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Investment Linked Plan

Introduction

In today's uncertain world, protecting your family's financial future is paramount. Investment-linked plans (ILPs) offer a unique combination of life insurance protection and investment opportunities. The Great Life Advantage 3 product from Great Eastern Life stands out as a comprehensive solution that provides lifelong critical illness coverage with the ability to restore to 100% after each claim. This innovative plan not only safeguards against death, total and permanent disability, and terminal illness but also offers optional coverage for all stages of critical illness. With Great Life Advantage 3, you can focus on what truly matters – your health and your loved ones – while ensuring financial stability in the face of life's challenges.

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How ILPs Work

Investment-linked plans (ILPs) combine life insurance protection with investment opportunities, offering a unique approach to financial planning. With an ILP, a portion of your premium goes towards life insurance coverage, while the remainder is invested in various funds of your choice. The premium allocation allows you to customize your protection and investment mix based on your risk appetite and financial goals. Fund options typically range from conservative fixed income funds to more aggressive equity funds, catering to different risk levels and investment strategies. As the policyholder, you have the flexibility to switch between funds and adjust your coverage as your needs change over time. It's important to note that the investment component of ILPs is subject to market risks, and returns are not guaranteed.

Insurance Coverage

Great Life Advantage 3 offers comprehensive protection against life's uncertainties. The plan provides coverage for death, total and permanent disability (TPD), and terminal illness, ensuring financial support for you and your loved ones in challenging times. Let's explore the key aspects of this coverage:

Death Benefit

Financial Protection. In the event of the life assured's death, the policy pays out a lump sum. This amount is the higher of the basic sum assured plus total single premium top-ups (less withdrawals) or the account value, less any amounts owed.

TPD Benefit

Lifelong Support. The policy provides coverage for total and permanent disability throughout the policy term for specific conditions. For other forms of TPD, coverage is available until the policy anniversary when the life assured reaches age 65.

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Insurance Rider Options

Great Life Advantage 3 offers additional protection through its rider options, enhancing your coverage to meet specific needs. One of the key riders available is the Complete MultiPay CI Plus Advantage Rider, which provides comprehensive critical illness coverage. Let's take a closer look at this valuable addition:

Critical Illness Coverage

Comprehensive Protection. The Complete MultiPay CI Plus Advantage Rider offers coverage against 120 critical illness conditions across early, intermediate, and critical stages. It allows for up to three claims, providing 100% of the coverage amount each time, with a total lifetime coverage of up to 300%.

Investment Component

The investment component of Great Life Advantage 3 allows you to potentially grow your wealth while enjoying insurance protection. It offers flexibility and various options to align with your financial goals and risk tolerance. Here's an overview of the key aspects of the investment component:

Fund Options

Diverse Choices. While specific fund details are not provided in the given information, ILPs typically offer a range of funds including equity, balanced, and fixed income options to suit different risk appetites and investment goals.

Fund Management

Professional Oversight. Funds are managed by professional fund managers who employ various investment strategies to aim for optimal returns within the fund's objectives and risk profile.

Fund Switching

Flexibility. Policyholders usually have the option to switch between available funds, allowing for adjustment of investment strategy as needs or market conditions change.

Performance

Variable Returns. Fund performance can vary. The product example shows a potential death payout of S$243,103 at an illustrated investment rate of return of 8% p.a., or S$100,000 at 4% p.a. for a premium of S$250 a month.

Fees and Charges

Understanding the fees and charges associated with Great Life Advantage 3 is crucial for making an informed decision. While specific details are not provided in the given information, ILPs typically involve several types of fees. Here's a general overview of common charges you might expect:

Premium Allocation

Initial Deduction. A portion of your premium may be deducted before allocation to your chosen funds. This charge typically decreases over time.

Policy Administration

Ongoing Fee. A regular charge may be applied to cover the cost of administering your policy.

Fund Management

Investment Cost. Each fund typically has a management fee, which is factored into the unit price of the fund.

Surrender Charge

Early Termination Fee. If you surrender your policy early, a charge may be applied. This often decreases over the policy term.

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Flexibility and Customization

Great Life Advantage 3 offers various features that allow you to tailor the plan to your changing needs and circumstances. This flexibility ensures that your coverage can evolve with you throughout different life stages. Here are some key customization options:

Premium Top-ups

Boost Investments. While specific details aren't provided, ILPs often allow you to make additional investments through premium top-ups, potentially enhancing your investment component.

Partial Withdrawals

Access Funds. The plan may allow for partial withdrawals from your investment component, providing financial flexibility when needed.

Premium Holiday

Payment Pause. Some ILPs offer a premium holiday option, allowing you to temporarily stop premium payments under certain conditions.

Adjustable Coverage

Life Stage Flexibility. Great Life Advantage 3 allows you to adjust your coverage at eight life milestone events, such as the birth of a child, without requiring medical assessment. This feature is subject to a maximum increase of S$100,000 or 50% of the initial basic sum assured, whichever is lower.

Conclusion

Great Life Advantage 3 offers a comprehensive solution for individuals seeking both life insurance protection and investment opportunities. This plan may be particularly suitable for: 1. Young families looking for flexible coverage that can adapt to their changing needs. 2. Individuals concerned about the financial impact of critical illnesses, thanks to the plan's robust critical illness coverage options. 3. Those who want the potential for investment growth while maintaining life insurance protection. Ready to explore if Great Life Advantage 3 is the right fit for you? Don't rely on just one perspective. Sign up now to get matched with 5 different insurance advisors through Whatins. You'll receive diverse insights and options, helping you make an informed decision about your insurance needs. Plus, participate in our 'Premiums On Us' campaign for a chance to have your quarterly premiums covered. Take control of your financial future today with multiple expert opinions at your fingertips.