fML Reviews: Great Eastern Great Family Care

The Great Family Care is the newest critical illness plan to be introduced by Great Eastern. It was designed with the sandwiched generation in mind. It is the first of its kind – a multi-generational critical illness term plan for policyholders which not only provides coverage for themselves (i.e. the policyholder), but also some critical illness coverage for their children and parents.

In this article, we will review the Great Eastern Great Family Care, explore its various features and explain the key details you need to know before you contemplate whether you should buy it or not.

#1 Great Family Care Is A Critical Illness Term Plan

This policy is a term plan that provides coverage for the policyholder up till age 85. This means is that there is no savings or investment features, surrender/cash value or maturity benefit at the end of the policy. The aim of this policy is to provide coverage for the policyholder, his/her children and parents (if any) during the term coverage period.

#2 Premium Payments and Payouts

The term premiums are paid at the start of each term, annually or monthly depending on the policyholder’s preference, until he/she reaches the age of 85. Payouts are in the form of death benefit which is a lump sum payout if an eligible claim is made. The sum assured for the policyholder ranges from as little as $50,000, to as high as $3,000,000.=

#3 Child Protect

Great Family Care will include coverage for the policyholder’s children under the feature called Child Protect. Under Child Protect, 25% of the plan’s sum assured, up to $50,000 per child per life assured, will be paid out if the child is diagnosed with any of the covered conditions, which include 53 critical illnesses and 25 juvenile conditions.

4 things to take note of for Child Protect:

– The child must be age 16 or less when the policy is issued

– The child must be age 18 or less when diagnosed with any of the covered conditions

– The child need not have been born as at the policy issue date

– All of the policyholder’s children will be covered under this plan

It is important to note that Child Protect coverage is tied to the parent’s policy. If/when the policy lapses, insurance coverage for the children also stops.

#4 Parent Protect (Optional Rider)

Buying insurance for children is common but buying insurance for parents can be challenging. This plan offers coverage to policyholders’ parents as a rider, called Parent Protect. The policyholder can choose to add on this feature at additional premium costs. The rider covers 3 critical illnesses: 1) major cancers, 2) Parkinson’s disease and 3) Alzheimer’s disease/severe dementia. Even with existing chronic diseases like diabetes or chronic conditions like high blood pressure, the parent will still be eligible for coverage of the 3 critical illnesses.

Under Parent Protect, either of the following will be paid (whichever is higher).

– 15% of the plan’s sum assured, or

– $15,000

Here are 2 scenarios to help you better understand.

Scenario #1: If the policyholder purchases $50,000 coverage, the Parent Protect payout will be $15,000.

Scenario #2: If the policyholder purchases $200,000 coverage, the Parent Protect payout will be $30,000 (15% of $200,000).

To qualify for Parent Protect

– Policyholder’s parent must be age 80 or less, and

– The diagnosis of the either of the 3 critical illnesses must occur before the parent is of age 100.

Parent Protect is paid once, up to a maximum of $50,000 per parent per life assured which will terminate after payout and the total coverage per parent is capped at $100,000.

#5 Medical Underwriting

Existing Great Eastern, Dependents Protection Scheme (DPS) or ElderShield policyholders can enjoy coverage with no medical underwriting required. Similarly, no medical underwriting is required for the Parent Protect rider. To find out more, you can contact your servicing agent through Great Eastern’s customer service.

Other Things To Note

Firstly, for Child Protect & Parent Protect, only from year 3 onwards, 100% of the eligible payout can be claimed.

– If the diagnosis of the Covered Condition and/or critical illness is made in year 1 (of buying the policy), no payout will be made.

– If the diagnosis of the Covered Condition and/or critical illness is made in year 2, 50% of the eligible payout will be made.

Secondly, as per various other plans

– There is a 14-day free-look period.

– Any covered conditions and/or critical illnesses that is or caused by a pre-existing condition will not be claimable under this policy.

Conclusion

This plan is good for anyone who is planning to have children in the next few years, as it covers all policyholder’s children up till age 18 and 100% of the eligible payout (for Child Protect) can only be claimed from year 3 onwards. The Parent Protect is also a beneficial option as it covers the 3 more common critical illnesses Singaporeans face.

fML Reviews: Great Eastern Critical Care Advantage

Great Eastern Critical Care Advantage review

Critical illnesses can be debilitating, often requiring you to take time off work. The loss of income is a source of stress, while you need the money to aid your recovery. That’s where critical illness plans come in – a lump sum payout that addresses that loss of income during recovery. Typically, a critical illness plan covers only late stages of diseases and you need to purchase two separate plans (early critical illness and regular critical illness plan) to cover the three stages of critical illnesses – early, intermediate, and late/critical. To address this need, Great Eastern offered the Great Eastern Critical Care Advantage plan.

It is a critical illness plan that covers all three stages of critical illnesses. In this article, fundMyLife reviews the Great Eastern Critical Care Advantage. Note: this article is accurate as of October 2018.

What is it?

Great Eastern Critical Care Advantage is a combination of a regular critical illness plan with an early critical illness plan. This means you’re covered for all stages of critical illnesses across different stages from early, intermediate, and critical/late stage.

Great Eastern Critical Care Advantage benefits table summarized
The Great Eastern Critical Care Advantage benefits table at a glance. Source: Great Eastern.

All three stages pay out 100% of the sum assured. But not really. That’s because the payout for the various stages of diseases are capped for early and intermediate, at $100,000 and $200,000 respectively. Presumably, the cap leaves a bit of money left for later stages of diseases, should the illness progress.

Notable features

Premium waiver

Upon diagnosis of the first successful claim under an early or intermediate stage critical illness, you no longer need to pay future premiums for the remaining term of the policy. This provides a sigh of relief, as you can fully focus on using your money for your immediate needs.

No waiting periods between claims

Compared to other plans with 12 months’ waiting periods, this plan does not have a waiting period. It means you can claim across either different illnesses or illnesses of different stage, e.g., two different cancers at the same time.

Death benefit

There is a death benefit of $15,000 during the policy term, which is slightly more than usual compared to other plans. However, it’s best that you consider a proper life insurance plan for a more substantial death benefit.

Special benefit payout

On top of the usual spread of critical illnesses across the three stages, the plan also provides special benefit payouts for 7 additional conditions:

  1. Diabetic complications
  2. Severe Rheumatoid Arthiritis
  3. Severe Osteoporosis with Fractures
  4. Systemic Lupus Erythematosus
  5. Severe Dengue Haemorrhagic Fever
  6. Crohn’s Disease
  7. Cancer recovery (intermediate and critical)

The additional payouts for conditions 1-6 are 25% of the sum assured, capped at $25,000 each. For condition 7, it is 10% of sum assured at $10,000 maximum for recovery from intermediate cancer and 25% of sum assured at $25,000 maximum for recovery from critical cancer. You can claim for one condition each, at a maximum of $185,000. However, it is highly unlikely that you’d contract all of those diseases. And even then, it’s even more unlikely that you’d survive to use those sums.

fundMyLife Review

Since it works on a deduction mechanism, you have to make sure that your sum assured is enough to cover across all three stages. To elaborate, let’s take a look at the illustration of the payouts for the Great Eastern Critical Care Advantage.

An example of the payouts given in the Great Eastern Critical Care Advantage brochure.
An example of the payouts given in the Great Eastern Critical Care Advantage brochure. Source: Great Eastern.

Judging from the illustration, it implies that you’d have to account for any possible deductions in the early and intermediate stages. Otherwise, you might end up claiming everything in either stages, leaving nothing for critical stages. While the sum assured can be between $15,000 to $3,000,000, having too little is not enough to cover multiple disease stages whereas having too much is not efficient either due to caps for early and intermediate stage claims. However, the premium waiver upon diagnosis of early and intermediate stages is a nice touch.

In its current form, it is hard for this plan to compete properly with other companies’ more innovative critical illness products, such as Manulife Ready Complete Care and Aviva MultiPay Plan III. In addition, it also lacks benefits that address cancer relapse, which is quite a common occurrence.

Connect with fundMyLife financial advisers today!

We hope you found the review for Great Eastern Critical Care Advantage useful! Still not sure whether this particular critical illness plan is suitable for you? You should ask your financial adviser.

What’s that? Haven’t found a good financial adviser? Worry not – fundMyLife got you bro. You can connect with our panel of experienced and awesome financial advisers, curated by us. Head on over to fundMyLife and ask our awesome financial advisers questions. Alternatively, you can check out our curated pool of individual advisers and ask them questions directly.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

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.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.

fML Reviews: Great Eastern Flexi Term and Flexi Living Term

Great Eastern Flexi Term and Flexi Living Term Review

Life insurance is a form of insurance policy which pays a sum of money upon the death of the insured person. It’s usually one of the first policies that a financial adviser recommends, since it takes care of your dependents if bad things happen to you. Life insurance used to be whole-life plans, i.e. it provides life-long protection. However, in light of changing consumer demands, term insurance emerged as an increasingly popular choice. Term plans, as opposed to whole-life ones, cover you only for a fixed period of time.

In this article, fundMyLife reviews Great Eastern’s term life products – Flexi Term and Flexi Living Term and explores their features. Note: this information is accurate as of June 2018.

What is it?

Flexi Term and Flexi Living Term are regular premium term life insurance. Both Flexi Term and Flexi Living Term have coverage for death, total and permanent disability (TPD), and terminal illness. The difference is that Flexi Living Term also includes additional cover for critical illnesses.

Notable features

#1 Flexibility to convert

You have the option to convert the plan into a whole life, endowment, or even investment-linked plan.

#2 Extended TPD coverage

A common coverage limit for term insurance is either 65 or 70 years old. With extended TPD  benefit, Flexi Term and Flexi Living Term can extend your coverage beyond that, until the age of 85 or the end of the policy term.

Insurance charges

To explore the insurance charges, fundMyLife decided to start with a few key assumptions:

  1. Applicant is 25 years old
  2. Sum assured is $200,000
  3. Cover until 45/55 years old

Annual premiums at a glance

Great Eastern Flexi Term and Flexi Living Term Premiums
The annual premium table for Flexi Term and Flexi Living Term for four different young adults’ profiles.

We constructed four different profiles, varying smoking status and length of cover. At first glance, we observe that Flexi Living Term costs relatively more than Flexi Term per year for all four profiles. This should not be surprising since Flexi Living Term covers critical illnesses as well.

In general, both Flexi Term and Flexi Living Term annual premium is quite affordable at a sum assured amount of $200,000.

Flexi Term Review

The plan is flexible, in more ways than one. Firstly, with a minimum of 6 years’ term, you can hang on to it as long as you want/need. Secondly, you have to option to convert this plan to a different one later in your life. This is good for those who just started out on their careers and do not have any dependents yet. The extended TPD coverage is a nice touch as well.

In a way, Flexi Living Term is like Flexi Term with an additional critical illness rider. However, the coverage is only for regular critical illness. This means you should consider another plan if you want coverage for early critical illnesses.

Speaking of riders – there are riders for these policies. As such, you can supplement this plan with riders that protect you in other ways. For example, personal accident and disability income. However, information is sparse with these riders so you’ll have to approach a financial adviser from Great Eastern for more details.

In addition, bear in mind that Flexi Term and Flexi Living Term are non-participating policies. You won’t be getting any cash accumulation, payouts, or even surrender value. As such, you should consider investing the rest of your money if you want to grow it at some point. If your budget allows it, that is.

Ask fundMyLife financial questions today!

And we have come to the end of our review for Great Eastern Flexi Term life insurance. We hope this review will help you make a better choice. That said, it really depends on what you need.

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.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.