Critical Illness

GREAT Family Care: Comprehensive Protection for Three Generations

In today's fast-paced world, juggling financial responsibilities across multiple generations can be challenging. Did you know that many Singaporeans find themselves in the 'sandwich generation', caring for both their parents and children simultaneously? If you're looking for a unique insurance solution that addresses this multi-generational need, GREAT Family Care might be the answer you've been searching for.

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What is GREAT Family Care?

GREAT Family Care is a groundbreaking multi-generational Critical Illness regular premium term plan . It's the first of its kind in Singapore, designed to provide comprehensive protection for you, your children, and even your parents - all under one policy. This innovative plan addresses the complex financial needs of families, offering peace of mind across three generations.

Key Features That Make GREAT Family Care Unique

Three-Generation Coverage

Protects you, your children, and your parents under a single policy for multiple family members.

Comprehensive Critical Illness Protection

Covers 53 critical illnesses for the policyholder, including Death, Total and Permanent Disability, and Terminal Illness coverage.

Free Child Protection

Automatic coverage for all your children, including future children , with no additional premiums or medical assessments required.

Optional Parent Protection

Add coverage for your parents without medical assessment, protecting against major age-related illnesses.

Affordable Premiums

Cost-effective way to protect multiple family members under one plan.

Why compare GREAT Family Care with other Critical Illness options through Whatins?

Traditional Approach

  • Limited visibility into critical illness definitions
  • Single insurer's critical illness criteria
  • May miss important coverage distinctions

Whatins Advantage

  • Compare critical illness definitions across insurers
  • Understand early, intermediate, and late stage differences
  • See how different critical illness plans complement each other
  • Compare exclusions and waiting periods

What Does GREAT Family Care Cover?

For You (The Policyholder)

  • Coverage against 53 critical illnesses

  • Death benefit

  • Total and Permanent Disability benefit

  • Terminal Illness benefit

  • Protection up to age 85

For Your Children

  • Free coverage under Child Protect benefit

  • Protection against 53 critical illnesses

  • Coverage for 25 juvenile conditions

  • Coverage up to age 18

  • Lump sum payout of 25% of your policy's sum assured (up to S$50,000 per child)

For Your Parents (Optional)

  • Coverage under Parent Protect rider

  • Protection against Major Cancer, Alzheimer's Disease/Severe Dementia, and Parkinson's Disease

  • Coverage up to age 100

  • One-time lump sum payout upon first claim

How Much Coverage Do You Get?

The coverage amount depends on the sum assured you choose when purchasing the policy. Here's an example based on the case study provided:

For a 35-year-old non-smoker with a S$100,000 sum assured:

  • Policyholder: S$100,000 coverage till age 85
  • Each Child: S$25,000 coverage till age 18 (free of charge)
  • Each Parent: S$15,000 coverage till age 100 (with Parent Protect rider)

It's important to note that the Child Protect benefit payout (25% of sum assured, up to S$50,000 per child) and the Parent Protect rider payout (15% of sum assured or S$15,000, whichever is higher) are additional and do not reduce the policyholder's coverage.

How Much Does It Cost?

The premium for GREAT Family Care varies based on factors such as your age, smoking status, and chosen sum assured. In the example provided:

  • A 35-year-old non-smoker would pay approximately S$103 per month for S$100,000 coverage .

Remember, this premium includes free coverage for all your children. The Parent Protect rider would be an additional cost if you choose to add it.

It's important to note that premium rates for GREAT Family Care and the Parent Protect rider are not guaranteed and may be adjusted based on future experience.

Real-Life Scenarios

Critical Illness Diagnosis

If you're diagnosed with a covered critical illness, you'd receive a lump sum payout of your full sum assured (e.g., S$100,000 in our example). This could help cover medical expenses, replace lost income, or maintain your family's lifestyle during recovery.

Child's Health Issue

If your child is diagnosed with a covered condition, you'd receive 25% of your policy's sum assured (up to S$50,000) . For a S$100,000 sum assured, that's S$25,000 to help with your child's medical expenses and care, without reducing your own coverage.

Parent's Age-Related Illness

With the Parent Protect rider, if a parent is diagnosed with a covered condition, you'd receive 15% of your sum assured or S$15,000, whichever is higher . This could help cover care costs or medical expenses for your parent.

Pros and Cons

Pros

  • Comprehensive protection for three generations under one policy

  • Free coverage for all your children, including future children

  • No medical assessment required for children's coverage or Parent Protect rider

  • Covers a wide range of critical illnesses and conditions

  • Affordable way to protect multiple family members

Cons

  • Premiums are not guaranteed and may increase over time

  • Parent Protect rider only covers three specific conditions

  • Coverage amounts for children and parents are limited compared to the main policyholder

Frequently Asked Questions

Can I add the Parent Protect rider later?

You should check with Great Eastern about the options for adding this rider after the initial policy purchase.

What happens if I have more children after buying the policy?

All future children are automatically covered under the Child Protect benefit at no additional cost.

Can I increase my coverage amount later?

You should discuss options for increasing coverage with your Great Eastern Financial Representative.

What's not covered by this plan?

Like most insurance policies, there are likely exclusions. It's important to review the full terms and conditions for details.

How do I make a claim?

Contact Great Eastern as soon as possible after a diagnosis or event. They will guide you through the claim process.

Conclusion

GREAT Family Care offers a unique and comprehensive solution for families looking to protect multiple generations under a single policy . Its innovative approach to covering children for free and offering parent protection without medical assessment sets it apart in the insurance market.

However, as with any financial decision, it's crucial to carefully consider your family's specific needs, budget, and long-term financial goals. While GREAT Family Care offers many benefits, it's important to weigh these against other insurance options and your overall financial strategy.

Remember, the best insurance plan is one that provides peace of mind and fits your family's unique circumstances. If you're considering GREAT Family Care or any other multi-generational protection plan, it's always advisable to consult with a financial advisor who can provide personalized recommendations based on your family's situation.

Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your family's unique needs. Sign up now to receive 5 expert opinions on multi-generational insurance plans . These professionals will review your specific family situation and provide personalized recommendations, helping you make the most informed decision possible.

By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your entire family. Don't leave your family's protection to chance – get the expert advice you deserve today.

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