Endowment

GREAT Retire Income: Your Path to a Secure and Flexible Retirement

Are you worried about maintaining your lifestyle after retirement? You're not alone. With rising living costs and increasing medical expenses, the thought of stopping work can be daunting. But what if there was a way to safeguard your financial freedom and enjoy your retirement your way ? Enter GREAT Retire Income, an innovative solution designed to give you peace of mind and financial stability in your golden years.

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What is GREAT Retire Income?

GREAT Retire Income is a participating regular premium endowment plan offered by Great Eastern. It's designed to provide you with a steady stream of monthly income during your retirement years , while also offering flexibility to suit your unique needs and circumstances. This plan goes beyond just retirement income, offering additional benefits that protect you against life's uncertainties.

Key Features of GREAT Retire Income

Monthly Cash Payouts

Receive a steady stream of monthly income upon reaching your chosen retirement age. Potential to receive up to 5.4 times your total premiums paid by policy maturity.

Flexible Options

Choose your premium payment term: 5, 10, 15, or 20 years. Select your retirement age: 56, 61, 66, or 71. Decide on your income payout duration: 10 or 20 years.

Capital Guarantee

Your capital is guaranteed at your selected retirement age, provided no policy alterations are made.

Additional Protection

Loss of Independence (LOI) Income Benefit. Coverage for Death, Total and Permanent Disability, and Terminal Illness.

No Medical Assessment

Start your plan with premiums as low as S$150 monthly, without the need for a medical check-up.

Why compare GREAT Retire Income 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

In summary: If you want more control and multiple suggestions, then Whatins is the way to go.

How GREAT Retire Income Works

These figures are based on an Illustrated Investment Rate of Return (IIRR) of 4.25% per annum. It's important to note that actual returns may vary.

Scenario 1: 10-Year Income Period

Louis receives a monthly cash payout of S$731 for 10 years. By age 76, Louis will have received total benefits of S$87,782. This is 3.65 times his total premiums paid .

Scenario 2: 20-Year Income Period

Louis receives a monthly cash payout of S$438 for 20 years. By age 86, Louis will have received total benefits of S$105,211. This is 4.38 times his total premiums paid .

Additional Benefits for Peace of Mind

Loss of Independence (LOI) Income Benefit

If Louis loses the ability to perform two Activities of Daily Living (ADLs) during the income period: In Scenario 1, he receives an additional S$147 monthly. In Scenario 2, he receives an additional S$78 monthly.

Increased LOI Benefit for Severe Cases

If Louis can't perform 3 or more ADLs, the LOI benefit doubles to 100% of the Guaranteed Survival Benefit.

Comprehensive Coverage

Coverage for Death, Total and Permanent Disability, and Terminal Illness ensures that Louis and his loved ones are financially supported in case of unfortunate events.

Flexibility to Suit Your Needs

Premium Payment Terms

Choose to pay premiums for 5, 10, 15, or 20 years, depending on your financial situation.

Retirement Age

Select when you want to start receiving payouts: age 56, 61, 66, or 71.

Income Period

Decide whether you want to receive payouts for 10 or 20 years.

Adjustable Income Period

You can change your income period up to 6 months before the first payout, allowing you to adapt to changing circumstances.

Why Consider GREAT Retire Income?

Financial Security

With guaranteed capital and potential returns of up to 5.4 times your total premiums paid, you can feel secure about your retirement finances.

Customizable Plan

The flexibility in premium terms, retirement age, and payout duration allows you to tailor the plan to your specific needs.

Protection Beyond Retirement

The additional coverage for LOI, death, disability, and terminal illness provides comprehensive protection.

No Medical Check-up

Start your plan easily without the need for medical assessments.

Affordable Entry

Begin with premiums as low as S$150 monthly, making it accessible for various income levels.

Things to Consider

While GREAT Retire Income offers many benefits, it's important to consider a few points:

  1. Long-term Commitment : As with any life insurance policy, early termination may result in high costs and potentially zero or less than total premiums paid as surrender value.
  1. Non-guaranteed Benefits : While there are guaranteed components, some benefits are non-guaranteed and may vary based on the performance of the participating fund.
  1. Age Limitations : Some benefits, like Total and Permanent Disability coverage, have age restrictions.

Frequently Asked Questions

Can I change my plan details after starting the policy?

Some changes may be possible, but they could affect your benefits. Consult your financial representative for specifics.

What happens if I can't pay my premiums?

The policy may lapse if premiums are not paid. It's crucial to maintain your payments to keep your benefits intact.

Are the returns guaranteed?

While some benefits are guaranteed, others depend on the performance of the participating fund and are not guaranteed.

Can I withdraw money from my policy before retirement?

Early withdrawals may be possible but could significantly impact your benefits. It's generally advisable to maintain the policy until maturity.

How is the Loss of Independence benefit determined?

This benefit is based on your ability to perform Activities of Daily Living (ADLs) and is certified by a medical practitioner.

Conclusion

GREAT Retire Income offers a comprehensive solution for those looking to secure their financial future in retirement . With its flexible options, guaranteed capital, and additional protections, it provides peace of mind and the potential for substantial returns. However, as with any financial decision, it's crucial to carefully consider your personal circumstances and consult with a financial advisor before committing.

Remember, retirement planning is not just about the numbers – it's about ensuring you can enjoy your golden years with confidence and security . GREAT Retire Income could be the key to unlocking that worry-free retirement you've been dreaming of.

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