Dependents Protection Scheme

[reddevil0728]

must have the purpose to keep, not because it is so cheap

correct

enrich agent's pocket.....technically not scam thats why ""
Don't take it too seriously.

there's direct purchase insurance. so that's not necessarily true in the first place.

 

[~sabaisabai~]

$50 a year....I just pay hahahahaa

yes but it will go higher up as one ages... if young, cheap cheap, can still keep lah...
premiums will go up accordingly to age

 

[DevilPlate]

yes but it will go higher up as one ages... if young, cheap cheap, can still keep lah...
premiums will go up accordingly to age

ops mine no longer so cheap haha

yeah once hit 55yo, can consider to opt out liao.....but i still pay

According to this website above 60yo like not so worth to continue since drop in sum assured to 55k
https://www.moneysmart.sg/term-life/dependent-protection-scheme-ms

 

[reddevil0728]

ops mine no longer so cheap haha

yeah once hit 55yo, can consider to opt out liao.....but i still pay

probably still cheaper than those that can be bought outside and this is the only one that can be paid by OA.

So, as long there's financial dependant, make sense to keep. but if no financial dependant. really no point.

unless the intention is for it to be disbursed to whoever is the beneficiary of your estate.

 

[DevilPlate]

correct

there's direct purchase insurance. so that's not necessarily true in the first place.

Whole life insurance cannot DIY from what I know.

Only term insurance able to DIY online.

 

[reddevil0728]

Whole life insurance cannot DIY from what I know.

Only term insurance able to DIY online.

can but got cap

What is Direct Purchase Insurance (DPI)?​

Direct Purchase Insurance (DPI) are term and whole life insurance products that you can buy directly from a life insurance company, without paying a financial advisory (FA) representative.

As DPI is sold without financial advice, no commission is charged, and you pay lower premiums as a result. The broadly standardised features also make it easier for you to compare products when deciding which DPI to purchase.

https://www.moneysense.gov.sg/articles/2018/10/buying-direct-purchase-insurance

 

[~sabaisabai~]

ops mine no longer so cheap haha

yeah once hit 55yo, can consider to opt out liao.....but i still pay

According to this website above 60yo like not so worth to continue since drop in sum assured to 55k
https://www.moneysmart.sg/term-life/dependent-protection-scheme-ms

then above 55yo, not worth to keep liao leh

 

[reddevil0728]

so below 60yo, what is the sum assured?
then above 55yo, not worth to keep liao leh

70k
>60 will become 55k presumably to make the premium more manageable and also because likely dependants would have become more financially independent.

 

[DevilPlate]

can but got cap


https://www.moneysense.gov.sg/articles/2018/10/buying-direct-purchase-insurance

Thanks for sharing.....is DPI offer lower premium for same sum assured....I know out of topic for this thread though.

 

[~sabaisabai~]

70k
>60 will become 55k presumably to make the premium more manageable and also because likely dependants would have become more financially independent.

thank you

 

[reddevil0728]

Thanks for sharing.....is DPI offer lower premium for same sum assured....I know out of topic for this thread though.

this 1 may not someone to validate. but i remb it might not necessarily be.

 

[reddevil0728]

thank you

btw i clicked into the link and it was stated there.

but of course the analysis is from myself

 

[~sabaisabai~]

btw i clicked into the link and it was stated there.

but of course the analysis is from myself

thanks for the info, appreciated

 

[sohguanh]

ops mine no longer so cheap haha

yeah once hit 55yo, can consider to opt out liao.....but i still pay

According to this website above 60yo like not so worth to continue since drop in sum assured to 55k
https://www.moneysmart.sg/term-life/dependent-protection-scheme-ms

I post about this super big jump in this thread a while back. Think once I hit 50 which is one year away I will terminate. It is DOUBLE siao ah

https://forums.hardwarezone.com.sg/threads/dependents-protection-scheme.6232166/post-146348740

 

[reddevil0728]

I post about this super big jump in this thread a while back. Think once I hit 50 which is one year away I will terminate. It is DOUBLE siao ah

https://forums.hardwarezone.com.sg/threads/dependents-protection-scheme.6232166/post-146348740

but vis-a-vis other options out there. is it any better?

 

[BBCWatcher]

people who have no financial dependent can technically opt out. even if they have. might actually be worthwhile keeping.

People who can self-insure should also opt out. For example, it doesn't make financial sense for a billionaire to pay DPS premiums.

 

[reddevil0728]

People who can self-insure should also opt out. For example, it doesn't make financial sense for a billionaire to pay DPS premiums.

technically yes. in the grand scheme of things the marginal return per unit of their time might not be worthwhile.

 

[DevilPlate]

technically yes. in the grand scheme of things the marginal return per unit of their time might not be worthwhile.

So if time is of concern, just let it run till 65yo….$298/year is peanut to billionaire haha

 

[reddevil0728]

So if time is of concern, just let it run till 65yo….$298/year is peanut to billionaire haha

probably earn that in less than a second

 

[8zaoyu]

Take note that DPS terminates quite early (up to 65 years old).

It is one of the cheaper barebone term life insurance that is payable via CPF-OA.

But it is not the cheapest term life for up to age 65, and the sum assured is limited.

It is meant for people who are gainfully employed (and hence have CPF-OA), but lacks a solid term life plan.

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?