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.
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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!
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