Should I cancel my CPF Dependant Protection Scheme (DPS) as I already have the Aviva Group Term Life (GTL) for MINDEF and MHA?
I have done my calculations. The amount I am paying over the entire duration for CPF DPS, which gives me coverage of $46k, if channelled over into Aviva's GTL, will give me coverage of almost x5 times more at $220k. Also, CPF DPS only covers up till the age of 59, but Aviva's GTL stretches to age 65. Should I make this switch? Anybody with prior experiences to share?
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Loh Tat Tian
14 Aug 2019
Founder at PolicyWoke (We Buy Insurance Policies)
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Cedric Jamie Soh
01 Aug 2019
Director at Seniorcare.com.sg
CPF DPS is reasonably priced. Keep it.
Best part: you can use CPF to pay for the premium. (aviva's group term only accept cash)
The bad thing is we cannot buy more even if we want to.
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Joyce Chan
30 Jul 2019
Senior Financial Consultant at Prudential Assurance Company Singapore
My personal take is that this is a super affordable insurance policy worth keeping. Moreover, this i...
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The premiums paid for the coverage is not worth once you hit age 45. You may wish to drop it and get private insurance as term premiums have progressively decreased, especially for death coverage.