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How CPF & Medisave Helped My Family After My Dad Passed Away (Singaporean & SPR Must Read)

When I was attending one of the college career fairs last week, I met a 20 years old cheerful student who shared with me her life story. It is about how CPF and Medisave funds helped her family navigate through the challenging time after her ill father passed on. I thought it will be more meaningful if I could share her story with others and help those who are encountering the same challenges at the moment. She happily agreed to my idea and I wrote her story from her point of view as follows.

 

Story begins…

Hi everyone, I am 20 years old this year and a college student. Two years ago, my father passed away unexpectedly. It was the toughest time for our family, but I want to share how CPF and Medisave helped us navigate through these challenging times.

When my father was alive, he was always careful with money. He often talked about his CPF and Medisave accounts, although I didn’t understand much then. After his death, those accounts became our lifeline.

 

The First Steps: Understanding CPF and Medisave

Mom explained that CPF is the Central Provident Fund, which helps Singaporeans save for retirement, healthcare, and housing. Dad had been diligently contributing to his CPF and Medisave accounts throughout his working life.

When he passed away, Mom was able to access his CPF savings. This money helped us pay for the immediate expenses, like the funeral and other bills. It gave us breathing room when we needed it the most.

 

Medisave: A Blessing in Disguise

I remember Dad had a Medisave account, which is a part of CPF specifically for medical expenses. After his death, we found out that his Medisave funds could be used to cover outstanding hospital bills. This was a huge relief for Mom, as she didn’t have to worry about these costs on top of everything else.

 

Continuing Education and Daily Life

With the remaining CPF savings, Mom was able to manage our household expenses. She even set aside some money for my education. Dad always wanted me to have the best opportunities, and his CPF savings made sure I could stay in school and focus on my studies. I am really glad to have this chance.

 

A Secure Future

Mom also told me about the CPF nomination Dad had made. Because he nominated Mom and me as his beneficiaries, the process of accessing his funds was straightforward. It ensured that we received the money quickly without going through a lengthy legal process.

Thanks to CPF and Medisave, we had a safety net that caught us when we fell. It provided us with financial stability and peace of mind during the hardest times. I couldn’t imagine how our life would be if there is no financial stability.

 

Grateful and Inspired

As I look to the future, I am inspired by my father’s foresight. I am grateful for the CPF and Medisave systems that supported us. They not only helped us survive but also allowed us to continue living our lives without being burdened by financial stress.

I’ve learned the importance of planning and saving for the future. One day, I hope to be as prepared as my father was, ensuring that my family is always taken care of, no matter what happens.

CPF and Medisave provided my family with a lifeline when we needed it the most. Through my father’s careful planning, these funds ensured that we could continue living our lives and focus on building a better future.

-The End-

 

Conclusion

Her story got me thinking that CPF and Medisave do save lives, and it is really important to complete CPF nomination when one is alive. It helps with the whole legal process after death and ensures the funds are distributed according to the owner’s wishes.

This also strengthens my belief in my life-time career, and life-long calling to help everyone I meet with their financial planning throughout their life.

If you are interested to know more about CPF and Medisave functions or benefits; or engage personalized financial advice,

contact me now! 

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Lidwina Teo 维娜

With over 5 years of experience in client service industries, I come to understand and appreciate the importance of high-quality customer service and customer experience. The key is to always prioritize the best interests of customers, ensuring their needs and expectations are met with professionalism.

The passion for client service extends into my current role where I strive to deliver personalized financial planning services. With more than 150 business partners in our company, I can help you achieve your financial goals by analyzing various financial products and offering tailored financial advice. 

Contact me now to request for a quotation or schedule a coffee session for further discussion. See you soon!

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
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  • 此类文件和信息不会把-个人投资目标，财务状况或其特定需求等考虑在内。
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策