Dependent Protection Scheme

Dear Mr Tan

I am a single, middle age, and live with my parents. Our HDB flat is fully paid and belongs to my parents. I have no plan to buy a flat myself. Do I need to continue the DPS insurance? Is it relevant to me?

REPLY:

The cost of the Dependent Protection Scheme is quite low. It is a term insurance plan. It is useful to provide some cash to your parents, or as a fund for final expenses, in the event of premature death. It also pays on permanent disability. I suggest that you keep this insurance.