Great Eastern offers a wide range of life insurance products. One of their more comprehensive life insurance policies is GREAT Term. GREAT Term offers flexible and highly customisable coverage for those seeking protection against death, terminal illness and total and permanent disability (TPD). It also provides optional supplementary riders that cover up to 121 critical illness conditions as well as the possibility to convert your term plan into a life policy as any point in the future during its tenure. GREAT Term is also very accessible to purchase. The policy can be purchased directly online within 10 mins, with no appointment required.
Table of Contents
|Summary of Great Eastern GREAT Term|
|Offers Coverage against death, terminal illness and TPD of up to S$300,000|
|Has an add-on rider options available to gain coverage of up to 121 critical illness conditions|
|Have the option to convert your term plan to a life policy at any point in the future regardless of your health status.|
|Purchasable online without any appointments|
|Current Credit Rating: AA-|
Great Eastern GREAT Term
|Customisable||Above average critical illness coverage|
Not able to get access to optional riders if purchased directly online
Great Eastern's GREAT Term life insurance provides up to S$300,000 of death, terminal illness and total and permanent disability coverage, up to the age of 100 years old. This sum assured is slightly less than some of the other term life insurance policies available on the market.
However, the basic GREAT Term plan can be purchased online without any appointments. The whole application process takes about 10 mins to complete, making insuring oneself very convenient.
One of the key features of the GREAT Term is its flexibility in the coverage it provides. A feature that add to this flexibility is the ability to convert your term plan and its riders into a life policy offering cash value in the future, regardless of your health status. This means that both the basic plan as well as your TPD and critical illness riders can be converted to new benefits offering equivalent or similar coverage, as determined by Great Eastern, without evidence of insurability.
The value in converting your term plan into a life policy is that this ensures you will receive some payout at your point of death. If you outlive your term plan, you will not receive any payout after your policy expires.
Do note, this option is only available to GREAT Term policies that were purchased through a Great Eastern representative. It is not available for policies purchased directly online.
Critical Illness Riders
There are 2 critical illness riders for you to choose from. Namely, the Living Care Rider which covers up to 53 critical stage critical illness conditions and the Complete Living Care Rider which covers up to 121 critical illness conditions across all stages. These critical illness riders can provide enhanced coverage for a 40-year term.
Purchasing one of these supplementary critical illness riders means that should you be diagnosed with a covered critical illness during your term policy, you will be able to receive a one-time lump sum payout even if death, terminal illness and TPD do not occur. The one-time lump sum payout will result in your sum assured in your basic term life policy to reduce by the same corresponding amount.
Once again, these critical illness riders can only be added upon purchase of GREAT Term through a Great Eastern Financial Representative. You are not able to add on these supplementary riders if you purchase your term life policy directly online.
Great Eastern's death benefits are not payable if you commit suicide within 12 months 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.
All policy exclusions with Great Eastern's GREAT Term 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 Hotline||+65 6248 2211|
|Customer Service Hotline||+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 whole and term 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.