Life is full of precious moments, but it's also unpredictable. Did you know that in Singapore, 1 in 4 people may develop cancer in their lifetime? Or that cardiovascular diseases account for 30% of all deaths? These statistics highlight the importance of having robust critical illness coverage. If you're looking for a life insurance plan that goes beyond basic protection and offers comprehensive coverage against critical illnesses, GREAT Life Advantage might be the solution you've been searching for.
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GREAT Life Advantage is a whole life regular premium investment-linked plan designed to provide lifelong protection against death, total and permanent disability (TPD), and terminal illness. What sets it apart is the option to add the Complete MultiPay CI Plus Advantage Rider , which offers extensive coverage against critical illnesses at all stages - early, intermediate, and critical.
With the Complete MultiPay CI Plus Advantage Rider, you can claim up to three times for critical illness . Each claim provides 100% of the coverage amount. Coverage continues even after the first claim.
Protects against 120 critical illness conditions across different stages . Includes coverage for subsequent cancer, heart attack, and stroke.
Easily adjust your coverage at eight different life milestone events. No medical assessment required for these adjustments.
Automatic S$20,000 coverage for all your children, including future children . Covers total and permanent disability, terminal illness, and death.
Potential for higher returns compared to traditional whole life plans. Flexibility to choose from a range of investment funds.
Death Benefit: Pays out if you pass away
Total and Permanent Disability (TPD) Benefit: Covers you if you become totally and permanently disabled
Terminal Illness Benefit: Provides a payout if you're diagnosed with a terminal illness
Early Stage Critical Illness: Covers early-stage diagnoses of critical illnesses
Intermediate Stage Critical Illness: Provides coverage for intermediate-stage critical illnesses
Critical Stage Critical Illness: Offers protection against late-stage critical illnesses
Subsequent Critical Illness: Covers you even after your first critical illness claim
Provides S$20,000 coverage for each of your children up to age 18
The coverage amount depends on the sum assured you choose when purchasing the policy. Here's an example based on the case study provided:
Remember, you can adjust your coverage at certain life milestones, up to a maximum increase of S$100,000 or 50% of the initial basic sum assured, whichever is lower.
The Complete MultiPay CI Plus Advantage Rider allows for multiple claims:
This structure ensures you're protected even if you face multiple critical illnesses throughout your life.
As an investment-linked plan, GREAT Life Advantage allows you to potentially grow your wealth while staying protected. You can choose from a range of investment funds based on your risk appetite and financial goals. However, it's important to note that returns are not guaranteed, and the value of your investment can go up or down based on market performance .
Let's look at Michelle's case from the brochure:
Michelle, age 30, non-smoker
Premium: S$250 per month
Basic Sum Assured: S$100,000
Total critical illness benefits received: S$300,000 (300% of basic sum assured)
Comprehensive critical illness coverage at all stages
Multiple claim feature for critical illnesses
Flexibility to adjust coverage at life milestones
Free child cover benefit
Potential for investment returns
Premiums may be higher compared to term insurance plans
Investment returns are not guaranteed
Surrender value may be less than total premiums paid if terminated early
Yes, you can make partial withdrawals, but this may affect your coverage and investment value.
If you stop paying premiums, your policy may lapse, or the coverage may be reduced.
Yes, most investment-linked plans allow fund switching, often with a certain number of free switches per year.
There's usually a waiting period of 90 days from the policy start date for critical illness coverage.
Like most insurance policies, there are exclusions. For example, pre-existing conditions or self-inflicted injuries may not be covered.
GREAT Life Advantage offers a comprehensive solution for those seeking lifelong protection against death, disability, and critical illnesses . Its unique feature of multiple critical illness claims, coupled with the flexibility to adjust coverage at life milestones, makes it a versatile choice for long-term financial planning. The added investment component provides an opportunity for potential wealth accumulation.
However, as with any financial decision, it's crucial to carefully consider your personal needs, risk tolerance, and long-term goals. While the plan offers extensive coverage, it may come at a higher cost compared to simpler term insurance plans. The investment component, while offering growth potential, also carries market risks.
Remember, the best insurance plan is one that fits your specific circumstances and provides you with peace of mind. If you're considering GREAT Life Advantage or any other comprehensive life insurance plan, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.
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Read the complete transcript of our expert discussion about Great Life Advantage 3. This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
Welcome to the deep dive. We take complex topics, break them down, and pull out what really matters for you.
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