snow_4ling 0 Report post Posted May 21, 2008 Hi, Anyone thinking of buying insurance that protect the family by clearing the housing loan, in the event of the loan payor's death/disability? Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted May 21, 2008 I think this is covered by CPF's HPS right? Remember its something like 50% or 100% coverage, ie for 50% coverage, if one party dies, that party's own liability will be cleared, but the living party will still have to pay for his/her own share. If 100% coverage, once one party dies, both parties' liabilities will be cleared. Do check with CPF or read the website first before you commit to the insurance agent, dun buy double coverage. Share this post Link to post Share on other sites
inix 0 Report post Posted May 22, 2008 Insurance is a legal requirement. One will need to buy. The easiest method is to just buy HPS from CPF as it will be deductable via CPF. Do note that I strongly recommend both parties buying 100%. Some people might recommend buying 50% each, but I think thats totally unrealistic. When something happen our partner, the last thing we wanna worry about would be our home. Even 50% repayment when we suddenly have bills, kids and whatsoever to contend with will be a nightmare. Its not too expensive anyway, so why even take the risk? This insurance is also available from commercial players. Most of them offer similar terms, but they give the family an additional option of taking cash (As opposed to just paying off the house). Share this post Link to post Share on other sites
raincole 0 Report post Posted May 22, 2008 If commerical, which insurance will offer it more attractive? Share this post Link to post Share on other sites
inix 0 Report post Posted May 22, 2008 If commerical, which insurance will offer it more attractive? Check with the companies lor.. Most offer differently. Some want you to buy it as a one-time insurance cash payout. Others is a yearly paying affair. All cash... Share this post Link to post Share on other sites
Yang Guo 7 Report post Posted May 24, 2008 Hi, Anyone thinking of buying insurance that protect the family by clearing the housing loan, in the event of the loan payor's death/disability? hehe ..u r selling or intending to buy mortgage insurance? Share this post Link to post Share on other sites
applefreak 1 Report post Posted May 24, 2008 actually just go for term life insurance is good enough bah don't think many offer one-off premium liao Share this post Link to post Share on other sites
Yang Guo 7 Report post Posted May 24, 2008 If commerical, which insurance will offer it more attractive? i compared before, Prudential's cheaper than HPS, but good thing abt HPS is that its payable by CPF Share this post Link to post Share on other sites
jakie 0 Report post Posted May 24, 2008 hi all i am interested to know in the case of only one person in occupier list, say like buying with parents who r under applicants , is there any 100% insurance available? as feedback from some ppl, it is more benifits and cheaper to buy insurance at outside market rather than buy from HDB .. any advise? thanks ya.. Share this post Link to post Share on other sites
applefreak 1 Report post Posted May 25, 2008 erm HDB don't sell insurance HPS is a CPF scheme it's best to compare the rates yourself as age and gender plays a part in determining the premium btw jakie, i think it's the other way right one person as applicant and parents as occupiers? that's my case and i got 100% coverage even when there is 2 applicants, each can get 100% coverage as well it's totally up to you to decide what kind of coverage you want Share this post Link to post Share on other sites
snow_4ling 0 Report post Posted May 25, 2008 hi all i am interested to know in the case of only one person in occupier list, say like buying with parents who r under applicants , is there any 100% insurance available? as feedback from some ppl, it is more benifits and cheaper to buy insurance at outside market rather than buy from HDB .. any advise? thanks ya.. What happen is that insurance agent will only cover up to the amount owing. Therefore, if the owner takes 100% of the loan & therefore, 100% is possible. However, nowadays most of the loan is shared among couple. In this case the max sum assured will be up to the max loan, Hope this helps. as for comparison to Term insurance & mortage insurance the difference is the coverage & premium. For e.g $200,000 loan for mortage insurance is about $200+ per year whereby Term insurance with the same sum assured cost about $400 per year. So if the objective of the plan is to take care of the mortage loan. Taking up mortage policy makes more sense. Yes you are right. I am a agent. Therefore, i will try my best to answer if there is any enquiries. Share this post Link to post Share on other sites
