Impending parenthood has forced Heartland Boy to re-evaluate his financial planning more holistically. As he reviewed his insurance coverage, he realised that the Dependants’ Protection Scheme (‘DPS’) has inexplicably slipped from his grasp. The explanation for this is that Heartland Boy automatically enrolled into the DPS at age 16 when he was a part-time waiter at a restaurant during the school holidays. That also marked the first time he made his first working CPF contribution. Subsequently, due to insufficient funds in his Central Provident Fund (‘CPF’), the DPS eventually lapsed after the 60-day grace period. With a dependent to welcome in the family soon, the rules of the game have definitely changed. Therefore, he decided to pluck a low-hanging fruit by reinstating his Dependants’ Protection Scheme at age 30.

What Is The Dependants’ Protection Scheme

The Dependants’ Protection Scheme is a type of term insurance that covers insured members for ...