Maybe — it depends what you want covered.

HPS mainly protects the outstanding HDB loan. But it may not provide extra cash for your family's living expenses, children's needs, income replacement, or other financial commitments.

If you want to protect more than just the HDB loan, it is worth reviewing whether additional term insurance makes sense.

If your main goal is to cover only the reducing home loan, decreasing mortgage insurance may be more cost-efficient.

If you want coverage that stays the same and can provide extra support for your family beyond the mortgage, level term insurance may be more suitable.

The right choice depends on your loan amount, remaining tenure, budget, dependants, and existing insurance.

The home loan does not automatically disappear.

If there is not enough protection in place, your family may need to continue paying the mortgage, use savings, refinance, downgrade, or sell the property.

Mortgage insurance helps reduce this risk by providing coverage that can be used to clear or reduce the outstanding loan.

Yes. In many cases, term insurance can be used to cover your mortgage liability.

The key is choosing the right coverage amount, policy term, and structure. Some homeowners prefer decreasing cover to match the loan, while others prefer level term because it gives wider family protection.

Yes, depending on the insurer and plan structure.

This can be useful because a serious illness may affect your income before death or total permanent disability happens. Critical Illness cover can provide cash support for loan repayments, recovery time, and family expenses.