1. What are the benefits offered under GREAT Term 2 series?
GREAT Term 2 is a non-participating, regular premium, level term insurance plan that provides 5 options of policy terms, up to age 65, 70, 75, 80 and 85 next birthday. This plan provides basic coverage against death and terminal illness, with the option to enhance your coverage through a wide range of optional riders for total and permanent disability, early, intermediate and/or late-stage critical illness, accident and premium waivers, according to your protection needs.
GREAT Term 2 can be purchased through a Great Eastern Financial Representative.
2. What is Conversion Privilege?
Conversion Privilege allows policyholders to convert their GREAT Term 2 policy (together with the eligible supplementary rider(s) that offers this privilege, if applicable) to a life policy with cash value, without requiring medical underwriting, provided that prevailing rules at the time of conversion are met.
The basic sum assured of the new converted policy must not exceed the basic sum assured of the GREAT Term 2 policy at the date of conversion.
3. Can foreigners purchase GREAT Term 2?
Yes, foreigners can purchase GREAT Term 2 via a Great Eastern Financial Representative.
4. What happens if you do not pay your premiums on time?
If you do not pay your premiums on time, your policy will lapse after the 30-day grace period and the coverage will cease.
Policyholders can apply to reinstate the policy within 6 months from the policy lapse date and the usual reinstatement conditions apply.
5. What happens if you surrender GREAT Term 2 early?
There will be no protection under the policy if you surrender your policy early.
As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely.
