Nil Benefits In Dependent Protection DPS

[makapaaa]

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[TD="class: msgF, width: 1%, align: right"]From: [/TD]
[TD="class: msgFname, width: 68%"] emeritus sunshinebolx (sunshinebolx) <NOBR></NOBR>[/TD]
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[TD="class: msgtxt"]Nil Benefits In Dependent Protection (DPS) Insurance.
My friend who is very sick and is about to reach 60 years of age, got a shock of his life when his wife who enquired with NTUC Income. Was informed that if her husband dies after reaching 60 years of age, his beneficiaries won't be paid a single cent. However if he drops dead before reaching 60 years of age than his beneficiaries will get approximately $50,000 . My sick friend has been contributing to the DPS since 1990 with deductions made from his CPF. He is jobless because of his illness and has no savings, having spent all his savings on his medical care. He feels sad and helpless knowing that he will be dying soon and being unable to leave any money for his family after he is gone. Now he has the strong inclination to commit suicide before he reaches 60 years of age , so that his family can benefit from the DPS payout. His family won't allow him to do that, however he attempted suicide once by trying to jump out of his window, cursing NTUC INCOME. This is really unfair for Singaporeans, since these days they live longer live spans, on average of 80 years.
[URL]http://www.income.com.sg/insurance/dps/index.asp[/URL]
[URL]http://www.mom.gov.sg/employment-practices/employment-rights-conditions/cpf/Pages/dependents-protection-scheme.aspx[/URL]
[URL]http://mycpf.cpf.gov.sg/CPF/my-cpf/get-mar/GM2.htm[/URL]
<A href="http://forums.fuckwarezone.com.sg/money-mind-210/cpf-dependents-protection-scheme-dps-3036537.html" target=_blank>http://forums.fuckwarezone.com.sg/money-mind-210/cpf-dependents-protection-scheme-dps-3036537.html
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[Leepotism]

Once you reach 55, you cannot use you CPF to pay the annual fee for the scheme. Bastard PAP say that now your CPF money is under retirement account. So if you want to continue the scheme, you have to pay hard cash to the bastard insurance company or your insurance is rendered null and void. Most of the people do not have the cash to pay in order to continue the scheme and NTUC Income or Great Eastern will be very happy because, all these years, the CPF money collected from them is free money. They don't have to pay a single cent if you die. You die your business.

 

[Leepotism]

On another note, after 60 years of age, you are no longer insurable. NTUC Income and crony insurance company laugh all the way to the banks again after decades of money from you.

 

[shittypore]

Once you reach 55, you cannot use you CPF to pay the annual fee for the scheme. Bastard PAP say that now your CPF money is under retirement account. So if you want to continue the scheme, you have to pay hard cash to the bastard insurance company or your insurance is rendered null and void. Most of the people do not have the cash to pay in order to continue the scheme and NTUC Income or Great Eastern will be very happy because, all these years, the CPF money collected from them is free money. They don't have to pay a single cent if you die. You die your business.

I have lost Trust in PAP donkey years ago, nothing genuine you get fm em.

 

[Leongsam]

All term insurance schemes operate the same way regardless of where you are in the world or who you vote for in Singapore.

Insurance is for a fixed term and is designed to provide protection when it is most needed at the beginning of ones career and when you have dependent children.

As the years go by, you're supposed to get your finances in order and save for a rainy day. The children who were dependent upon your income should become self sufficient once they're grown up.

I had numerous term policies when I was young. The largest was for $250,000 which was a lot of money at the time. I paid my premiums monthly for 15 years. At the end of the term, I got nothing back.

However, because I realised my own financial goals, I no longer needed life insurance. That's the way things are supposed to work.

Ignore the realities of life at your own peril. Nobody is going to look after you if you don't first look after yourself.

 

[scroobal]

This is NTUC. It is not exactly a private company. It had access to army camps, civil servants etc. There is an element of trust that is given to State run or associated entities. Not many people read the fine print and most agents will avoid telling this.

The CPF schemes that were introduced after 1985 is no longer what it was supposed to be. The British created the CPF and not the PAP but it was the PAP that ended up using it for building the country paying a dismal interest rate. It is also now an escrow for housing debts and medical bills.

People have been misled.

Try telling a hawker who does not read or understand English what the terms are.

All term insurance schemes operate the same way regardless of where you are in the world or who you vote for in Singapore.

 

[Leongsam]

This is NTUC. It is not exactly a private company. It had access to army camps, civil servants etc. There is an element of trust that is given to State run or associated entities. Not many people read the fine print and most agents will avoid telling this.

The NTUC is doing what is most cost effective for the people. If they tried to sell whole life policies with a medical rider. none of their targeted clientele would be able to afford the premiums and they'd end up with no insurance whatsoever.

The govt operates on the assumption that everybody needs some sort of coverage when they're young adults bringing up a family. However, when the hawker reaches 60, his children are supposed to provide for the father who toiled daily to put them through school and university.

Insurance should no longer be needed if his children live up to their responsibilities.

Singaporeans seem to have this naive idea that the government is supposed to take care of them from cradle to grave. No such promise was ever made and the tax system was never designed to fund such a scheme. Personal responsibility has always been the order of the day and I agree with that.

 

[Hawkeye1819]

Took the words right out of my thoughts. A nation-wide insurance policy must be carefully explained even to the uneducated. Don't forget many of our oldies did not receive a proper education due to economic circumstances. While NTUC is milking the profits, people are left uninformed. This is not acceptable. It is basic due diligence to ensure all stakeholders, policyholders and their dependents are informed of the benefits and limitations.

Were an individual FAR (insurance agent) to do the same, he or she would have faced the music for malpractice. When NTUC fails to live up to basic standards of due diligence, it gets away.

This is NTUC. It is not exactly a private company. It had access to army camps, civil servants etc. There is an element of trust that is given to State run or associated entities. Not many people read the fine print and most agents will avoid telling this.

The CPF schemes that were introduced after 1985 is no longer what it was supposed to be. The British created the CPF and not the PAP but it was the PAP that ended up using it for building the country paying a dismal interest rate. It is also now an escrow for housing debts and medical bills.

People have been misled.

Try telling a hawker who does not read or understand English what the terms are.

 

[scroobal]

Not disputing what you said about Insurance schemes and how they operate.

The point I am making is that this Govt gave the impression that CPF will be sufficient, NTUC is for the workers etc and all be sweet. Unlike the US, UK and even OZ and NZ, the concept of self funded retirement is more or less top of mind or constantly talked about. I know an AngMo headhunter who told me that Singaporeans in the course of remuneration negotiations will not talk about pensions, self funded retirement fund while all the expats do. He told me these guys are living on hope. He also told me that some of the expats are paying into their own country's pension fund voluntarily.

Remember the $8 heart surgery by the Minister.

Look at Singapore Financial planners who like to sell products for commission while those in 1st world countries also do things for commission but you get a clear plan for retirement with risk category according to appetite.

The NTUC is doing what is most cost effective for the people. If they tried to sell whole life policies with a medical rider. none of their targeted clientele would be able to afford the premiums and they'd end up with no insurance whatsoever.

.

 

[Leongsam]

The point I am making is that this Govt gave the impression that CPF will be sufficient, NTUC is for the workers etc and all be sweet.

I never got such an impression. My dad didn't get that impression. Neither did my mum or my siblings.

Any hawker or worker can easily add up monthly CPF contributions to know how much they'll have upon retirement.

They'd also be capable of working out how far the total would go after retirement.

Hawkers are better at arithmetic than I am. My production operators knew how to calculate their overtime entitlements down to the last cent and were quick to point out any errors.

Singaporeans need to admit responsibility for their own follies and not try to pass the buck.

 

[eatshitndie]

Singaporeans need to admit responsibility for their own follies and not try to pass the buck.

various plans (term and comprehensive or whole life) are spelled out on their website, including policy conditions. ah gu ah kow can always seek 2nd, 3rd opinions and advice from their children, relatives or friends with secondary education. if sinkies with secondary education in chinese or english do not read and understand policy conditions when they enrol in insurance policies, there's something awfully wrong with the whole cuntry. what do they expect? the agent or an mp to read them carefully and lovingly policy conditions for a full week before they go to bed? i'm afraid sinkies have been conditioned to be gullible and start pointing fingers first when the shit hits the fan.

 

[Leongsam]

various plans (term and comprehensive or whole life) are spelled out on their website, including policy conditions. ah gu ah kow can always seek 2nd, 3rd opinions and advice from their children, relatives or friends with secondary education.

They obviously didn't seek a second opinion when they withdrew all their CPF ordinary account savings at 55 and blew the whole damned lot in less than a year on Batam and Bintan whores.

The govt was forced to change the rules for all because of the idiocy of some and they're now taken to task for changing the terms and conditions of withdrawal.

Governing Singapore is obviously a no-win situation. When freedoms are granted, the govt is accused of not taking care of the vulnerable (translation = idiots). When the govt tries to save people from their own stupidity, it is accused of acting as nanny.

Frankly, I don't know why anyone bothers to run the country anymore. If I was a member of the elite, I'd emigrate to my Swiss Alpine Villa to enjoy life instead of trying to pander to a bunch of spoiled brats.

 

[enterprise2]

I never got such an impression. My dad didn't get that impression. Neither did my mum or my siblings.

Any hawker or worker can easily add up monthly CPF contributions to know how much they'll have upon retirement.

They'd also be capable of working out how far the total would go after retirement.

Hawkers are better at arithmetic than I am. My production operators knew how to calculate their overtime entitlements down to the last cent and were quick to point out any errors.

Singaporeans need to admit responsibility for their own follies and not try to pass the buck.

Leongsam give up lah!! U r trying to defend the indefensible!!! Many if not most people don't know squat about insurance so they are being led like rats by the piper. Just look at the Eldercare scheme....only after outcry then they start to improve it. U need to keep slapping them to get things done the right way!!

 

[eatshitndie]

Frankly, I don't know why anyone bothers to run the country anymore. If I was a member of the elite, I'd emigrate to my Swiss Alpine Villa to enjoy life instead of trying to pander to a bunch of spoiled brats.

a reason why it's tough to blame the current crop of cabinet ministers for exhibiting mercenary attitudes, which are frankly untrue. they could have plump private sector jobs but instead expose themselves to public ridicule for taking the thankless and hostile path of public service. and the citizenry is dominated by fools which make the job much less rewarding. not to mention the relative low renumeration for the lack of appreciation. :p

 

[ZorrorroZ]

Talking about insurance... I have a few queries, I hope you guys can share some insight.

I have several insurance policies for my family and myself started many years ago. There are some life insurance policies and some term medical policies. Now that I have migrated ... which of these policies still works for me?

1. I am still continuing to pay my life insurance policies since there is an accumulation of wealth there. And since the payout includes for death and disability (anywhere in the world) - I guess it's good to keep these going.

2. NTUC incomeshield - paid via CPF - is this still valid for claims, now that I live in Oz? Or should I stop this and buy private health insurance in Oz?

 

[Don Muthuswamy]

All term insurance schemes operate the same way r.....

Sam, wat ur saying here is not fair 2 many. Not every1 is fortunate enuff 2 save esp wen deyr having a low end job or have lost der jobs & have unemployed for an extended period bcos der jobs have been given 2 an FT. Dis scheme shd have been explained 2 de masses in relations 2 de benefits and pitfalls, failing 2, its simply coming across as nothing more dan a ponzi scheme.

 

[Don Muthuswamy]

However, when the hawker reaches 60, his children are supposed to provide for the father who toiled daily to put them through school and university.

Insurance should no longer be needed if his children live up to their responsibilities.

Sam, it cms like ur still living in de dark ages. How many children 2 u think takes up or are able 2 take up de responsibility 2 sppt der parents esp wen deyr having a fair share of der own problems in Sgp???? How much 2 u think dey can 2 4 der parents esp wen dey have 2 worry abt how they're going 2 put der next meal on de table 4 der families??? Ur living in an Ang moh cuntry aren't u???? How many cases have u heard of children sppt der parents der???? Such being de case, Y shd it b any diff here in Sgp????

 

[Leongsam]

Sam, it cms like ur still living in de dark ages. How many children 2 u think takes up or are able 2 take up de responsibility 2 sppt der parents esp wen deyr having a fair share of der own problems in Sgp???? How much 2 u think dey can 2 4 der parents esp wen dey have 2 worry abt how they're going 2 put der next meal on de table 4 der families??? Ur living in an Ang moh cuntry aren't u???? How many cases have u heard of children sppt der parents der???? Such being de case, Y shd it b any diff here in Sgp????

It's too painful to read your txt spk. The gist of what you're saying is that life is tough. My response is that they have their priorities wrong. Parents should be the the number one responsibility of children. Instead, an iPhone takes precedent.

 

[ionzu]

Singaporeans seem to have this naive idea that the government is supposed to take care of them from cradle to grave. No such promise was ever made and the tax system was never designed to fund such a scheme. Personal responsibility has always been the order of the day and I agree with that.

since when was the social contract changed? a whole generation of PAP voters have been played out by the very party they supported.

 

[soIsee]

The NTUC is doing what is most cost effective for the people. If they tried to sell whole life policies with a medical rider. none of their targeted clientele would be able to afford the premiums and they'd end up with no insurance whatsoever.

The govt operates on the assumption that everybody needs some sort of coverage when they're young adults bringing up a family. However, when the hawker reaches 60, his children are supposed to provide for the father who toiled daily to put them through school and university.

Insurance should no longer be needed if his children live up to their responsibilities.

Singaporeans seem to have this naive idea that the government is supposed to take care of them from cradle to grave. No such promise was ever made and the tax system was never designed to fund such a scheme. Personal responsibility has always been the order of the day and I agree with that.

What kind of fucked up assumptions is that?

yours and the PAP?

Children live up to their resonsibilities?

More Sinkie are single now than ever and many more are childless.

if the gov does not want to cover until after 60 ..then

GIVE BACK ALL THE CPF MONEY TO THE OWNER OF THOSE FUNDS!

After 60, the white scums come up with another con scheme called ..

CPF LIFE!

As I have always said..

In away the Sinkie deserved to be screwed!