What insurance does CPF already cover

You may not realise it, but you’re already insured — thanks to CPF. Yup, your CPF contributions don’t just sit there collecting interest. Some of it goes into national insurance schemes that offer real protection, especially for healthcare and emergencies.

Let’s decode the key ones that most young Singaporeans have.

CPF insurance schemes you should know:

1. MediShield Life
   This is your basic health insurance that covers large hospital bills and selected outpatient treatments, like dialysis or cancer treatment. It’s for life, and premiums are paid from your MediSave account. Unlike many private health insurance schemes, MediShield Life provides coverage regardless of pre-existing health conditions. All Singapore Citizens and PRs are automatically covered under MediShield Life from birth, no application needed.
2. CareShield Life
   Provides monthly payouts to help cover long-term care costs if you become severely disabled and can’t carry out 3 out of 6 activities of daily living, such as bathing or dressing. You’re automatically covered for life once you turn 30, and premiums are paid from your MediSave account.
3. Dependants’ Protection Scheme (DPS)
   A term life insurance that’s automatically extended to all Singapore Citizens and PRs between ages 21 and 65 when you make a valid working contribution to your CPF account. It pays out a lump sum if you die, become terminally ill, or become permanently disabled. The payout of up to $70,000 will help to cushion the financial impact for your loved ones, particularly if you have dependants relying on your income. Premiums are deducted from your CPF account.

Why these schemes matter

Life can throw curveballs—like accidents, illnesses, or even family emergencies. Insurance helps you and your loved ones stay afloat when things go south, so you won’t have to empty your savings or make tough choices just to get through it.