What will happen to the premiums that policyholders have pre-paid in their working years should they pass away early? Will the monies be returned to their family members?
The premiums that are pre-paid are pooled together by age group to help cushion the future increases in premiums during older ages. While some members may pass on earlier, the remaining pool of funds will help those of the same age group who live longer and need to draw on more rebates.
Related questions
An individual can also save for his future premiums through his own MediSave account. Why do we opt for this mechanism where monies that are paid ahead are pooled?
How much more premium rebates will Singapore Residents get in old age, with premiums distributed more evenly over our lifetime?
What will happen to my CPF LIFE unused premium and interest when I pass away?
What does distributing premiums more evenly over our lifetime refer to? Why is there a need to distribute premiums more evenly over our lifetime under MediShield Life?
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