S$28k of *potential* benefit, especially when you factor in the time value of money
- can you trust that the terms of the scheme won't change 20, 30, 40 years from now?
- will I even be in Singapore in my old age?

Thoughts?

[ecureilx]

Casually I asked the GE guy whether they will return the premium if there is an early termination of residency .. the reply "we are following Govt instructions ..." and value for money ... etc .. not addressing my primary query if the benefits are claimable if you give up your PR.

And of course they start the up-selling..

I am sure Aviva will have the same reply .. Great Eastern and Aviva are the two designated insurance agencies for ESH I believe ...



Ps, can you opt out of EsH ?

[PNGMK]

I've stayed in ESH and bought as much additional packages as I can with my CPF. CPF is money I can't use otherwise.

I do the same in Australia - I use my super to pay for the max insurance I can buy.

[sundaymorningstaple]

^^ditto. although it does seem like a total waste of my money (that I cannot use unless I give up PR) as I've not been sick since 1954. Of course it could have come in handy when I was blown up in a 1978 rig explosion in the G.O.M. but it was in the US and work related anyway. I reckon, retribution will eventually rear it's ugly head so I figure when it does hit, I'll at least be prepared.