Supplement plans and other private insurance plans for disability differ from CareShield Life in several ways.
Most private insurance plans for disability cover total and permanent disability, or are meant to insure against loss of income when one develops a disability and is unable to work. This is why they typically cease coverage between ages 60 and 70, when most insureds retire. CareShield Life, however, provides lifetime coverage and continues to cover you even if you develop severe disability in your later years.
Unlike private insurance plans, which cease coverage if insureds are unable to pay premiums, CareShield Life coverage will not lapse if you are unable to pay premiums due to financial difficulties. The Government will provide premium subsidies and Additional Premium Support.
