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Your Priorities
A stroke or illness like severe dementia can cause our parent’s cognitive decline and loss of general abilities. They’ll need help with daily activities like dressing, feeding and bathing. The 24-7 care and attention needed is hugely challenging. It’ll change your priorities and lifestyle. Work, leisure and personal life will take a backseat as you’ll want to provide the best possible care. It’s normal to take time to adjust.
In fact, more Singaporeans are choosing to sign up for caregiving courses well before the need arises. They are choosing to be empowered with the necessary skills and mindset if and when the time comes.
Your Financial Responsibility
Experienced caregivers are pragmatic. They know the costs of medical treatment, in-home nursing care and additional expenses (e.g. mobility aids, retrofitting your HDB with safety features, etc.) can add up to a sizeable fortune. There’s also the impact on your career and potential loss of income as you make sacrifices for care. That’s why early financial planning is key! You’ll want to be able to afford the care your parent needs yet still reach your other goals (children’s education, mortgage, retirement) without burning through your life savings.
Your Overall Well-being
Self-care is as vital as caring for your parent, if not more so. Effective caregivers know they need all forms of support (financial, social, even spiritual) to prevent burnout. Illnesses like dementia will bring about changes in your parent’s cognition, ability, moods and personality. This all adds to the long-term physical, emotional and mental stress. You’ll need all the help you can get, especially if you’re a sole caregiver. Caregiving is a marathon, not a sprint.
1. Talk To Your Parents
Is there a high risk of some illnesses in your family history? Do your parents have insurance? Do their plans cover those illnesses? Are their CPF/MediSave savings enough? What are their preferences if the need arises? Do they prefer to be cared for at home?
A single critical illness plan that protects three generations
Your financial representative will recommend the most suitable products (not limited to the list above) based on your unique situation and needs.
The above is for your information only and does not have regard to the specific invesment objectives, financial situation and particular needs of any persons.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
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