Dependents Protection Scheme

[reddevil0728]

Just saw this thread, there are many taxi uncles i noted considered self-employed, never have OA from “employers”.
Most gig workers buy HDBs with only monthly cash. How they manage insurance, ha? I think they buy only MediShield Insurance, 4Ds n Toto, they only thing they know.
Now , today any 4 room HDB BTO can potentially fetch up to 1 mil after MOP, why buy DPS which covers the balance of future loans only (still that bit of $ wasted, unless covers till 75 better) Just buy IP and careshield/disability income, can liao?

DPS is if you want to buy a cheap term insurance using cpf.

the rest cannot.

I think you might be confused the purpose of the insurance

 

[lzydata]

Now , today any 4 room HDB BTO can potentially fetch up to 1 mil after MOP, why buy DPS which covers the balance of future loans only (still that bit of $ wasted, unless covers till 75 better) Just buy IP and careshield/disability income, can liao?

Just want to say that mortgage insurance like HDB's Home Protection Scheme HPS is different from DPS which is not meant to cover the mortgage.

 

[heartywarrior]

for this DPS, if one is no longer working and has no dependents, is there still a need to keep this?

 

[sohguanh]

for this DPS, if one is no longer working and has no dependents, is there still a need to keep this?

If I am you I will terminate. The word say dependent protection scheme so no dependent no need lor.

 

[royalmix]

for this DPS, if one is no longer working and has no dependents, is there still a need to keep this?

A DPS claim can be made by your next of kin upon your demise or

if you’re certified to be suffering from terminal illness or total permanent disability.
The member's DPS cover expires at age 65.

Depends on you, what other insurance you have, how old are you now. Govt do refund premiums paid occasionally.

 

[heartywarrior]

A DPS claim can be made by your next of kin upon your demise or

if you’re certified to be suffering from terminal illness or total permanent disability.
The member's DPS cover expires at age 65.

Depends on you, what other insurance you have, how old are you now. Govt do refund premiums paid occasionally.

so is only useful for tpd then... if no nok or kanna TI since gonna die liao also no need liao cos can't bring $$ to next world

 

[royalmix]

so is only useful for tpd then... if no nok or kanna TI since gonna die liao also no need liao cos can't bring $$ to next world

Depends on how you want to enjoy your last days when kanna TI. I will take the payout and enjoy my last days! Only if can survive before 65

 

[reddevil0728]

for this DPS, if one is no longer working and has no dependents, is there still a need to keep this?

In the most purist sense no.

If you are not working and no dependants, I’m the first place there’s no income for anyone to be dependant. So technically you shouldn’t even have dependant (from a financial standpoint)

 

[qhong61]

In the most purist sense no.

If you are not working and no dependants, I’m the first place there’s no income for anyone to be dependant. So technically you shouldn’t even have dependant (from a financial standpoint)

Charity

 

[reddevil0728]

Charity

Very valid reason.

but talking about purist.

charity is definitely not dependant on a specific individual