Singapore-based financial blog that aims to educate people on personal finance, investments, retirement and their Central Provident Fund (CPF) matters.

Thursday, 13 October 2016

Are you Over-Insured by $46,000?!

Yup, you read it correctly - You might be over-insured by $46,000!
Most Singaporeans with CPF are automatically enrolled under the Dependents Protection Scheme (DPS).
Visit your CPF account online to check if you are currently over-insured by $46,000!
You can reduce your coverage if you are.

Recommended Post: 6 Singapore Public Transport Tips

The DPS is a Life Insurance + Terminal Illness Insurance + Total Disability Insurance.
It insures you until you reach age 60.
The premiums are paid via your CPF account (Ordinary Account or Special Account).
Age (as of last birthday) Yearly Premiums
34 years & below $36
35 - 39 $48
40 - 44 84
45 - 49 $144
50 - 54 $288
55 - 59 $260

By reducing your coverage by $46,000, you could potentially be saving between $75-$100 annually on your insurance premiums. That is actually a pretty significant sum you can use for other purposes like going out for a nice meal!

Singaporeans tend to face the issue of being over-insured or under-insured.
We hope that this article can help make you more better insured!
For more information on DPS, click HERE to visit the official website!

Recommended Post: What are the Retirement Sums?

Remember to offer your opinions. If you don't put your two cents in, how can you expect to get change?

Have a feedback? Tell us now!
Subscribe to us or
Follow us: Investment Stab on Facebook
Share this :


Post a Comment