DPS Insurance Relevance

[wts2013]

is the 4% guaranteed?

hahaha current surrender values shows 4% pa since I bought, the longer one holds, the better the surrender values, hahaha

 

[FP_IFA]

hahaha no thanks, moi sufficiently covered, dun believe in throwing away money to insurance, moi pay a fixed premium but my coverage auto increase over the years with money earning 4% on maturity or shld moi surrender for retirement, hahaha

Your coverage is obviously not 1mil. If the person needs a 1mil cover, should he get a 1mil whole life?

 

[wts2013]

Your coverage is obviously not 1mil. If the person needs a 1mil cover, should he get a 1mil whole life?

hahaha u are IFA, u shld answer your own question, so what alternative solutions are available? hahaha

 

[FP_IFA]

hahaha u are IFA, u shld answer your own question, so what alternative solutions are available? hahaha

Thats why term is important, my friend. You just brush it aside like its totally useless and a waste of money.

 

[wts2013]

Thats why term is important, my friend. You just brush it aside like its totally useless and a waste of money.

hahaha u cannot even answer the question, u brush it aside hor hahaha

what is important and not a waste of money, buy for greed and fear? hahaha

 

[FP_IFA]

hahaha u cannot even answer the question, u brush it aside hor hahaha

what is important and not a waste of money, buy for greed and fear? hahaha

You still don't understand. You cannot rely fully on a whole life plan to have sufficient cover. If a person who has a family needing a million dollar cover, you need term and it is not a waste of money. You can add a whole life but it is a small part of the cover.

 

[wts2013]

You still don't understand. You cannot rely fully on a whole life plan to have sufficient cover. If a person who has a family needing a million dollar cover, you need term and it is not a waste of money. You can add a whole life but it is a small part of the cover.

hahaha no wan to waste time on marketing tactics of insurance co, focusing on greed and fear, who wants the 1million and how many really get paid the 1million, hahaha

 

[Witwit84]

hahaha no wan to waste time on marketing tactics of insurance co, focusing on greed and fear, who wants the 1million and how many really get paid the 1million, hahaha

If it's a 1 million coverage for death, i believe the definition for death is quite clear cut, they will have to pay the 1 million no matter what isn't it? The dependants are the ones who will benefit of course.

 

[wts2013]

If it's a 1 million coverage for death, i believe the definition for death is quite clear cut, they will have to pay the 1 million no matter what isn't it? The dependants are the ones who will benefit of course.

hahaha u dun understand what moi is hinting at: what is the stats showing number of people who bought 1mil term and got paid 1 mil term, ie died

if u think your risk of dieing before your term expires is high or if u think u can continue to afford to pay the premiums till it expires at 65 or later, and can earn back those money thru eg btir, then go ahead lor

 

[kehyi4]

I remember someone saying that DPS had a tighter definition for "incapacity" for making claims. That seems to have been changed:

Claim criteria widened for two CPF insurance schemes

"Central Provident Fund (CPF) members with terminal illness and total permanent disability but are still able to work will qualify for claims under the Home Protection Scheme (HPS) and Dependants’ Protection Scheme (DPS), after Parliament passed changes to the definition of “incapacity” under the CPF Act on Monday (Feb 29)."

 

[mksing]

I remember someone saying that DPS had a tighter definition for "incapacity" for making claims. That seems to have been changed:

Claim criteria widened for two CPF insurance schemes

"Central Provident Fund (CPF) members with terminal illness and total permanent disability but are still able to work will qualify for claims under the Home Protection Scheme (HPS) and Dependants’ Protection Scheme (DPS), after Parliament passed changes to the definition of “incapacity” under the CPF Act on Monday (Feb 29)."

Almost missed this news, thanks for pointing out. Will need to review when changes are done by the CPF board.

 

[tiny]

I remember someone saying that DPS had a tighter definition for "incapacity" for making claims. That seems to have been changed:

Claim criteria widened for two CPF insurance schemes

"Central Provident Fund (CPF) members with terminal illness and total permanent disability but are still able to work will qualify for claims under the Home Protection Scheme (HPS) and Dependants’ Protection Scheme (DPS), after Parliament passed changes to the definition of “incapacity” under the CPF Act on Monday (Feb 29)."

The criteria has become more beneficial to policyholders. Good news indeed.

 

[chongpang]

My dad received a letter from NTUC that his DPS has been terminated because he has reached the maximum age for the policy, meaning all the money he paid go down to drain?

 

[chuanz]

My dad received a letter from NTUC that his DPS has been terminated because he has reached the maximum age for the policy, meaning all the money he paid go down to drain?

Generally that's how all term insurance works.

 

[qhong61]

Isn't it good news?

My dad received a letter from NTUC that his DPS has been terminated because he has reached the maximum age for the policy, meaning all the money he paid go down to drain?

 

[limster]

Isn't it good news?

i can't imagine someone buying term with critical illness rider and complaining that his money is wasted because he didn't get a critical illness...

 

[Shion]

My dad received a letter from NTUC that his DPS has been terminated because he has reached the maximum age for the policy, meaning all the money he paid go down to drain?

Yes. That is how a term insurance work.

 

[soneat]

My dad received a letter from NTUC that his DPS has been terminated because he has reached the maximum age for the policy, meaning all the money he paid go down to drain?

You (and your dad) got to understand that DPS is a yearly renewable term insurance and for term insurance, it is a pure expense.

The premium you paid (an expense) is in exchange for some financial coverage (a benefit that you received). Hence, it is not really $ down the drain.

 

[chongpang]

oic, i thought insurance is meant to cover till one pass on, but what happened if one is sick after the maximum age?

 

[akwl88]

oic, i thought insurance is meant to cover till one pass on, but what happened if one is sick after the maximum age?

If u got the money, u can chiong a 500k or 1 mil whole life plan

Medishield life is there for u too