Investment Linked Plan

GREAT Life Advantage: Comprehensive Protection for Life's Uncertainties

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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What is GREAT Life Advantage?

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.

Key Features That Make GREAT Life Advantage Stand Out

Up to 300% Lifetime Coverage Against Critical Illness

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.

Comprehensive Critical Illness Coverage

Protects against 120 critical illness conditions across different stages . Includes coverage for subsequent cancer, heart attack, and stroke.

Flexible Coverage Adjustable at Life's Milestones

Easily adjust your coverage at eight different life milestone events. No medical assessment required for these adjustments.

Free Child Cover Benefit

Automatic S$20,000 coverage for all your children, including future children . Covers total and permanent disability, terminal illness, and death.

Investment-Linked Component

Potential for higher returns compared to traditional whole life plans. Flexibility to choose from a range of investment funds.

What Does GREAT Life Advantage Cover?

Basic Coverage

  • 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

Critical Illness Coverage (with Complete MultiPay CI Plus Advantage Rider)

  • 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

Child Cover Benefit

Provides S$20,000 coverage for each of your children up to age 18

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:

  • Basic Sum Assured: S$100,000
  • Critical Illness Coverage: Up to 300% of sum assured (S$300,000 in this example)
  • Child Cover Benefit: S$20,000 per child

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.

How Does the Critical Illness Coverage Work?

The Complete MultiPay CI Plus Advantage Rider allows for multiple claims:

  1. First Claim: 100% of sum assured paid out
  1. Coverage Restores: After 12-24 months (depending on the condition), your coverage restores to 100%
  1. Second Claim: Another 100% of sum assured paid out
  1. Coverage Restores Again: After 12-24 months, your coverage restores to 100% once more
  1. Third Claim: Final 100% of sum assured paid out

This structure ensures you're protected even if you face multiple critical illnesses throughout your life.

Why Compare Great Life Advantage 3 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

Investment Component

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 .

Real-Life Scenario

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

  1. At age 32: Birth of her second child
  • Option to increase basic sum assured without medical assessment
  • Newborn receives S$20,000 Child Cover Benefit
  1. At age 40: Diagnosed with Early Stage Breast Cancer
  • First critical illness claim: Payout of S$100,000
  1. At age 50: Diagnosed with Intermediate Stage Lung Cancer
  • Second critical illness claim: Payout of S$100,000
  1. At age 60: Diagnosed with Critical Stage End Stage Lung Disease
  • Third critical illness claim: Payout of S$100,000
  1. At age 70: Michelle passes away
  • Her family receives a potential death payout of S$243,103 (based on illustrated investment returns)

Total critical illness benefits received: S$300,000 (300% of basic sum assured)

Pros and Cons

Pros

  • 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

Cons

  • 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

Frequently Asked Questions

Can I make partial withdrawals from my policy?

Yes, you can make partial withdrawals, but this may affect your coverage and investment value.

What happens if I stop paying premiums?

If you stop paying premiums, your policy may lapse, or the coverage may be reduced.

Can I change my investment fund choices later?

Yes, most investment-linked plans allow fund switching, often with a certain number of free switches per year.

Is there a waiting period before I can make a critical illness claim?

There's usually a waiting period of 90 days from the policy start date for critical illness coverage.

What's not covered by this plan?

Like most insurance policies, there are exclusions. For example, pre-existing conditions or self-inflicted injuries may not be covered.

Conclusion

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.

Ready to explore your options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on comprehensive life and critical illness insurance 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 coverage for your needs and those of your loved ones. Don't leave your family's financial security to chance – get the expert advice you deserve today.

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