Msian's Cow on MRI - Rhetoric Vs Reality

[makapaaa]

National Development Minister Khaw Boon Wan has written about the importance for owners of public flats to take up mortgage reducing insurance (MRI).

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File photo: HDB flats in Singapore. (AFP File)

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<!-- /tab-gallery-area -->SINGAPORE: National Development Minister Khaw Boon Wan has written about the importance for owners of public flats to take up mortgage reducing insurance (MRI).
In his blog post published on Friday, he said such insurance can help pay off the outstanding loan on a flat, should tragedy happen to the breadwinner.
He cited the case of a couple who died suddenly, leaving their only child behind.

The teenager was still schooling and could not keep up with mortgage payments. Her parents had not taken up a mortgage reducing scheme.

In this instance, Mr Khaw said the Housing and Development Board (HDB) made a special exception, deferring the mortgage payments until the girl starts working so that she can focus on school.

He said HDB will be as compassionate as it can to help victims of circumstances address their housing needs when tragedies strike.

However, Mr Khaw said parents should also help their children and plan ahead.

He noted that currently, HDB flat owners using their Central Provident Fund (CPF) to service their housing loans are required to take up the Home Protection Scheme (HPS), or an equivalent MRI scheme.

He said HPS is inexpensive, and there is no cash outlay as payment can be made using CPF, but some HDB flat owners do not subscribe to such insurance.

HPS is administered by the CPF Board.

Under the scheme, should the insured member become permanently incapacitated or die before 65, the CPF Board will pay the outstanding housing loan based on the amount insured.

Mr Khaw noted that HPS premium can be as little as S$13 a month for a 30-year loan of S$250,000.


- CNA/xq

 

[makapaaa]

Reality:

http://ask-us.cpf.gov.sg/efa/index.htm?isBrowsingTree=1&initCollectionID=381844984100003865

[TABLE="class: efa_consumption_body_faqlist_qa, width: 100%"]

<tbody>[TR]
[TD="width: 10"]Q: [/TD]
[TD="class: efa_consumption_body_qalist_q"] Do I have to declare my health condition for Home Protection Scheme (HPS) cover? [/TD]
[/TR]
[TR]
[TD]A: [/TD]
[TD="class: efa_answer_value"]Yes, you must declare your health condition when applying or adjusting your HPS cover. If you are using CPF savings to pay your housing instalment payment, you must apply for HPS cover. Otherwise, your housing instalment payment using your CPF savings will not commence. You have to fully disclose all information regarding your health condition.
This includes:
- all your past and current illnesses,
- any surgery that you had previously undergone or will be undergoing, and
- any physical or mental impairment.
The Board will not consider claims or refund premiums to a member who had given false or misleading information, or withheld relevant information in his/her health declaration.
To determine your eligibility under HPS, you may be required to undergo a medical examination arranged by the Board. The Board may also request a copy of the medical report on your health condition from your attending physician.
If you are not eligible for HPS cover due to pre-existing medical condition(s), you may still use your CPF savings to pay your monthly housing instalment or to make lump sum repayment.
[/TD]
[/TR]
</tbody>
[/TABLE]

 

[Tuayapeh]

People withealth problems.....please go straight into the ovens..........

 

[eatshitndie]

full body mri is recommended when you reach 60. :o