Today's post will be on how CPF is actually four insurances in one.
Instead of looking at the CPF Retirement Sum (CPF RS) as a target where you can withdraw money at a certain age, look at it as a Savings + Medical + Life + Annuity insurance plan.
It is a Savings Insurance
It helps you save up money for housing, medical, kids' education, and retirement.
Furthermore, it pays pretty good interest.
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It is a Medical Insurance
1) We have got Medishield Life, Eldershield, and other medical insurance schemes that are paid by the MediSave Account. These insurance plans can pay for your hospitalisation fees when you need them.
2) You can also use your MediSave funds to pay for the cost of treatment for your immediate family members.
Recommended Read: Why are there 2 Schemes to Top Up CPF?
It is a Life Insurance
1) In the event that you passed away, all your...