An insurance review at 55, and again at 65, catches changes that happen whether you act or not. Two CPF schemes, the Dependants’ Protection Scheme and the Home Protection Scheme, end at 65. Employer health cover usually stops when you retire. And the cash share of a Shield plan premium keeps climbing.
MoneySense’s own guides for pre-retirees and retirees list the same task at both ages: review whether insurance plans remain affordable and meet your needs. This checklist turns that into specifics. It is general information, not advice on what to keep or drop.
What Changes Around 55 to 65
| Item | What happens | When |
|---|---|---|
| Dependants’ Protection Scheme | Cover falls from up to $70,000 to up to $55,000, then ends | Above 60, then at 65 |
| Home Protection Scheme | Cover ends, even if the HDB loan runs on | 65, or loan repaid |
| Term life and critical illness policies | Many end at a set age, such as 65 | Check each policy’s expiry date |
| Employer group insurance | Usually ends with the job | Retirement or job change |
| Integrated Shield Plan | MediSave limit for the private part rises from $600 to $900, but premiums rise faster | Age next birthday 71 |
| CareShield Life premiums | Stop, with cover continuing for life | 67, or 10 years after joining |
| MediShield Life deductible | Steps up, for example $2,500 to $3,500 for a Class B2 stay | Age next birthday 81 |
Our explainer on the Dependants’ Protection Scheme and Home Protection Scheme covers those two in detail.
Insurance Review at 55: Questions to Ask
At 55 most people are still working, and the review is about what will end, and what you will still need.
- Who depends on your income? The rule of thumb in MoneySense’s guides, from the Life Insurance Association, is cover of 9 times annual income for death and total permanent disability, and 4 times for critical illness. The need usually falls as children become independent and the home loan shrinks.
- When does each policy end? List every policy with its expiry age. Gaps often appear between 65 and 70.
- What happens to employer cover? MoneySense advises not waiting until you stop working to buy health insurance, as you may then be uninsurable because of age or health.
- Can you afford the premiums at 75? Look up your Shield plan’s premiums by age band. Our guide on how much MediSave can pay for Shield plan premiums shows how the cash share grows.
- Is your spending on protection in proportion? MoneySense suggests spending at most 15% of take-home pay on protection while working.
Insurance Review at 65: Questions to Ask
At 65 the focus shifts from replacing income to health, long-term care and what you leave behind.
- Are DPS and HPS gone? If your HDB loan runs past 65, check how the remaining balance would be paid if something happened.
- Does your Shield plan match the ward you would use? See MediShield Life vs Integrated Shield Plans.
- Which long-term care scheme are you on? ElderShield 300 pays $300 a month for five years; CareShield Life pays for life. Check the CPF website.
- Are any policies now paying for cover you no longer need? MoneySense’s case study of a 67-year-old with no dependants shows protection costs of only MediShield Life, CareShield Life and home insurance. Your position may differ, but it is a useful baseline.
- What about travel? MediShield Life does not cover treatment overseas. See travel insurance for seniors.
The short version: At 55, list what ends and when, and arrange any cover you will still need while you are insurable. At 65, check that health and long-term care cover fit, and that premiums for cover you no longer need are not draining retirement income.
Cancelling a Policy: Points to Weigh
Ending a policy is not always the saving it seems. For whole life policies, MoneySense notes that early termination may result in losses. Before stopping any policy:
- Ask for the surrender value and any penalty in writing.
- Check whether the policy includes cover that would be expensive or impossible to buy again at your age.
- For health plans, remember that a new insurer may exclude conditions you already have. Our guide to switching a Shield plan in your 60s explains why.
The Legacy Side of the Review
MoneySense’s checklist for both age groups also lists four documents to make and review: a CPF nomination, a Lasting Power of Attorney, an Advance Care Plan and a will. Insurance nominations belong in the same review. See our guide to the Lasting Power of Attorney.
What To Do Next
- Gather every policy schedule and note the insurer, premium, cover, and the age it ends.
- Log in to the CPF website to check DPS, HPS, MediShield Life, any Shield plan and CareShield Life or ElderShield.
- Run the protection gap calculator with your current income and dependants.
- Use the MOH and compareFIRST tables to compare costs, not just the quote in front of you.
