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.
Table of Contents
|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 Coverage||Plan Tenure||Age 25||Age 35||Age 45|
|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 Insured||Plan Tenure||Age 25||Age 35||Age 45|
|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.
|Age 34 & Under||S$36|
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 & Benefits||Flexi Life||Flexi Term||Flexi Living Term|
|Type of Plan||Whole Life||Term Life||Term Life|
|Death, TPD & TI Coverage||Yes||Yes||Yes|
|Critical Illness Coverage||No||No||Yes|
|Plan Tenures||One time, 20-years, up to age 80 (next birthday)||From 6 years, Up to Age 85|
|TPD Benefit (extend TPD coverage beyond age 65)||No||Yes||Yes|
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 & Benefits||Prestige Life Gold||Prestige Term||Prestige Term Plus|
|Type of Plan||Whole Life||Term Life||Term Life|
|Min. Sum Assured||N/A||S$1,000,000||S$1,000,000|
|Death, TPD & TI Coverage||All||Only Death||All|
|Critical Illness Coverage||No||No||No|
|Multiplier||3x or 6x||No||No|
|Cash Value & Non-Guaranteed Bonus||Yes||No||No|
|Plan Tenures||One lump sum||Any 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 & Benefits||Smart Life Advantage|
|Death, TPD & TI Coverage||Yes|
|Critical Illness Coverage||Yes|
|Option to Increase Coverage||Yes (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 & Benefits||Supreme Multiplier||Supreme Early Multiplier|
|Death, TPD & TI Coverage||Yes||Yes|
|Critical Illness||Yes||Yes (all stages)|
|7 Special Benefits/10 Juvenile Benefits||No||Yes|
|Coverage Multiplier||3x or 4x (age 65 or 70)|
|Plan Tenure||10, 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|
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.
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.
|Product Enquiries||+65 6248 2211|
|Customer Service||+65 6248 2888|
|Mailing Address||1 Pickering Street #01-01, Great Eastern Centre, Singapore 048659|
|List of Distribution Representatives||Webpage|
|Claims E-mail||[email protected]|
|Claims Submission||Online Form|
|Claims Mailing Address||The 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.