Protecting your home is paramount, and the Home Protection Scheme (HPS) offered in Singapore provides crucial financial security. Many people wonder, “What exactly does the Home Protection Scheme cover?” Understanding the scope of coverage is essential for making informed decisions about your housing loan and financial planning. Here’s a breakdown:
- Death: If the insured member passes away before the housing loan is fully paid, HPS will cover the outstanding loan amount, subject to the terms and conditions of the policy. This prevents the family from being burdened with the mortgage during a difficult time.
- Total Permanent Disability (TPD): HPS also provides coverage in the event of total permanent disability. TPD is defined as the complete and irreversible loss of the use of both eyes, both hands, or both feet; or one eye and one hand; or one eye and one foot; or one hand and one foot; or permanent loss of mental capacity to the extent that the insured is unable to perform at least three of the six Activities of Daily Living (ADL) without assistance. Again, the outstanding loan amount is covered, relieving the insured and their family from the financial strain.
- Coverage for Outstanding Loan: HPS specifically covers the *outstanding* housing loan amount. This means the coverage decreases over time as you pay down your mortgage. Therefore, the payout will be the loan amount remaining at the time of death or TPD, not the original loan amount.
- Important Considerations: It’s vital to remember that HPS is designed to protect against the *outstanding* loan. It does not cover other debts or expenses. Also, specific exclusions may apply based on pre-existing medical conditions or other factors. Always review the policy terms and conditions carefully.
By understanding the coverage provided by the Home Protection Scheme, you can ensure that your home and your family are financially protected should the unexpected occur. Consider reviewing your HPS coverage regularly to ensure it aligns with your outstanding loan amount and your overall financial plan.
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New Home For Sale Free Stock Photo – Public Domain Pictures
New Home For Sale Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
Free Images : Architecture, Glass, Building, Old, Zoo, Facade, Historic
Free Images : architecture, glass, building, old, zoo, facade, historic …
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New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
Fotos Gratis : Habitación, Propiedad, Cuarto, Inmuebles, Cabaña, Bienes
Fotos gratis : habitación, propiedad, Cuarto, inmuebles, cabaña, bienes …
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
Home Sweet Home Free Stock Photo – Public Domain Pictures
Home Sweet Home Free Stock Photo – Public Domain Pictures
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New Home For Sale Free Stock Photo – Public Domain Pictures
New Home For Sale Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
Fotos Gratis : Palacio, Casa, Flor, Barrio, Primavera, Iluminación
Fotos gratis : palacio, casa, flor, barrio, primavera, iluminación …
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
販売のための新しい家 無料画像 – Public Domain Pictures
販売のための新しい家 無料画像 – Public Domain Pictures
Clipart – Home Clipart
Clipart – home clipart
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
Kostenlose Foto : Baum, Licht, Die Architektur, Nacht-, Haus
Kostenlose foto : Baum, Licht, die Architektur, Nacht-, Haus …
New Home Free Stock Photo – Public Domain Pictures
New Home Free Stock Photo – Public Domain Pictures
Model Home Free Stock Photo – Public Domain Pictures
Model Home Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
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Arbeitsgruppe Nikolaus Pfanner – Institut Für Biochemie Und
Arbeitsgruppe Nikolaus Pfanner – Institut für Biochemie und …
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картинки : дерево, Главная, имущество, гостиная, Жилой, комната, дизайн
картинки : дерево, Главная, имущество, гостиная, Жилой, комната, дизайн …
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New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
New Home Construction Free Stock Photo – Public Domain Pictures
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Enhance Your Home With Japandi Style Decor | TikTok
Enhance Your Home with Japandi Style Decor | TikTok
Arbeitsgruppe nikolaus pfanner – institut für biochemie und …. New home construction free stock photo. New home for sale free stock photo
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