Can my Will cover the payout from the Home Protection Scheme (HPS)?

The Home Protection Scheme (HPS) is for CPF members who own an HDB flat and are paying their monthly housing instalments using CPF savings or cash. It insures members until he/she turns 65, or until the housing loans are paid up.

The HPS payout does not fall into the scope of a Will as HPS does not pay to the deceased estate.

In the event of a death claim, HPS will settle the outstanding housing loan, up to the insured sum, with HDB or the mortgagee directly. If the sum assured is higher than the outstanding loan, the excess amount will be paid into the insured member’s Ordinary Account and be distributed as per CPF nomination. In cases where no nominations are made, the Public Trustee will distribute the deceased member’s CPF savings under the intestacy laws or Muslim inheritance laws.

More information on HPS can also be found on CPF's website: https://www.cpf.gov.sg/member/home-ownership/protecting-against-losing-your-home

Since it does not fall into the scope of the Will, you do not need to list it as an asset under the Allocate Assets tab. Regardless, it will be good to let the executor know the existence of the HPS policy by indicating the following under Additional Instructions within the asset:

Covered by Home Protection Scheme.

Example: