CPFIS investments are not covered under CPF nomination. When a member passes away, his investments under the CPF Investment Scheme (CPFIS) and any cash held in his Investment Account with his agent bank will form part of his estate. The estate administrator/executor may claim these directly from the agent bank for distribution to the beneficiaries of the deceased’s estate.
Upon the death of the member, the CPFIS investments and cash in his Investment Account would cease to be protected and might be used to satisfy the deceased member’s creditors’ claim in accordance with the Probate and Administration Act.
if policyholders have submitted nominations of specific beneficiaries to their insurance companies after 1 September 2009 or to NTUC Income before 1 September 2009 and the nominations have not been revoked, the beneficiaries will receive the proceeds from the CPFIS Insurance policies.