Rethinking protection for the sandwich generation

For many in the sandwich generation, caring for both children and ageing parents isn’t just emotionally demanding – it’s financially draining, too. In 2022, around 90,300 people in Singapore left their jobs to take on caregiving duties – many for elderly, ill or disabled family members.

Adding to the strain is Singapore’s widening protection gap. A 2022 study by the Life Insurance Association Singapore found that 74 per cent of economically active people have insufficient critical illness cover while 21 per cent were under-insured for life protection.

The need for reliable coverage is growing, especially for families navigating caregiving on multiple fronts. For the sandwich generation, this means balancing immediate expenses with long-term commitments – from paying medical bills for ageing parents to setting aside funds for their children’s tertiary education.

COVERAGE THAT GROWS WITH YOUR CHILD

Great Life Multiplier from Great Eastern – Singapore’s longest established insurer – is a whole life insurance plan designed to extend protection across three generations of your family. With optional riders that cover critical illnesses (CI), parents’ health and premium waivers, the plan provides added layers of support to help families stay resilient through different life stages and unexpected challenges.

For parents looking to safeguard their children’s futures, Great Life Multiplier offers flexible coverage for death, terminal illness, and total and permanent disability. The sum assured can be multiplied by three, five, eight or 10 times – depending on your budget – with enhanced benefits lasting until age 65, 75 or 85. For example, a base sum assured of S$100,000 could be increased to S$300,000, S$500,000, S$800,000 or S$1 million.

With the optional Critical Illness Multiplier Rider (E&I), which covers early and intermediate critical illnesses, children can also be covered for 16 juvenile benefit conditions, including Kawasaki disease and insulin-dependent diabetes mellitus¹, helping families prepare for health challenges that may arise sooner than expected.

When your child turns 18, you can transfer the policy ownership to them², offering continued protection and access to the plan’s accumulated cash value as they start managing their own finances.

CARING FOR YOUR PARENTS’ HEALTH

Just as you prepare your child for the future, you may also find yourself supporting the people who once cared for you.

When a parent’s health declines, the emotional toll is often compounded by the financial strain of treatment and long-term care. That’s why Great Life Multiplier, when supplemented with the Parent Care Rider, extends protection to ageing parents – offering support against age-related critical illness conditions that are becoming increasingly common in Singapore.

According to the Ministry of Health, one in two Singapore residents could develop a severe disability at some point in their life, often due to conditions such as stroke, dementia or frailty.

By 2030, an estimated 152,000 people in Singapore are expected to be living with dementia, while Parkinson’s disease currently affects about three in every 1,000 people aged 50 and above. With the Parent Care Rider, families receive guaranteed protection³ for conditions such as Alzheimer’s disease or severe dementia, idiopathic Parkinson’s disease and major head trauma – without the need for medical assessment at the point of coverage.

PEACE OF MIND FOR FOR THE POLICYHOLDER

Beyond protecting your child and your parents, you can also safeguard yourself with the Payer Benefit Enhanced CI Rider, which waives all future premiums if you are diagnosed with a late-stage critical illness.

For many in the sandwich generation, this protection can make a real difference. Take the example of Ms Michelle Lim*. When her father suffered a stroke in 2016 and her mother was diagnosed with dementia in 2021, the emotional strain of caregiving quickly gave way to financial stress, with rising costs for medical care and domestic help weighing heavily on the family.

While Ms Lim managed through disciplined savings, she knew that if she were diagnosed with a serious critical illness, her family’s finances would be stretched to breaking point. This is where protection like the Payer Benefit Enhanced CI Rider can provide reassurance – ensuring that if the policyholder falls critically ill, premiums are waived and the family’s coverage remains intact.

Such protection is increasingly vital as some serious health conditions are surfacing earlier in life. In Singapore, for example, early-onset colorectal cancer is on the rise, now accounting for about 12 per cent of all colorectal cancer cases, with incidence rates in adults under 50 having doubled over the past few decades.

At the same time, heart attacks are becoming more common in people in their 30s and 40s. Cardiovascular disease is the leading cause of death in Singapore, accounting for over 30 per cent of deaths last year. 

Ms Lim’s experience underscores a simple truth: Early planning equips families with the stability and support they need – before care needs become a crisis.

Speak to a Great Eastern financial representative to learn how Great Life Multiplier can help safeguard your family’s future. Use your SG60 Family Gift Credits to save 10 per cent off premiums and enjoy 15 per cent off first-year premiums when you sign up before Dec 31, 2025.

*Name has been changed.

Terms and conditions apply.

¹ The Juvenile Benefit payout is 25 per cent of the basic sum assured under the Critical Illness Multiplier Rider (E&I) and will expire on the policy anniversary when the life assured turns 18.
² Subject to the policyholder not having made any nomination under the Beneficiary Access clause. 
³ Excludes pre-existing conditions. Other terms and conditions apply. Refer to the product summary and policy contract for details.

All ages specified refer to age next birthday.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

The information presented is for general information only and does not have regard to the specific investment objectives, financial situation or needs of any particular person. As buying a life insurance policy is a long-term commitment, early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You may wish to seek advice from a financial adviser before buying product. If you choose not to seek advice from a financial adviser, you should consider whether the product is suitable for you.

Protected up to specified limits by SDIC. Information is accurate as of Oct 28, 2025.