What is the monthly payout amount for CareShield Life?
A successful CareShield Life claimant can receive monthly payouts for the entire duration of severe disability (i.e. for as long as he/she develops severe disability) and continues to be insured under CareShield Life. This is meant to provide better protection against the uncertainty of long-term care costs.
The potential payout starts at $600 per month in 2020, which and designed to increases annually until age 67 or when a successful claim is made, whichever is earlier.
For example, if a 30-year-old individual joined CareShield Life in 2020, develops severe disability and makes a claim in 2020, he/she can potentially receive $600 per month, for the entire duration of severe disability. However, if a 30-year-old individual joined CareShield Life in 2020, and develops severe disability at age 67 or later, he/she can potentially receive $1,200 per month upon making a successful claim, for the entire duration of severe disability.
For an insured (born in 1954 and earlier) who joined the scheme at age 67 or after, his/her monthly payout will be fixed at $612/month when a successful claim is made.