Disability

LifeSecure: Comprehensive Disability Coverage for Your Peace of Mind

In today's unpredictable world, have you ever wondered what would happen if you suddenly became disabled? How would it affect your financial stability and your family's future? These are tough questions, but they're important to consider. That's where LifeSecure comes in - a comprehensive disability insurance plan designed to protect you and your loved ones from the financial impact of disability .

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What is LifeSecure?

LifeSecure is a disability insurance plan offered by Great Eastern Life Assurance Company. It's designed to provide regular monthly payouts in the event of total and permanent disability or if you're unable to perform at least two Activities of Daily Living (ADLs) . These ADLs include basic tasks like washing, toileting, dressing, feeding, mobility, and transferring.

Key Features of LifeSecure

Monthly Benefit Payout

Receive up to S$5,000 per month . Payouts can continue for a lifetime, depending on your chosen plan.

Flexible Purchase Options

Can be bought as a stand-alone plan or added as a rider to selected whole life plans from Great Eastern.

Affordable Premiums

Plans start from as low as S$0.26 per day for a 20-year-old male.

Death Benefit

When purchased as a stand-alone plan, it includes a lump sum death benefit of 3 times the monthly benefit.

Out-of-School Disability Benefit

Additional S$500 monthly benefit for children aged 7-16 who are confined at home or in hospital due to disability.

Payback Benefit

Receive a lump sum payment of 3 or 6 times the monthly benefit insured after a deferment period.

Why Consider LifeSecure?

Financial Security

Disability can be financially devastating. LifeSecure provides a steady income stream to help cover your living expenses and medical costs.

Comprehensive Coverage

It covers both total and permanent disability and the inability to perform ADLs, providing broader protection than some other plans.

Long-Term Protection

With the option for lifetime payouts , you're covered no matter how long you live with a disability.

Child-Friendly Features

The out-of-school disability benefit is a unique feature that helps parents manage the additional costs of caring for a disabled child.

Flexibility

You can choose to buy it as a stand-alone plan or add it to an existing whole life policy, allowing you to tailor your coverage to your needs.

How Much Does LifeSecure Cost?

The cost of LifeSecure depends on several factors, including your age, gender, the coverage term, and the monthly benefit amount you choose. Let's break it down:

For a Stand-Alone Plan with S$1,000 Monthly Benefit:

  • A 20-year-old male choosing coverage up to age 65 would pay S$154.50 annually
  • The same person choosing lifetime coverage would pay S$334.50 annually
  • A 30-year-old female choosing coverage up to age 80 would pay S$326.00 annually

For a Rider Plan with S$500 Monthly Benefit:

  • A 20-year-old male choosing coverage up to age 65 would pay S$47.25 annually
  • The same person choosing lifetime coverage would pay S$130.75 annually
  • A 30-year-old female choosing coverage up to age 80 would pay S$129.50 annually

Remember, these are just examples. Your actual premium will depend on your specific circumstances and choices.

Real-Life Scenarios

Total and Permanent Disability

Imagine you're involved in a serious accident that leaves you unable to work. With LifeSecure: You'd receive your chosen monthly benefit (up to S$5,000) to help cover living expenses and medical costs. These payments could continue for life, depending on your plan. You'd also receive a lump sum payback benefit after the deferment period.

Inability to Perform ADLs

Let's say you develop a condition that makes it impossible to dress or feed yourself without assistance. LifeSecure would: Provide your monthly benefit to help pay for in-home care or nursing home expenses . Continue these payments for as long as you're unable to perform at least two ADLs.

Disability Affecting a Child

If your 10-year-old child becomes disabled and needs to be confined at home: You'd receive your regular monthly benefit, plus an additional S$500 per month through the out-of-school disability benefit . This extra benefit helps cover costs like home tutoring or specialized care.

Why Compare GREAT LifeSecure with other Disability Options through Whatins?

Traditional Approach

  • Only see one company's disability definitions
  • Limited perspective on occupation coverage
  • May miss better options from other insurers

Whatins Advantage

  • Compare how different insurers define disability
  • See various approaches to occupation coverage
  • Get multiple views on coverage amount needed
  • Understand different waiting period options

Pros and Cons

Pros

  • Comprehensive coverage for different types of disability

  • Option for lifetime payouts

  • Flexible purchase options (stand-alone or rider)

  • Unique benefits for children

  • Affordable premiums, especially if purchased young

Cons

  • Premiums increase with age

  • Premiums are not guaranteed and may be adjusted based on future experience

  • No savings or investment component

  • May be less suitable for non-Singapore citizens/PRs due to residency requirements

Frequently Asked Questions

Can I get this plan if I'm not a Singapore citizen?

While the plan is mainly for Singapore citizens/PRs, non-citizens may be eligible if they meet certain residency requirements.

Is there a cash value if I terminate the policy early?

No, as this is a pure protection plan, there's no cash value if the policy ends or is terminated prematurely.

Can I increase my coverage later?

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

What's not covered by this plan?

Like most insurance policies, there are likely exclusions. You should review the policy contract for specific details.

How do I make a claim?

Contact Great Eastern as soon as possible after the disability occurs. They will guide you through the claim process.

Conclusion

LifeSecure offers comprehensive disability protection that can provide crucial financial support if you become disabled. With its flexible options, unique benefits for children, and potential for lifetime payouts, it's a plan worth considering as part of your overall financial protection strategy.

However, as with any insurance decision, it's important to carefully consider your personal needs, financial situation, and existing coverage before making a choice. Remember, the best insurance is the one that gives you peace of mind and fits your specific circumstances.

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 disability insurance . 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. Don't leave your financial future to chance – get the expert advice you deserve today .

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