Life insurance

• There is no strict limit to the number of life insurance policies you can have.
• However, it is important to take into consideration your needs (e.g. number of dependents you are and will be supporting), lifestyle and budget.
• Alternatively, have your financial goals assessed by consulting one of Great Eastern’s Financial Representatives for personalised financial guidance.

• Life insurance provides financial protection for your loved ones in case of an untimely death or total permanent disability (TPD).
• The payout from your life insurance can help you cover daily expenses and other expenses like your children’s education.

• Life insurance is a broad term that includes various policies, while term insurance refers to a specific type of policy with unique features.

(i) Coverage Period: The coverage period for term insurance is flexible, depending on the customer’s choice, whereas life insurance covers the insured’s entire lifetime.

(ii)Payout: If the term insurance person insured passes away within the term, the beneficiaries will receive a death benefit. However, if they outlive the term, no payout will be issued.

(iii)Premiums: Term insurance generally offers significantly lower premiums compared to whole life insurance as it only covers a specific period and generally has no cash values.

(iv)Cash Value: Unlike whole life insurance, term insurance generally does not build cash value.

• Great Eastern’s term insurance policies include GREAT Term, GoGreat Term Life, etc.

• To put it simply, you pay premiums to an insurance company in exchange for a payout upon the events covered such as death, total and permanent disability, or terminal illness.

(i)Premiums: the regular payments you make to keep your policy active.

(ii)Death Benefit: the amount of money payout to beneficiaries upon the death of the person insured

(iii)Potential Cash Value: certain types of life insurance policies build cash value over time

• Great Eastern’s life insurance policies such as GREAT Life Advantage 3 and GREAT Flexi Protect Series are some examples. 

• Determining whether you need a life insurance policy depends on individual circumstances.
• If you have dependents you may need to have life insurance.
• Extra consideration should also be taken if you have financial obligations e.g. debts, mortgage payments, car loans, etc.
• For a better understanding of your specific needs and finding the right coverage, have a discussion with Great Eastern’s Financial Representatives today. 

• You can buy life insurance from Great Eastern through your Financial Representatives. If you do not have any existing servicing Financial Representative, you may fill up our online Request Callback form. Our Great Eastern Financial Representative will get in touch with you.
• If you are looking at a term insurance plan to cover death, terminal illness, and total and permanent disability of up to S$300,000, you can consider GREAT Term via the online application by just answering two health questions.