Endowment

GREAT Flexi Goal: Your Path to Financial Security and Life Goals

Have you ever wondered how to secure your family's financial future while working towards your life goals? In today's uncertain world, finding a balance between saving for the future and enjoying life in the present can be challenging. That's where GREAT Flexi Goal comes in - a unique regular premium endowment plan designed to help you achieve your financial aspirations with confidence and ease.

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What is GREAT Flexi Goal?

GREAT Flexi Goal is a versatile savings plan offered by Great Eastern Life Assurance Company. It's designed to grow your money through potential returns while providing life coverage . This plan stands out because it offers guaranteed acceptance for coverage against Death, Total and Permanent Disability (TPD), and Terminal Illness , giving you peace of mind as you save for your future.

Key Features That Make GREAT Flexi Goal Stand Out

Attractive Potential Returns

Look forward to up to 3% p.a.* potential returns upon maturity . This lump sum payout can help you achieve your life goals with greater ease.

Capital Guarantee

Your capital is 100% guaranteed when the policy matures (applicable to specific plan options). This provides security for your medium to long-term commitment.

Flexible Premium Payment Terms

Start from as low as S$100 per month. Choose between 15-year or 20-year policy terms. Customize your plan with Limited Pay or Full Pay options.

Life Coverage

Guaranteed acceptance for coverage against Death, TPD, and Terminal Illness . Provides financial protection for you and your loved ones.

Why compare GREAT Flexi Goal with other Endowment options through Whatins?

Traditional Approach

  • Only see one company's projected returns
  • May push higher projections without context
  • Limited comparison of guaranteed amounts

Whatins Advantage

  • Compare guaranteed returns across insurers
  • See how different companies project returns
  • Get multiple views on bonus rate histories
  • Understand different payout structures

How GREAT Flexi Goal Works

Let's break down the plan using a real-life example:

Meet Sam, who purchases GREAT Flexi Goal for his 1-year-old son, Brandon, to save for his tertiary education.

Plan Details:

  • Premium Payment Term: 15 years
  • Policy Term: 20 years
  • Yearly Premium: S$6,000

At Maturity (when Brandon is 21):

  • Guaranteed Maturity Benefit: S$94,517
  • Non-Guaranteed Maturity Benefit*: S$38,807
  • Total Illustrated Maturity Benefit*: S$133,324
  • Total Illustrated Yield: 3.00% p.a.*

Total Premium Paid: S$90,000 (S$6,000 x 15 years)

This example shows how GREAT Flexi Goal can help Sam accumulate a significant sum for Brandon's education, potentially earning more than what he paid in premiums.

Understanding the Benefits

Death Benefit

If the unfortunate happens, your beneficiaries will receive the higher of: a) 105% of total standard yearly premiums paid, or b) Guaranteed surrender value, plus any attaching bonus, less any debt.

Total and Permanent Disability (TPD) Coverage

Covers Presumptive TPD for the whole policy term. Other forms of TPD are covered until the policy anniversary when the life assured turns 65.

Terminal Illness Coverage

Provides financial support if diagnosed with a terminal illness.

Customizing Your Plan

GREAT Flexi Goal offers flexibility to suit different financial situations:

1. Policy Terms:

  • 15 years
  • 20 years

2. Premium Payment Options:

  • Limited Pay (15 years)
  • Full Pay (15 or 20 years)

This flexibility allows you to choose a plan that best fits your budget and financial goals.

Who Should Consider GREAT Flexi Goal?

Young Parents

Like Sam in our example, who want to save for their children's education.

Working Adults

Looking to build a nest egg for future goals like buying a home or starting a business.

Pre-retirees

Aiming to boost their retirement savings with a guaranteed return.

Anyone seeking a low-risk savings plan with life coverage

GREAT Flexi Goal offers a balanced approach to saving and protection.

Pros and Cons

Pros

  • Attractive potential returns (up to 3% p.a.*)

  • Capital guarantee option

  • Flexible premium payment terms

  • Life coverage included

  • Low entry barrier (start from S$100 per month)

Cons

  • Long-term commitment required

  • Early termination may result in losses

  • Non-guaranteed benefits depend on fund performance

Frequently Asked Questions

Is the capital guarantee applicable to all plan options?

No, it's only applicable to the Limited Pay option with a 15-year premium payment term and 20-year policy term.

What happens if I need to surrender the policy early?

Early termination usually involves high costs, and the surrender value may be zero or less than the total premiums paid.

Are the returns guaranteed?

The plan offers both guaranteed and non-guaranteed benefits. Non-guaranteed benefits depend on the performance of the participating fund.

Can I increase my coverage later?

You should check with Great Eastern about options for increasing coverage after purchase.

How do I make a claim?

Contact Great Eastern's customer service. They will guide you through the claim process.

Making the Most of GREAT Flexi Goal

  • Start Early: The earlier you start, the more time your money has to grow

  • Choose the Right Term: Consider your financial goals when selecting between 15 and 20-year terms

  • Stay Committed: Try to maintain the policy until maturity to enjoy the full benefits

  • Review Regularly: Periodically review your financial situation and goals with your Great Eastern Financial Representative

Real-Life Scenarios

Education Fund

Like Sam in our example, you can use GREAT Flexi Goal to save for your child's education, ensuring a lump sum is available when they're ready for university.

Home Down Payment

A young couple could use this plan to save for a home down payment, benefiting from the potential returns to reach their goal faster.

Retirement Boost

A 45-year-old could use a 20-year plan to supplement their retirement savings, enjoying guaranteed returns and life coverage.

Conclusion

GREAT Flexi Goal offers a balanced approach to saving for your future while providing essential life coverage. Its flexibility in premium payment terms and attractive potential returns make it a compelling option for various life stages and financial goals. However, as with any financial decision, it's crucial to consider your personal circumstances and long-term objectives.

Remember, the best financial plan is one that aligns with your specific needs and goals. While GREAT Flexi Goal offers many attractive features, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.

Ready to take the next step towards securing your financial future? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on savings and endowment plans . These professionals will review your specific 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 plan for your financial journey. Don't leave your future to chance – get the expert advice you deserve today.

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