Dependents Protection Scheme

[torrent06]

And they auto extend to age 65 and increased premium too.

That is because the scheme has been enhanced to cover till 65 and the payout is higher. In fact, the premium will drop for those at a younger age. If you don’t want it, you can opt out.

https://www.greateasternlife.com/sg/en/dps.html

 

[xiaosinsinful]

Having a large pool of policyholders keeps the premiums low and really, most people would have some kind of dependants at some point of their lives eg elderly grandparents/parents, younger siblings when they just enter the workforce; their spouse and children when they get married. It is just a basic security net which covers until 60 (65 under the new enhanced scheme) (as there are people who never think of getting insured or think they can’t afford to get insured). Auto-inclusion means you don’t have to declare your health condition to get included. If you opt out, you will need to declare next time if you want to join again and you may not be eligible.

Very good points. Thanks for your insights. Just don’t really like having random auto inclusion policy.

I only found out I was included into this policy recently when I randomly check my CPF account. Plus like you said they increase the age and premiums too. Also I did some digging and found out that the sum of pay out isn’t going to change anything I.e it’s really low

 

[BBCWatcher]

But seems like CPF just auto op in everybody (with or without dependents ) into the scheme

Adding to others' comments, there's no practical way for the CPF Board to determine on its own who has at least one dependent (who cannot self-insure).

 

[xiaosinsinful]

Adding to others' comments, there's no practical way for the CPF Board to determine on its own who has at least one dependent (who cannot self-insure).

Well , maybe ... just maybe. Send a form and ask user to opt in ? Instead of the usual way our Govt love to do it. Just implement some random ***shield and shove it down sinkie throat. Then suka suka increase premiums

Adding to your point. If Govt don’t know who has dependents, how does Govt know who the give the payouts? Or just collect money first, payout nobody claim better?

 

[torrent06]

Very good points. Thanks for your insights. Just don’t really like having random auto inclusion policy.

I only found out I was included into this policy recently when I randomly check my CPF account. Plus like you said they increase the age and premiums too. Also I did some digging and found out that the sum of pay out isn’t going to change anything I.e it’s really low

The sum, while not very high, can be the only payout for some people and the yearly premium is not high compared to what you can get privately. At the minimum, it can help to pay for the insured’s funeral expenses.

 

[reddevil0728]

Very good points. Thanks for your insights. Just don’t really like having random auto inclusion policy.

I only found out I was included into this policy recently when I randomly check my CPF account. Plus like you said they increase the age and premiums too. Also I did some digging and found out that the sum of pay out isn’t going to change anything I.e it’s really low

You should have been informed. Maybe you missed the letter?

 

[reddevil0728]

Well , maybe ... just maybe. Send a form and ask user to opt in ? Instead of the usual way our Govt love to do it. Just implement some random ***shield and shove it down sinkie throat. Then suka suka increase premiums

Adding to your point. If Govt don’t know who has dependents, how does Govt know who the give the payouts? Or just collect money first, payout nobody claim better?

If they already send your letter about DPS and inform you that you can opt out but you didn’t even realise it, what’s the chances of there being sufficient people to be enrolled to make the premium cheap?

Also what if someone don’t enrol and got dependents, and end up they don’t have protection and their dependents don’t have any money, who end up suffering?

Check out intestate succession act

 

[exterminazn]

Well , maybe ... just maybe. Send a form and ask user to opt in ? Instead of the usual way our Govt love to do it. Just implement some random ***shield and shove it down sinkie throat. Then suka suka increase premiums

Adding to your point. If Govt don’t know who has dependents, how does Govt know who the give the payouts? Or just collect money first, payout nobody claim better?

Will suggest to look around instead of focusing entirely on yourself

 

[BBCWatcher]

Well , maybe ... just maybe. Send a form and ask user to opt in ? Instead of the usual way our Govt love to do it. Just implement some random ***shield and shove it down sinkie throat. Then suka suka increase premiums

"Shove it down sinkie throat" is not a fair description of the DPS given that everyone who wishes can opt out, either immediately upon enrollment (with the first premium fully refunded) or at any time before the last premium payment.

If they already send your letter about DPS and inform you that you can opt out but you didn’t even realise it, what’s the chances of there being sufficient people to be enrolled to make the premium cheap?

Also what if someone don’t enrol and got dependents, and end up they don’t have protection and their dependents don’t have any money, who end up suffering?

That's absolutely correct and clearly the greater harm. If somebody can miss the CPF Board's notice that he/she has been enrolled in the DPS and can opt out if desired, obviously somebody could miss a notice that he/she hasn't been enrolled in the DPS but can enroll if desired. And the consequences of dependents not receiving life insurance payouts are far more serious than the chances that someone might have paid relatively few dollars for coverage he/she really doesn't need. Hence this is an opt-out program, and that's obviously the right policy decision.

I should point out that most countries don't even offer an opt-out choice for their analogous coverage. The U.S. Social Security system, for example, provides payments to a worker's surviving dependent children. It's not a lump sum payout, but rather it's a monthly payout until the child reaches young adulthood. But Social Security survivors' benefits serve a broadly similar purpose, so they're reasonably comparable to Singapore's DPS. I didn't/don't get a choice whether to obtain that coverage or not. And it doesn't matter whether or not I have children or how many I have (the payouts increase to some extent with the number of surviving children). Childless workers must pay into the system (if they work in the U.S. or are self-employed U.S. persons working outside the U.S.), and part of their contributions goes to supporting these payouts to surviving dependent children.

As it happens, I have a couple family members who received U.S. Social Security survivors' benefits when they were children because they had a parent who died. And thank goodness it wasn't an opt-in system; neither they nor I are complaining.

 

[qhong61]

You should have been informed. Maybe you missed the letter?

No........

 

[reddevil0728]

No........

what you mean no?

 

[BBCWatcher]

The fact is the CPF Board (or the DPS carrier -- it's one of the two) sends out notices when members are first enrolled in the DPS. It's certainly possible Singpost couldn't deliver a letter, or the letter arrived but Mom or Dad dropped it, or whatever. No delivery system is 100% perfect....

....Which is precisely why the DPS is opt-out, not opt-in! The CPF Board cannot read minds! Hence, it has to make a decision, and clearly the correct decision is opt-out. Otherwise you'd have hundreds or even thousands of families with surviving dependents in more dire financial trouble because they aren't getting even modest life insurance payouts. Do we want more destitute children or some people who are paying modest premiums for coverage they don't need? Those are the only two choices here, and OBVIOUSLY fewer destitute children is the correct answer.

And there's nothing whatsoever hidden here, even if you miss the enrollment notice. When you log onto your CPF online account you can see premium deductions and you can also see your DPS enrollment status in the "My Messages" section. This information also appears in the CPF Board's yearly statements. And if/when you're making housing payments from your Ordinary Account you'll surely notice, right? The DPS premiums are drawn from the same source of funds (OA).

 

[qhong61]

what you mean no?

Didn't receive letter...

 

[reddevil0728]

Didn't receive letter...

well nobody can independently verify that. In any case you can opt out.

 

[Squaredot]

Didn't receive letter...

I received the letter from GE today ...

 

[MadeInAnfield]

Why my FPS from NTUC become GE huh???

 

[reddevil0728]

Why my FPS from NTUC become GE huh???

FPS?????????

 

[torrent06]

Having a large pool of policyholders keeps the premiums low and really, most people would have some kind of dependants at some point of their lives eg elderly grandparents/parents, younger siblings when they just enter the workforce; their spouse and children when they get married. It is just a basic security net which covers until 60 (65 under the new enhanced scheme) (as there are people who never think of getting insured or think they can’t afford to get insured). Auto-inclusion means you don’t have to declare your health condition to get included. If you opt out, you will need to declare next time if you want to join again and you may not be eligible.

Sorry, I was mistaken about the health declaration part. DPS requires health declaration, whether it is the first time you join or not. Certain pre-existing health conditions can cause one to be ineligible for coverage.

 

[xiaosinsinful]

You should have been informed. Maybe you missed the letter?

Nope , I don’t think this “letter” exist

 

[reddevil0728]

Nope , I don’t think this “letter” exist

What you think doesn’t matter tbh.

If you missed it, don’t blame it on “you don’t think there is no such letter”