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mr david kwok's letter on extending the dps (dependents' protection scheme) appeared in the st forum last wednesday:
Dependants' scheme
'The DPS should be extended to age 80 and beyond.'
MR DAVID KWOK: 'The Dependants' Protection Scheme (DPS) is a low-cost insurance scheme which is beneficial to all Singaporeans, especially those in the low-income group. The cover ceases when a person reaches the age of 60. With many Singaporeans living past 75, the DPS should be extended to age 80 and beyond.'
today, mr chang long kiat, director (housing and healthcare), cpf board responded:
last wednesday, mr david kwok suggested raising the current dependents' protection scheme (dps) age limit of 60 years old to 80 and beyond ('dependents' scheme).
the dps is a low-cost term insurance scheme aimed at helping young dependents with a sum of money to tide over the initial difficult period in the event of a cpf member's permanent incapacity or death.
if dps were to be extended beyond 60, members who wish to be covered will have to pay substantially higher premiums. for example, annual premiums for cover between the ages of 60 and 65 will be more than thrice that of cover between the ages of 55 and 60.
members aged 60 and above will be better served by saving this money for their retirement needs instead of purchasing further cover, especially since their children are likely to have already commenced working and no longer depend on them for income.
members who wish to purchase life insurance beyond age 60 can still do so from private insurers.
my comments:
Read more...[caption id="attachment_1567" align="alignright" width="150" caption="Photo by ~yienshawn92~"][/caption]
mr david kwok's letter on extending the dps (dependents' protection scheme) appeared in the st forum last wednesday:
Dependants' scheme
'The DPS should be extended to age 80 and beyond.'
MR DAVID KWOK: 'The Dependants' Protection Scheme (DPS) is a low-cost insurance scheme which is beneficial to all Singaporeans, especially those in the low-income group. The cover ceases when a person reaches the age of 60. With many Singaporeans living past 75, the DPS should be extended to age 80 and beyond.'
today, mr chang long kiat, director (housing and healthcare), cpf board responded:
last wednesday, mr david kwok suggested raising the current dependents' protection scheme (dps) age limit of 60 years old to 80 and beyond ('dependents' scheme).
the dps is a low-cost term insurance scheme aimed at helping young dependents with a sum of money to tide over the initial difficult period in the event of a cpf member's permanent incapacity or death.
if dps were to be extended beyond 60, members who wish to be covered will have to pay substantially higher premiums. for example, annual premiums for cover between the ages of 60 and 65 will be more than thrice that of cover between the ages of 55 and 60.
members aged 60 and above will be better served by saving this money for their retirement needs instead of purchasing further cover, especially since their children are likely to have already commenced working and no longer depend on them for income.
members who wish to purchase life insurance beyond age 60 can still do so from private insurers.
my comments:
Read more...
[/caption]
mr david kwok's letter on extending the dps (dependents' protection scheme) appeared in the st forum last wednesday:
Dependants' scheme
'The DPS should be extended to age 80 and beyond.'
MR DAVID KWOK: 'The Dependants' Protection Scheme (DPS) is a low-cost insurance scheme which is beneficial to all Singaporeans, especially those in the low-income group. The cover ceases when a person reaches the age of 60. With many Singaporeans living past 75, the DPS should be extended to age 80 and beyond.'
today, mr chang long kiat, director (housing and healthcare), cpf board responded:
last wednesday, mr david kwok suggested raising the current dependents' protection scheme (dps) age limit of 60 years old to 80 and beyond ('dependents' scheme).
the dps is a low-cost term insurance scheme aimed at helping young dependents with a sum of money to tide over the initial difficult period in the event of a cpf member's permanent incapacity or death.
if dps were to be extended beyond 60, members who wish to be covered will have to pay substantially higher premiums. for example, annual premiums for cover between the ages of 60 and 65 will be more than thrice that of cover between the ages of 55 and 60.
members aged 60 and above will be better served by saving this money for their retirement needs instead of purchasing further cover, especially since their children are likely to have already commenced working and no longer depend on them for income.
members who wish to purchase life insurance beyond age 60 can still do so from private insurers.
my comments:
Read more...
