Single Premium Home Protection Scheme cover

Members insured under the HPS before 1 March 2001 are covered under the Single Premium until they turn 55 or 60, depending on when they joined the scheme. The maximum cover age is stated on the Single Premium certificate issued to members when their Single Premium covers commence. Single Premium premiums are paid in a lump sum.

Annual Premium covers are issued from 1 March 2001 and cover members until they turn 65. Members under Annual Premium pay their premiums annually.

Your Single Premium (SP) HPS may be converted to an Annual Premium (AP) HPS if there are any changes to your loan repayment period or loan amount, including refinancing of an existing loan. However, any consequential increase to your HPS cover, e.g. increase in cover period or sum assured, is subject to you being in good health. You will remain insured under your SP cover if you are not eligible for the additional AP cover.

If you’re covered under Single Premium cover at age 55 or 60, it’ll be converted to an Annual Premium cover if you still have an outstanding loan.