Great Eastern has launched GREAT Family Care, a critical illness term plan that protects three generations in a family within a single policy. This plan is timely as the nation prepares itself to cater to the needs of a fast-ageing population, and the corresponding financial burden on the Sandwich Generation.
One in every four working adults today is part of the Sandwich Generation, who bear the responsibility of caring for their ageing parents and young children. This group faces financial and emotional strain as their limited time and resources are spread over the needs of their family, which impacts their savings and financial planning.
Many Singaporeans are not sufficiently insured against critical illnesses, particularly the elderly. One in every four to five Singaporeans is at risk of developing cancer in their lifetime, and 60% of new cancer cases diagnosed are those aged 60 and above. Furthermore, one in 10 aged 60 and above will suffer from dementia, while three in 1,000 aged 50 and above will suffer from Parkinson’s Disease. Despite the sobering statistics, the 2017 LIA Protection Gap Study findings revealed that Singaporeans and permanent residents are covered on average for only 20% of their critical illness protection needs.
For a premium of $103 per month (may be adjusted based on future experience), the buyer gets the following GREAT Family Care benefits:
Coverage for Presumptive Total and Permanent Disability (TPD) is for the whole of the policy term, while coverage for other forms of TPD is till age 65. Presumptive TPD refers to a state of incapacity which is total and permanent and takes the form of:
Parent Protect rider. The parent must be 80 years old next birthday or less at the time of rider issue date. The rider offers a one-time payout of 15% of the sum assured or S$15,000, whichever is higher.
Child Protect benefit. The child must be 16 years old next birthday or less at the time of policy issue date. The plan offers a one-time payout of 25% of sum assured, up to S$50,000 per child.
In addition, existing Great Eastern policyholders, including those who only hold Dependents Protection Scheme or ElderShield plans, will be able to purchase GREAT Family Care without any medical underwriting.
Eligible existing Great Eastern customers (including Great Eastern’s Dependants’ Protection Scheme and ElderShield policyholders) can sign up without any medical assessment. Get a quote here.
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