If you’re working and have dependants relying on your income, we encourage you to continue with your DPS coverage. 

For example, if a working adult has an accident or contracts a terminal illness resulting in the loss of income, their dependants may be left without support. The impact will be greater if they haven’t accumulated enough CPF or private savings to pass on to their dependants. 

This is why DPS is automatically extended to everyone upon their first CPF contribution between age 21 and 65. 

DPS premiums get more expensive when you’re older so it’s important to weigh the benefits between retaining your DPS coverage or conserving more of your CPF savings for retirement. If you wish to opt out of DPS, you can contact Great Eastern Life to terminate your DPS cover at any time. 

Examples of those who may not need DPS include: 

• Those whose dependants are grown up and are financially independent
• Those with enough CPF or private savings to bequeath to their dependants to support them over the first few years of expenses in the event of an untimely death
• Those with their own private term or life insurance, with enough insurance protection and payout to support dependants over the first few years of expenses in the event of an untimely death

From early 2025, your CPF Special Account will be closed upon reaching age 55. This may also affect your DPS premium payment. If you plan to continue with your DPS coverage, consider making alternative payment arrangements.

Your eligibility for DPS will be subject to your good health at the point of application. Do note that truthful health declaration is vital for the validity of your DPS policy. 

As with any life insurance, DPS covers may be declined or deferred if you have any serious pre-existing illnesses. This is to ensure that the scheme is viable, and premiums are kept affordable for all insured members.