Can I protect myself and my dependants through several CPF schemes?
I am not getting younger and as I age, I begin to lose my regular bodily functions and eventually I would be incapable of working. As I am solely dependent on my CPF, I don't really have any other source of income. Despite this, I still want to help my family and my dependents just in case an emergency would occur that would require financial help. Are there any CPF schemes that could help me protect my family?
There are two schemes that you can use to protect your family. The first one is the Dependants’ Protection Scheme which is a term insurance that mitigates the impact of a loss of income to a family, and the second one is the Home Protection Scheme which is a mortgage-reducing insurance that protects you and your family against losing your HDB flat, in the event of an insured member’s permanent incapacity or death before the housing loan is fully paid up.