Yup, you read it correctly – You might be over-insured by $46,000!
Most Singaporeans with CPF are automatically enrolled under the Dependents Protection Scheme (DPS).
Visit your CPF account online to check if you are currently over-insured by $46,000!
You can reduce your coverage if you are.
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The DPS is a Life Insurance + Terminal Illness Insurance + Total Disability Insurance.
It insures you until you reach age 60.
The premiums are paid via your CPF account (Ordinary Account or Special Account).
|Age (as of last birthday)||Yearly Premiums|
|34 years & below||$36|
|35 – 39||$48|
|40 – 44||84|
|45 – 49||$144|
|50 – 54||$288|
|55 – 59||$260|
By reducing your coverage by $46,000, you could potentially be saving between $75-$100 annually on your insurance premiums. That is actually a pretty significant sum you can use for other …Read the full article →