Investment Linked Plan

Great Eastern Smart Life Advantage: Embracing Life's Uncertainties with Confidence

Life is full of 'what ifs.' What if you get married? What if you have a child? What if your financial priorities change? Great Eastern's Smart Life Advantage is designed to help you navigate these uncertainties with flexibility and comprehensive coverage . Let's dive deep into this innovative whole-life investment-linked plan and explore how it can provide you with a smart advantage in life.

Investment Growth Calculator

Visualize your investment's potential

  • Precise growth projections
  • Set realistic financial goals
  • Assess risks and rewards

What is Smart Life Advantage?

Smart Life Advantage is a unique whole-life investment-linked insurance plan that combines comprehensive life coverage with the flexibility to adapt to your changing needs . It's designed to address both your protection and wealth accumulation needs in a single policy, giving you greater control and transparency over your financial future.

Key Features That Set Smart Life Advantage Apart

Dual Account Structure

Protection Account: Covers your insurance needs b>Accumulation Account: Allows for regular and ad hoc investments

Smart Life Guarantee

Increase your coverage at key life milestones without medical underwriting

Flexible Coverage Adjustment

Option to reduce Death, TPD, and TI coverage at age 55

Comprehensive Rider Options

Add protection for various stages of Critical Illness, Personal Accident, and more

Investment Opportunities

Access to a wide selection of professionally managed funds

Why compare GE Smart Life Advantage with other Investment Linked Plan options through Whatins?

Traditional Approach

  • Limited to one company's fund options
  • Only hear about advisor's preferred funds
  • Single perspective on investment strategy

Whatins Advantage

  • Compare fund options across multiple insurers
  • Get different views on investment strategies
  • See how different advisors approach fund selection
  • Understand varied fee structures

Dual Account Structure: The Power of Separation

This separation provides greater transparency and control over your finances . You can clearly see how much of your premium is going towards protection and how much is being invested for potential growth.

Protection Account

Covers your basic insurance needs (Death, Total and Permanent Disability, Terminal Illness)br>Allows for additional Critical Illness coveragebr>Premiums for this account are used to provide insurance protection

Accumulation Account

Designed for wealth accumulation br>Allows regular and ad hoc investmentsbr>Gives access to a variety of professionally managed fundsbr>Potential to grow your wealth over time

Smart Life Guarantee: Adapting to Life's Milestones

This feature is particularly valuable because it allows your insurance coverage to grow along with your responsibilities, without the hassle of medical check-ups or the risk of being denied due to health changes .

Coverage Increase Options

Death, Total and Permanent Disability (TPD), and Terminal Illness (TI)br>Critical Illness (CI)

Key Milestones

  • Turning 21

  • Getting married

  • Third policy anniversary

  • Birth of a child

  • Legal adoption of a child

Increase Limits

Up to S$100,000 or 50% of your initial sum assured, whichever is lowerbr>Can be exercised twice during the policy term for each type of coverage

Flexible Coverage Adjustment: Optimizing for Your Later Years

As you approach your golden years, your insurance needs may change. Smart Life Advantage recognizes this by offering a unique option when you turn 55:

  • You can choose to reduce your Death, TPD, and TI coverage to zero
  • This allows you to optimize the value in your Protection Account for other essential coverage like Critical Illness or Personal Accident

This flexibility ensures that your insurance continues to meet your needs as you age, potentially freeing up resources for health-related coverage that becomes more crucial in later years.

Comprehensive Rider Options: Tailoring Your Protection

These riders allow you to create a truly comprehensive protection plan tailored to your specific needs and concerns .

Critical Illness Riders

Cover early, intermediate, and critical stages of illnesses

Personal Accident Rider

Additional protection against accidents

Disability Income Rider

Provides income if you're unable to work due to disability

Premium Waiver Riders

Waives future premiums in case of Death, TPD, TI, or various stages of Critical Illness

Payer Benefit Riders

Ensures premiums are paid even if the payer (e.g., a parent) faces Death, TPD, TI, or Critical Illness

Investment Opportunities: Potential for Wealth Growth

Through the Accumulation Account, Smart Life Advantage offers access to a wide range of professionally managed funds. This feature allows you to:

  • Invest on a regular basis alongside your protection premiums
  • Make ad hoc investments when you have extra funds
  • Potentially grow your wealth over time
  • Work towards your financial goals faster

It's important to note that investments are subject to market risks, and returns are not guaranteed . However, this feature provides an opportunity for those who want to combine protection with potential wealth accumulation.

Real-Life Scenarios

Young Professional

Sarah, 25, takes out a Smart Life Advantage policy. When she gets married at 28, she uses the Smart Life Guarantee to increase her coverage without medical underwriting. Later, when she has her first child at 32, she increases her coverage again and adds a Critical Illness rider for extra protection.

New Parent

John, 35, has a Smart Life Advantage policy. When his child is born, he not only increases his coverage but also adds a Payer Benefit Rider to ensure the policy remains in force even if something happens to him.

Approaching Retirement

Linda, 55, has had her policy for 20 years. She chooses to reduce her Death, TPD, and TI coverage, optimizing her Protection Account for Critical Illness coverage, which is more relevant to her current life stage.

Pros and Cons

Pros

  • Flexibility to adjust coverage as life changes

  • Combines protection and potential wealth accumulation

  • Comprehensive rider options for tailored protection

  • Smart Life Guarantee allows coverage increase without medical underwriting

  • Option to optimize coverage in later years

Cons

  • Investment returns are not guaranteed

  • May be more complex than traditional life insurance policies

  • Premiums may be higher than some term insurance options

Frequently Asked Questions

Can I change my investment funds later?

Yes, most investment-linked policies allow fund switching, but check the specific terms with your representative.

What happens if I can't pay my premiums?

The policy may lapse if premiums are not paid. Some policies offer a premium holiday feature, but this can affect your coverage and investments.

Can I withdraw money from my Accumulation Account?

Usually, yes, but withdrawals may be subject to fees and can affect your coverage. Check the policy terms for details.

Is the Smart Life Guarantee available indefinitely?

No, it can only be exercised before the policy anniversary on which you turn 60.

What if I don't need to increase my coverage at these milestones?

The Smart Life Guarantee is an option, not an obligation. You can choose not to use it if your coverage remains sufficient.

Conclusion

Great Eastern's Smart Life Advantage offers a unique combination of life insurance protection and investment opportunities, with the flexibility to adapt to your changing needs . Its innovative features like the Smart Life Guarantee and the dual account structure set it apart in the market.

However, as with any financial product, it's essential to carefully consider your personal needs, financial situation, and long-term goals before making a decision. While Smart Life Advantage offers many advantages, it may not be the best fit for everyone.

Ready to explore if Smart Life Advantage is right for you? Don't rely on just one perspective. Get expert insights tailored to your unique situation . Sign up now to receive 5 expert opinions on how Smart Life Advantage compares to other insurance options. These professionals will review your specific needs and provide personalized recommendations, helping you make the most informed decision possible.

Click here to get 5 expert opinions on Smart Life Advantage and similar insurance options

By consulting with multiple experts, you'll gain a comprehensive understanding of how Smart Life Advantage fits into your overall financial plan. Don't leave your financial future to chance – get the expert advice you deserve today.

Get 5 Expert Opinions on Smart Life Advantage