Securing Your Future: Introducing GREAT LifeSecure
In life's unpredictable journey, the possibility of total and permanent disability (TPD) is a reality we must face. Such an event can significantly impact your financial stability and deplete your hard-earned savings. That's where GREAT LifeSecure steps in – a comprehensive disability coverage plan designed to protect your loved ones and secure your financial future. With regular payouts upon disability, LifeSecure offers peace of mind and financial support when you need it most. Let's explore how this innovative product can help you lifeproof your future.
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Eligibility and Coverage
GREAT LifeSecure offers flexible coverage options to suit various needs and life stages. Understanding the eligibility criteria and coverage limits is crucial in determining if this plan is right for you. Let's delve into the key aspects of eligibility and coverage that make LifeSecure a versatile choice for disability protection.
Age Requirements
LifeSecure is available for individuals from age 1 to 65 (age next birthday). This wide age range ensures that both young families and those nearing retirement can benefit from comprehensive disability coverage.
Coverage Amount
LifeSecure provides a monthly benefit of up to S$5,000 in the event of total and permanent disability or inability to perform at least 2 Activities of Daily Living (ADLs). This substantial coverage can help manage long-term care costs and maintain financial stability.
Coverage Duration
The plan offers flexible coverage terms, including options up to age 65, age 80, or lifetime coverage. This allows you to tailor the protection to your specific needs and life plans.
Payout Structure
Understanding how and when you'll receive benefits is crucial when considering a disability insurance plan. GREAT LifeSecure offers a thoughtfully designed payout structure to provide both immediate and long-term financial support. Let's examine the key components of the payout structure to help you grasp how this plan can support you in times of need.
Monthly Income
LifeSecure provides a regular monthly benefit of up to S$5,000 for up to a lifetime in case of total and permanent disability or inability to perform at least 2 ADLs. This consistent income stream helps cover ongoing care costs and daily expenses.
Lump Sum Benefit
When purchased as a stand-alone plan, LifeSecure offers a lump sum death benefit of 3 times the monthly benefit if the insured passes away during the coverage term. This additional protection provides extra financial security for your loved ones.
Waiting Period
Benefits are subject to a deferment period of 90 or 180 days, starting from the date the insured begins suffering from the inability to perform at least 2 ADLs or total and permanent disability. No benefits are payable during this period.
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Riders and Additional Benefits
GREAT LifeSecure goes beyond basic disability coverage by offering valuable additional benefits to enhance your protection. These features are designed to provide comprehensive support in various scenarios, ensuring you and your loved ones are well-protected. Let's explore the unique riders and benefits that set LifeSecure apart from other disability insurance plans.
Payback Benefit
Following the deferment period, you'll receive a lump sum payment of 3 or 6 times the monthly benefit insured. This payback benefit provides an extra financial boost to help with immediate expenses or adjustments needed due to the disability.
Out-of-School Disability
For children aged 7 to 16, LifeSecure provides an additional monthly benefit of S$500 on top of the insured monthly benefit if the child needs to be confined at home or in a hospital due to disability. This benefit helps cover specialized needs such as treatment costs, domestic help, or home tuition fees.
Flexible Purchase Options
LifeSecure can be purchased as a stand-alone plan or as a rider attached to selected whole life plans offered by Great Eastern. This flexibility allows you to customize your coverage based on your existing insurance portfolio and future needs.
Integration with Other Policies
Total and Permanent Disability (TPD) insurance, like GREAT LifeSecure, plays a crucial role in a comprehensive insurance portfolio. While life insurance provides a lump sum payout in case of death, TPD coverage offers ongoing financial support if you become disabled and unable to work. Critical illness insurance, on the other hand, covers specific diagnosed conditions. LifeSecure complements these policies by providing regular income during long-term disability, helping to maintain your lifestyle and cover care costs. When integrated with a whole life plan, LifeSecure can offer more affordable premiums and seamless coverage. However, as a standalone plan, it provides greater flexibility and the option for higher coverage amounts. The choice between integrated and standalone policies depends on your existing coverage, budget, and specific protection needs.
Policy Term and Renewability
GREAT LifeSecure offers flexible policy terms to accommodate various life stages and protection needs. Understanding the available options for policy duration and renewability is essential in choosing the right coverage for your long-term financial security. Let's explore the key aspects of policy terms and renewability options that make LifeSecure adaptable to your changing needs.
Entry Age Range
LifeSecure is available for individuals from age 1 to 65 (age next birthday). This wide entry age range ensures that protection is accessible at various life stages, from young families to those approaching retirement.
Coverage Term Options
The plan offers three coverage term options: up to age 65, up to age 80, or lifetime coverage. This flexibility allows you to choose a term that aligns with your retirement plans and long-term financial goals.
Premium Payment Terms
LifeSecure provides two premium payment term options: up to age 65 or up to age 80. This allows you to structure your payments in a way that best suits your financial planning and cash flow needs.
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Claims and Customer Service
Great Eastern is committed to providing excellent customer support and a smooth claims process for LifeSecure policyholders. To file a claim or seek assistance, you can contact their dedicated customer service team at +65 6248 2211. Alternatively, you can reach out via email at [email protected] for any inquiries or support needs. Great Eastern's website, greateasternlife.com, also offers comprehensive information and resources to help you navigate your policy and claims process. Remember that prompt communication with Great Eastern is crucial when facing a disability situation to ensure timely processing of your benefits.
Conclusion
GREAT LifeSecure offers comprehensive disability coverage that can be an excellent fit for various individuals. Young professionals starting their careers can benefit from the affordable premiums and long-term protection. Families with children will appreciate the out-of-school disability benefit and the financial security it provides. Additionally, those nearing retirement age can find peace of mind in the lifetime coverage option, ensuring continued support even in their golden years.
through Whatins. This innovative platform allows you to hear multiple viewpoints and explore various options before making your decision. Plus, you'll be entered into the 'Premiums On Us' quarterly draw, where you could win your insurance premiums paid by Whatins. Take control of your financial future today and ensure you're making the most informed decision for your disability coverage needs.
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