CPFB | Single Premium Home Protection Scheme cover

Home ownership

Understanding the Single Premium Home Protection Scheme cover

Your Single Premium Home Protection Scheme (HPS) cover will insure you until you turn 55 or 60.

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Overview

Understanding how the Single Premium cover works

What is a Single Premium HPS 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.

How is a Single Premium different from an Annual Premium cover?

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

Switching cover

When is a Single Premium cover converted to an Annual Premium cover?

Changes to outstanding housing loan

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.

Outstanding loans past the Single Premium maximum age of 55 or 60

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.

More information (PDF, 0.7MB)

Benefits

Why do you need to convert to an Annual Premium cover?

Continue to be protected

Your Single Premium cover will end at either age 55 or 60. The Annual Premium cover continues the insurance protection until you turn 65 or your housing loan is fully paid, whichever comes first.

Continue using your CPF savings to pay monthly housing instalments

If you’re insured under the new Annual Premium scheme, you can continue to use your CPF savings to pay monthly instalments even after your Single Premium cover has ended.

Managing your cover

After converting to an Annual Premium cover

Pay annual premium

When you convert from a Single Premium to an Annual Premium cover, you must pay an annual premium for the cover extension and subsequent renewal of your Annual Premium cover.

The new Annual Premium cover is based on the outstanding housing loan amount when your Single Premium cover ends.

Apply for HPS exemption using private life insurance

Get exempted from the Annual Premium scheme if you already have an equivalent private life insurance that covers your outstanding housing loan.

Find out more

End your Annual Premium cover

If you’re not using your CPF savings to pay monthly housing instalments and no longer need the financial protection, you can apply to end your Annual Premium cover.

End HPS cover