Great Eastern Endowment Insurance: Will It Help You Grow Your Wealth?

Great Eastern Endowment Insurance: Will It Help You Grow Your Wealth?

Great Eastern's Family3 is a multi-generational whole life endowment plan that can help you grow your wealth for future generations. Speak to one of our advisors at PolicyPal to find out more.

Great Eastern's Family3 plan is a legacy plan that can help you accumulate wealth over your entire life or use it as a way to pass on your savings to your loved ones. It is a whole life participating endowment plan that aims to build savings across 3 generations. While this can be a suitable plan for families who want to pass down wealth, it may be less suitable for people looking for traditional short to medium-term savings plans.

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Great Eastern Family3 Summary
Covers death, TPD and terminal illness
2% annual cashback after end of premium term
Reinvest annual cashback at a non-guaranteed rate of 3%
Average 5-year rate of return (deducting investment expenses): 4.24%
Credit Rating: AA-

Great Eastern Family3: What You Need to Know

If you are looking for an endowment plan for the purpose of generating wealth for yourself and future family, Great Eastern Family3 could be a suitable plan. It is a whole life participating endowment plan that provides annual cash payouts and a final death payout. You can pay our premiums via a single premium payment or over 10 or 15 years. If you choose to pay with a single premium, you'll be eligible for a 5% discount. The policy is set up so that you pass on the policy to your child when they're financially capable of being the policyholder. They will then have the option to pass on this policy to their children. Once the 2nd policyholder dies, the last policyholder will get a death benefit.

Family3 starts paying out a 2% guaranteed cash benefit in addition to a non-guaranteed cash bonus after you finish paying your premiums, which makes it beneficial for people who want to get additional yearly income. However, while you have the freedom to pull out money from your savings plan, you also have the option of reinvesting the cash benefit for a potentially higher final payout. There is also a life insurance component that covers you for death, terminal illness and total and permanent disability.

Because it is structured to expire after the 3rd generation policyholder, you'll need to ensure that the people you pass this plan to will stay committed to the plan. Another drawback to the policy is that it doesn't provide a 100% capital guarantee. However, your grandchild may still get a payout that is higher than the premiums you paid considering that the plan accumulates value over multiple generations. However, this is provided that the policy isn't fully withdrawn via the annual cash benefits. It is also worth noting that this may not be the best plan for people looking for short to medium term savings plans due to the whole life coverage.

Optional Add-ons

Great Eastern provides the option of adding the Payer Benefit Rider for the Family3 plan. This rider will waive any future premiums should something unexpected happen, such as a death or total and permanent disability.

Claims & Contact Information

Endowment plans generally payout without you needing to file a claim. However, you should reach out to your financial advisor if you need to submit a claim for the life insurance portion of the policy.

Contact Information
Great Eastern Customer Service1800 248 2888
Product Enquiries+65 6248 2211
Great Eastern Email[email protected]
Claim SubmissionClaim Form
PolicyPal Customer Service+65 3163 9184
PolicyPal Claims Email[email protected]

Great Eastern Family3 Features & Benefits

Great Eastern's Family3 is a whole life endowment plan that can be suitable for people looking to build wealth over several generations. However, while Family3 may be suitable for some people, there may be other plans that will be better suited to your needs. To see if this plan is a good fit for you, you can speak to one of our advisors at PolicyPal. You can also read our guide to the best endowment plans in Singapore.

Features
Policy Term10-30 years
Premium Payment TermSingle, 5 years, 10-30 years
Life CoverageDeath, TPD, Terminal Illness
Death Benefit105% of net premiums paid + 100% of bonuses
Annual Cash BenefitYes (2%)
100% Capital GuaranteedN/A
Medical Check-UpNone required
Anastassia Evlanova

Anastassia is a Senior Research Analyst at ValueChampion Singapore, focusing on insurance. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.

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