Your family means a lot to you. You want them to be provided for, even when you are no longer able to do so. Insurance provides financial security and peace-of-mind. However, at a time in your life when you have to manage the family budget amidst many growing commitments, getting affordable good coverage can be a challenge. A Term Plan provides a cost-effective solution.
A Term Plan provides protection over a fixed period of time. If the insured passes away within that time, the beneficiaries of the plan will receive a one-time payout.
Unlike a whole life plan, a Term Plan has no investment element or cash value and hence its premiums are more affordable. The lower premium commitment is ideal for most young parents who typically already have a lot of financial obligations on their plate.
A Term Plan is ideal for the young and healthy. This is because, application is likely to be standard and straightforward. Approval is usually fast and easy, which is a great thing for young parents who often juggle tight schedules between work, family and life.
Every family has different and evolving needs. A Term Plan gives you control over the extent of your coverage, such as the period of your coverage. What’s more, a Term Plan such as Great Eastern’s GREAT Term not only covers you against Death and Terminal Illness, it also lets you strengthen your protection as you see fit by adding riders to cover against critical illness and total and permanent disability.
Even if you already have a whole life plan, you can purchase a Term Plan to increase your coverage over a set period when you need extra protection such as when another child comes along.
In the event the head of the household is no longer able to provide for the family, a Term Plan offers financial means not just for the family’s daily needs but also for the family’s wishes for the future, such as a university education for the children or a financial pillar for the surviving spouse.
When your children are grown up or when your financial needs change, you may want your policy to have cash value. Great Eastern’s GREAT Term is a plan that gives you the option to convert your term policy to a life policy with no further medical assessment.
Notes and Disclaimers
This advertisement has not been reviewed by the Monetary Authority of Singapore.
The above is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in the policy contract.
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. It is usually detrimental to replace an existing accident and health plan with a new one. A penalty may be imposed for early plan termination and the new plan may cost more, or have less benefts at the same cost.
Protected up to specified limits by SDIC.