DPS Insurance Relevance

[mksing]

When you have proper H&S and Term Plan is place, is it still relevant to continue with Dependents Protection Scheme (DPS) insurance provided by NTUC/GE?

I think, unless the case of of death, it is very hard to prove 'mental incapacity' to claim the insurance. Also premium is not fixed but increasing with age.

What you'all think, I am planning to get rid of this one when next renewal time comes.

 

[Tornesoul]

It's the cheapest term per dollar

Sent from Sent from where? using GAGT

 

[mksing]

It's the cheapest term per dollar

Sent from Sent from where? using GAGT

Not really, when you touch 40+ age.

 

[Perisher]

Age (Last Birthday) Yearly Premium
34 years and below $36
35 – 39 years $48
40 – 44 years $84
45 – 49 years $144
50 – 54 years $228
55 – 59 years $260

 

[numbers]

i never knew this DPS scheme can cancel one....i thought is auto join this and last till u die

 

[anfielder]

i never knew this DPS scheme can cancel one....i thought is auto join this and last till u die

automatic enrolment but can opt out.

 

[wts2013]

i never knew this DPS scheme can cancel one....i thought is auto join this and last till u die

hahaha until age 60 only, it is cheap at start, so since deduct cpf, so join lor hahaha

 

[mksing]

Age (Last Birthday) Yearly Premium
34 years and below $36
35 – 39 years $48
40 – 44 years $84
45 – 49 years $144
50 – 54 years $228
55 – 59 years $260

Reason I am asking for opinion is, I took up 1million term plan last year (coverage upto age 65) with level premium of $87 per $100000.

Now thinking, should I continue with DPS, because in long term, it no longer makes economic sense.

 

[JW2015]

Reason I am asking for opinion is, I took up 1million term plan last year (coverage upto age 65) with level premium of $87 per $100000.

Now thinking, should I continue with DPS, because in long term, it no longer makes economic sense.

i feel cheated for so many year.

 

[mksing]

i feel cheated for so many year.

Bro, me too feeling same, I calculated all the premiums between age 25-60 and came with average of approx $120 premium per year of $46000 insurance only.

These blood sucking insurance companies.

 

[Soul77]

The premium should be about the same with comparable term plan, and it can be paid with CPF, so I wouldn't mind paying..
In fact, they should allow to increase the coverage..

 

[wts2013]

hahaha u never read your statements, coverage increases as u age lor, bonus is added, hahaha

 

[wts2013]

think there was a refund of premiums last year or so, hahaha

this is my only term insurance, down the drain lor, the rest all can get money back, hahaha

 

[mksing]

The premium should be about the same with comparable term plan, and it can be paid with CPF, so I wouldn't mind paying..
In fact, they should allow to increase the coverage..

Premium is not comparable, that's what I found out. You can see my calculation in earlier post.

 

[mksing]

hahaha u never read your statements, coverage increases as u age lor, bonus is added, hahaha

What I read is here https://www.cpf.gov.sg/Members/Schemes/schemes/other-matters/dependants-protection-scheme; unless you have some other sources, in that case, mind sharing.

 

[mksing]

think there was a refund of premiums last year or so, hahaha

this is my only term insurance, down the drain lor, the rest all can get money back, hahaha

Hmmm, I only got refund for my HPS (House Loan Protection) plan; I din't get any refund for DPS.

 

[wts2013]

What I read is here https://www.cpf.gov.sg/Members/Schemes/schemes/other-matters/dependants-protection-scheme; unless you have some other sources, in that case, mind sharing.

everyone under cpf dps same same, mine under ntuc, my ntuc statement shows sum assured more than 46k

that's the problem/issue with term insurance lor, if terminate and something happens, luggi lor having paid for so many years already, so no choice continue to pay lor, hahaha

moi never buy term insurance lor, all whole life, so can get money back, whether terminate or hold till maturity, dun feel the pain lor, no luggi lor, hahaha

u have to make your own choice/decision lor, hahaha

 

[paurusu]

Reason I am asking for opinion is, I took up 1million term plan last year (coverage upto age 65) with level premium of $87 per $100000.

Now thinking, should I continue with DPS, because in long term, it no longer makes economic sense.

What plan is this ? In order to have level premium coverage of $87 / 100000 , you need to take how many years of term contract ?

DPS has different model - it is based on yearly renewable term. I also thought DPS premium model is already affordable

 

[mksing]

What plan is this ? In order to have level premium coverage of $87 / 100000 , you need to take how many years of term contract ?

DPS has different model - it is based on yearly renewable term. I also thought DPS premium model is already

Level term till age 65 for 1M coverage, there is nothing like contract that you must pay till whatever year, you can stop tomorrow if you want.

 

[paurusu]

Level term till age 65 for 1M coverage, there is nothing like contract that you must pay till whatever year, you can stop tomorrow if you want.

There is difference based on the entry age I believe.
In order to get $87/100000 level term - u may have to pay starting from early young age ?

Otherwise it looks too cheap on later years.
If this plan is really that cheap - I also want to know. it is only less than $1k / year for $1 mil coverage.