Great Eastern Life Insurance: Will It Be the Right Match?

Great Eastern Life Insurance: Will It Be the Right Match?

Great Eastern offers a robust variety of life insurance products, including competitively priced term life DPI plans for seniors and slightly above average cost whole life DPI plans.

Great Eastern offers a wide range of life insurance products. While its term life Direct Purchase Insurance (DPI) options are competitively priced for senior consumers, they are less so for younger consumers looking for 5-year renewable and 20-year term life plans. Furthermore, it is the most expensive option out of all the DPI whole life insurance plans offered online. Great Eastern also one of two insurers offering the Dependants' Protection Scheme—a term life insurance plan that is automatically extended to CPF members.

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Summary of Great Eastern
DPI Term Life plan is competitive for seniors, but is relatively less competitive for younger consumers
Offers Dependants' Protection Scheme
Current Credit Rating: AA-

Great Eastern DIRECT-Great Term Life Insurance

Great Eastern's DIRECT-Great Term life insurance provides up to S$400,000 of death, terminal illness and total and permanent disability coverage. You can purchase Direct-Great Term as a 5-year renewable plan, 20-year plan or up-to-age-65. Overall, we found that Great Eastern's DPI term life policy is less competitive for 5-year renewable plans for consumers of all ages, due to its premiums that are approximately 5-10% higher than the market average. However, older consumers over 55 may find their premiums to be quite competitive, with 20-year and up to age 65 year plans costing 15-20% below their peer averages.

The 5-year renewable plan is renewable up to age 80 (next birthday) of the life assured. But regardless of the plan you choose, your Total and Permanent Disability coverage expires the year you turn 65. You can also add a critical illness rider to get extra protection against 30 critical illnesses.

Average Monthly Premiums for Term Life DPI (Male, Non-Smoker)

Death & TPD CoveragePlan TenureAge 25Age 35Age 45
S$50,0005-YearsS$3.96S$4.83S$7.67
20-YearsS$4.38S$6.08S$12.08
Age 65S$6.33S$8.08S$11.71
S$200,0005-YearsS$9.17S$12.67S$24.00
20-YearsS$10.83S$17.67S$41.67
Age 65S$18.67S$25.67S$40.17
S$400,0005-YearsS$18.33S$25.33S$48.00
20-YearsS$21.68S$35.33S$83.33
Age 65S$37.33S$51.33S$80.33
Premiums are for non-smoking males and do not include the Critical Illness rider. Prices are subject to change. Updated 09/2018

Great Eastern DIRECT-Great Whole Life Insurance

Great Eastern's DIRECT-Great Life 70 and Great Life 85 whole life insurance plans offer up to S$200,000 of death, terminal illness and total and permanent disability coverage, which is the standard maximum coverage for DPI whole life insurance plans. The Great Life 70 option requires you to pay premiums until you turn 70 and the Great Life 85 plan makes you pay premiums until you turn 85. We found that Great Eastern's Great Life 70 & 85 plans both cost around 10-15% above the average of online purchasable DPI plans regardless of age.

These plans also offer cash accumulation and a non-guaranteed bonus, which is a bonus policyholders may receive based on the fund's investment performance. Total and permanent disability coverage ends at age 65. After applying for this plan, you will receive temporary accidental death coverage for up to 90 days and you can also purchase a Critical Illness rider if you want to add coverage for critical illness.

Average Monthly Premiums for Whole Life DPI (Male, Non-Smoker)

Amount InsuredPlan TenureAge 25Age 35Age 45
S$50,000Age 70S$66.04S$91.13S$138.75
Age 85S$63.42S$87.33S$124.63
S$100,000Age 70S$119.58S$169.75S$265.00
Age 85S$114.33S$162.25S$236.75
S$150,000Age 70S$179.38S$254.63S$397.50
Age 85S$171.50S$243.38S$355.13
S$200,000Age 70S$235.00S$335.30S$525.83
Age 85S$224.50S$320.33S$469.33
Premiums are for non-smoking males and are subject to change. Updated 09/2018

Great Eastern's Other Life Insurance Options

Great Eastern offers a few other life insurance choices. However, these are only purchasable through an agent, or in the case of the Dependants' Protection Scheme, via mail or in person.

Dependants' Protection Scheme

Dependants' Protection Scheme (DPS) is a term life plan that provides S$46,000 of coverage in case of death, terminal illness and total permanent disability, which is lower than the S$50,000 to over a million dollars of coverage that private insurance policies provide. Usually, Singaporean Citizens and Permanent Residents are automatically covered under the DPS from ages 21 to 60 after making their first CPF contribution. However, since automatic coverage doesn't kick in until you turn 21, those who started contributing before age 21 have the option to enroll in the DPS through Great Eastern. This plan's premiums will be paid automatically from your CPF Ordinary or Special Account, but you can always opt out of the policy if you choose to do so.

AgeAnnual Premium
Age 34 & UnderS$36
35-39S$48
40-44S$84
45-49S$144
50-54S$228
55-59S$260

Great Eastern FlexiLife & Flexi Term Plans

Great Eastern's Flexi Term plan is a traditional term life insurance policy that provides death, total and permanent disability and terminal illness coverage. The Flexi Living Term provides the same coverage as the Flexi Term but also includes critical illness benefits. With either plan, you can choose to be covered until age 85 or purchase a policy term starting with a duration of 6 years. You can also get an option to extend your TPD coverage beyond the age of 65 and you can opt for a loss of income, hospitalisation and accident coverage add-ons (all sold separately). This plan has a 5-year guaranteed renewal option and gives you the ability to convert it into a whole life, endowment or investment-linked plan.

Coverage & BenefitsFlexi LifeFlexi TermFlexi Living Term
Type of PlanWhole LifeTerm LifeTerm Life
Death, TPD & TI CoverageYesYesYes
Cash ValueYesNoNo
Critical Illness CoverageNoNoYes
Plan TenuresOne time, 20-years, up to age 80 (next birthday)From 6 years, Up to Age 85
TPD Benefit (extend TPD coverage beyond age 65)NoYesYes

Great Eastern's FlexiLife plan is a traditional whole life insurance policy provides coverage for death, terminal illness and presumptive total and permanent disability. You can pay your premium in 3 ways: spread payments over a period of 20 years, pay until you turn 80 or pay in one lump sum. You can also add additional coverage to this plan in the form of loss of income, critical illness and hospitalisation riders. This may be helpful for those individuals who want financial protection in the event of hospitalisation and when they are no longer able to work due to a permanent disability. However, you should note that you are not eligible for the Critical Illness Protector rider if you opt for the one lump sum payment method.

Great Eastern Prestige Life Gold & Term Plans

The Prestige Life Gold plan is a traditional whole life plan for those who want to create an estate or provide an inheritance for their children, payable in one lump sum. There is a Guaranteed Minimum Death Benefit up to 3x basic sum assured and an accidental death benefit (if death occurs due to accident before age 76) up to 6x the sum assured. This means your payout will be either 3 times the sum assured if death, TPD or TI occurs before age 70 or 6 times your basic sum assured if accidental death occurs before age 76 (i.e. S$100,000 basic sum turns into either S$300,000 or S$600,000). Payouts after age 81 will be your sum assured and any accumulated bonuses. In addition to death coverage, you will also be protected against terminal illness and presumptive total and permanent disability. To top up your coverage, you can also purchase critical illness, personal accident and loss of income riders.

Coverage & BenefitsPrestige Life GoldPrestige TermPrestige Term Plus
Type of PlanWhole LifeTerm LifeTerm Life
Min. Sum AssuredN/AS$1,000,000S$1,000,000
Death, TPD & TI CoverageAllOnly DeathAll
Critical Illness CoverageNoNoNo
Business ProtectionNoYesYes
Multiplier3x or 6xNoNo
Cash Value & Non-Guaranteed BonusYesNoNo
Plan TenuresOne lump sumAny policy term 5 years or greater, until age 85

Great Eastern's Prestige Term/Prestige Term Plus is the term life policy version of the Life Gold policy. It is a high coverage policy, with a minimum sum assured amount of S$1,000,000 for death. You can also get the option to add terminal illness and total and permanent disability coverage if you are getting the Term Plus plan. Furthermore, these policies can also be suitable for a small business owner. This is because it can provide a lump sum payment of your sum assured in the event you or a key executive passes away as a contingency plan until a replacement is found. You can purchase the plans either as a 5-year guaranteed renewable or receive coverage until age 85.

Great Eastern Smart Life Advantage Plan

Great Eastern's Smart Life Advantage plan is an investment-linked whole life policy. This means that you will get coverage for death, terminal illness (TI) and total and permanent disability (TPD) while also potentially accumulating your wealth via Great Eastern's funds. You will also receive a guaranteed step up death, TPD and TI coverage at 5 key milestones (turning 21, marriage, third policy anniversary, birth of child/legal child adoption), as well as the option to increase Critical Illness coverage if you purchase that add-on. Lastly, this policy is quite flexible to your needs as you age, since you can reduce your Death, TPD and TI coverage to zero after you turn 55 to refocus your protection to critical illness or personal accident coverage.

Coverage & BenefitsSmart Life Advantage
Death, TPD & TI CoverageYes
Critical Illness CoverageYes
Cash ValueYes
Option to Increase CoverageYes (5x)

Great Eastern Supreme Multiplier Series Plan

Great Eastern's Supreme Multiplier Series life insurance plan is a whole life policy that offers a death, total and permanent disability, accidental total and permanent disability, terminal illness and critical illness coverage multiplier of either 3x or 4x. This means you can choose to multiply your basic sum assured 3 or 4 times (i.e. a S$100,000 basic sum assured becomes a S$300,000 payout). You can choose to pay for 10, 15, 20 years or up to age 65 to receive multiplier coverage until age 65 or 70. The Supreme Early Multiplier plan provides protection against critical illnesses of varying severity: 31 early stage illnesses, 26 intermediate stage illnesses and 36 critical stage illnesses. There are also payouts for 7 Special Benefits and 10 Juvenile Benefits. After you claim for an Early or Intermediate Stage illness, your future premiums payable are waived with the Premium Waiver Benefit.

Coverage & BenefitsSupreme MultiplierSupreme Early Multiplier
Death, TPD & TI CoverageYesYes
Critical IllnessYesYes (all stages)
7 Special Benefits/10 Juvenile BenefitsNoYes
Coverage Multiplier3x or 4x (age 65 or 70)
Plan Tenure10, 15, 20 years or till age 65

There are a few caveats to these plans. First, Intermediate Stage Critical Illness claims are capped at S$350,000. Second, Great Eastern will pay an additional 10% of the basic sum assured (maximum S$10,000) for cancer recovery at the intermediate stage of the illness. Last, the premium waiver only applies to the Supreme Early Multiplier and its compulsory rider, the Early Protector Multiplier.

Critical Illness Riders

Great Eastern's DPI life insurance policies offer a critical illness rider that covers 30 major critical illnesses. Angioplasty & Other Invasive Treatment for Coronary Artery will only receive a payout of 10% of the basic sum assured. They are listed in the table below.

Critical Illnesses Covered by DPI Rider
  • Alzheimer's/Severe Dementia
  • Angioplasty & Other Invasive Treatments
  • Aplastic Anaemia
  • Bacterial Meningitis
  • Benign Brain Tumour
  • Blindness
  • Coma
  • Coronary Artery By-pass Surgery
  • Deafness
  • End Stage Liver Failure
  • End Stage Lung Disease
  • Fulminant Hepatitis
  • Heart Attack of Specified Severity
  • Heart Valve Surgery
  • Viral Encephalitis
  • Kidney Failure
  • Loss of Speech
  • Major Burns
  • Major Cancers
  • Major Head Trauma
  • Major Organ/Bone Marrow Transplant
  • Motor Neurone Disease
  • Multiple Sclerosis
  • Muscular Dystrophy
  • Paralysis
  • Parkinson's Disease
  • Primary Pulmonary Hypertension
  • Stroke
  • Surgery to Aorta
  • Occupationally Acquired HIV Due or due to Blood Transfusion

Great Eastern also has a variety of other critical illness options. The first is the the Critical Illness Protector, an add-on for the FlexiLife plans and provides coverage against 37 critical illnesses. Second, we have the Smart Critical Care and the Smart Early Critical Care, which are the add-ons for the Smart Life Advantage. Smart Critical Care provides coverage for 37 critical illnesses and the Early Critical Care plan provides coverage for 92 medical conditions that vary from early critical illness to late stage critical illnesses. There are also several other critical illness plans that cover female and child-specific illnesses.

Policy Exclusions

Great Eastern's death benefits are not payable if you commit suicide within two years of the policy starting or being reinstated. Additionally, total & permanent disability and critical illness benefits are not payable for disabilities or illnesses due to attempted suicide or intentional self-harm. Terminal illness benefits exclude HIV. Additionally, total & permanent disability benefits will not be payable if you participate in illegal acts. Critical illness benefits will not be paid out if you experience symptoms for a major cancer, heart attack, coronary artery bypass surgery, angioplasty and other invasive surgeries within 90 days from policy commencement.

All policy exclusions with Great Eastern's non-DPI life insurance plans can be found in your policy contract.

Claims & Contact Information

You can either call, mail to the claims address listed below, or send an email with all the required documents if you need to file a life insurance claim with Great Eastern. You should make sure you have all the appropriate paperwork including but not limited to a Certified True Copy of Death Certificate for death claims, police reports, wills, passports and any other documentation required.

Contact Info
Product Enquiries+65 6248 2211
Customer Service+65 6248 2888
E-mail[email protected]
Mailing Address1 Pickering Street #01-01, Great Eastern Centre, Singapore 048659
List of Distribution RepresentativesWebpage
Claims E-mail[email protected]
Claims SubmissionOnline Form
Claims Mailing AddressThe Great Eastern Life Assurance Company Limited 1 Pickering Street, Great Eastern Centre #13-01 Singapore 048659

Great Eastern Life Insurance Summary

Great Eastern provides a plethora of life insurance products. However, even though some of its products are offered online and don't require the advice of a financial advisor, it is still important to consider all of your current and future financial needs when deciding on a life insurance policy. If you want to compare Great Eastern to other plans on the market, you can read our comprehensive guide on life insurance policies in Singapore.

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