Some older posts here say there's a recurring event that lets you spend the chests but I've saved almost a thousand with nothing to show for it...
Hi all, I recently purchased a HDB flat as a single purchaser, for which I intend to service the mortgage with CPF and cash. This requires me to be covered by HPS which I can apply for exemption from using my private insurance coverage.
Unfortunately, the sum assured under said private insurance falls short of the mortgage amount by c.$200K (sum assured needs to exceed the outstanding mortgage amount). Rather than paying $700 a year for HPS, I'm considering topping up my sum assured with a term plan (apparently Singlife has a 30% discount off >=$500K policies now) so I can qualify for exemption. This will cost me about $450 a year in premiums.
The added $500K coverage will also be helpful in future if I decide to upgrade to a more expensive HDB flat and want to service the mortgage with CPF.
It seems like the right thing to do financially (topping up insurance to qualify for HPS exemption), but am I missing anything here? Open to comments!