fML Reviews: Great Eastern Flexi Term and Flexi Living Term Premiums

Great Eastern Flexi Term and Flexi Term Living Premiums

In our previous article about Great Eastern Flexi Term and Flexi Living Term, we received some feedback. More specifically, the feedback involved discussing more on the Flexi Term and Flexi Living Term premiums. We get it. In a price conscious world out there, everyone wants a plan that is value-for-money. In this article, fundMyLife manually compiled Great Eastern Flexi Term and Flexi Living Term premiums and risk permanent repetitive motion syndrome.

Assumptions

An insurance premium for a term plan involves several factors: biological sex, smoking status, sum assured, and years of coverage. Given the enormous number of combinations and permutations available, we decided to fix one parameter, that is age.

We assume that the applicant is aged 25. In the subsequent tables, we will vary the following:

  1. Biological sex
  2. Smoking status
  3. Sum assured
  4. Number of years of coverage

Disclaimer: we do our best to get the most accurate information, which is accurate as of June 2018. However, we strongly recommend that you take these figures as a general guide and confirm the numbers with a trusty financial adviser.

Flexi Term and Flexi Living Term premium tables

We decided to lump the premiums for both policies together. To get the premium for a particular sum assured at a specific year of coverage, simply look at the intersection between the two values. For example, with reference to the table directly below, you will need to pay $117 per year for Flexi Term if your sum assured is $100,000 for 20 years’ of coverage. On the other hand, you need to $195 (the figure after 117) for the same sum assured and time length.

#1 Male, non-smoker

Great Eastern Flexi Term and Flexi Living Term premiums for a 25-year old male non-smoker
A table for a 25-year old non-smoker male for a range of sum assured for both Flexi Term and Flexi Living Term.

#2 Male, smoker

Great Eastern Flexi Term and Flexi Living Term premiums for a 25-year old male smoker
A table for a 25-year old smoker male for a range of sum assured for both Flexi Term and Flexi Living Term.

#3 Female, non-smoker

Great Eastern Flexi Term and Flexi Living Term premiums for a 25-year old female non-smoker
A table for a 25-year old non-smoker female for a range of sum assured for both Flexi Term and Flexi Living Term.

#4 Female, smoker

Great Eastern Flexi Term and Flexi Living Term premiums for a 25-year old female smoker
A table for a 25-year old smoker female for a range of sum assured for both Flexi Term and Flexi Living Term.

General observations

Based on the tabulated Flexi Term and Flexi Living Term premiums, we can see several notable things. Firstly, the premiums for Flexi Term are relatively level. To elaborate, there is little increase between 5 years, i.e. annual premiums for 2o years vs 25 years. Secondly, it does not pay to be a smoker wanting to purchase either policies. For Flexi Term, smokers for both sexes pay roughly 25-33% more. However, for Flexi Living Term, the difference is around 50%. This is not surprising, given that Flexi Living Term covers critical illness as well.

Ask fundMyLife financial questions today!

As the saying goes, knowing is half the battle won. We hope that these tables help you make a more informed choice with our Flexi Term and Flexi Living Term premiums tables.

However, if you’re still unsure about what you need, why not head on over to fundMyLife and ask our pool of financial advisers? Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

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