The Great Term policy offers flexible premium options, critical illness riders, and the ability to convert to other policies. While it provides solid protection, limited policy terms and rising renewable premiums can make it expensive in the long run. Best for those seeking short-term, adaptable coverage.
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Gain a thorough understanding of the comprehensive features and advantages provided by the Great Eastern GREAT Term by clicking here.
Relatively more expensive than a few other policies in the market.
The Great Term policy provides essential death and terminal illness coverage, with options for critical illness riders.
It offers flexible premium payment options, policy convertibility, and add-ons like critical illness coverage.
- Flexible premium payment terms and the ability to convert to a whole life policy.
- Solid death and terminal illness coverage, with optional critical illness and early critical illness riders.
- TPD coverage is not as expensive as its competitors.
- No renewable option when your policy expires.
VERDICT:
The Great Term policy is a good choice for those seeking short-term, flexible coverage with the option to add critical illness riders.
However, its TPD coverage isn’t as extensive while its premiums are on the higher side as compared to certain competitors.
If affordability and basic protection are your primary goals, this policy is a viable option, but for those seeking long-term value, other alternatives may offer better price stability and more extensive coverage.
What we like about the Great Eastern GREAT Term
Premium Payment Terms
I like the flexibility the Great Term policy offers when it comes to premium payment terms and policy term – starting from 6 years up till you’re 100.
This kind of choice is crucial, as it allows you to tailor your payment method to what makes the most sense for your situation at different stages in life.
With the fixed premium option, you know exactly how much you’ll be paying throughout the policy term.
This provides a level of predictability, which is especially helpful for those who prefer consistent, manageable payments.
Convertible to Other Policies
Another feature I really appreciate is the ability to convert the Great Term policy into other types of insurance policies later on.
This is crucial because life situations change, and so do insurance needs.
The fact that you can upgrade or switch to a whole life plan, an endowment policy, or an annuity without undergoing medical underwriting is a massive benefit.
Guaranteed Conversion: This policy allows for conversion without needing a medical exam, which is a huge advantage. As we age, health conditions might develop, so knowing that you can still convert your policy despite any health changes is reassuring.
Versatility: This feature allows you to start with affordable term insurance and later transition into a policy with cash value or savings elements. This means you’re not locked into one type of coverage and can adapt your insurance to your evolving financial needs, whether it’s for savings, retirement, or further protection.
This flexibility in converting the policy gives you peace of mind, knowing you can switch to something more suitable if needed in the future.
Critical Illness Coverage
I find the critical illness coverage under the Great Term policy particularly valuable.
The option to add critical illness or early critical illness riders is a game changer because it helps protect you from the financial burden of major health issues.
What’s more, these riders come at an affordable rate, which is not always the case with other insurance plans.
Critical Illness Riders: The policy covers a wide range of illnesses under this rider, ensuring that you’re protected if something unexpected happens. With the affordability of these riders, you can add this protection without significantly increasing your premiums.
Early Critical Illness: What I especially like is the option for early-stage critical illness coverage. This means you can get financial support even before a condition reaches its more severe stages, helping you cover medical costs or recover lost income while undergoing treatment.
The ability to customise your coverage with these riders is important, as it means you can protect yourself against life’s unpredictable health challenges without breaking the bank.
What we think the Great Eastern GREAT Term could do better
Expensive
One of the significant downsides of the GREAT Term policy is that it is more expensive when compared to other term life plans available in the market.
While it offers essential coverage, the policy comes with fewer features and less comprehensive protection, especially when it comes to critical illness coverage and rider options.
This lack of additional benefits can make it feel less value-for-money, as other plans often provide more robust coverage at similar or lower prices.
Given these factors, the GREAT Term may not be the most economical option, especially for those who are price-sensitive and seeking more extensive protection within a competitive budget.
Better alternatives to the Great Eastern GREAT Term
Singlife Elite Term
Singlife Elite Term stands out as a strong alternative, particularly because of its cost-effectiveness and long-term flexibility.
One of the key reasons it’s better than the GREAT Term policy is its competitive premium rates.
Singlife consistently offers lower premiums for comparable coverage levels, which can lead to significant savings over the term of the policy.
This affordability is crucial if you’re looking to maximise your coverage without breaking the bank.
Comprehensive Critical Illness Coverage: The critical illness coverage under Singlife Elite Term is also robust, covering a wide range of conditions, including early-stage illnesses. The riders offered are affordable and extensive, giving you the protection you need without inflating your premium costs unnecessarily. The breadth of coverage, combined with affordability, makes this a standout feature that surpasses what Great Term offers.
NTUC Income TermLife Solitaire
NTUC Income TermLife Solitaire is another excellent alternative, offering several advantages that make it better than the Great Term policy.
One of the key reasons is its comprehensive basic coverage.
Unlike Great Term, NTUC Income includes Total Permanent Disability (TPD) and Terminal Illness (TI) as part of its base plan, which means you’re automatically covered for these critical areas without needing to add riders.
This makes it a much more well-rounded product from the start.
Enhanced Critical Illness Coverage: NTUC Income offers enhanced critical illness coverage, with riders that cover a broader range of conditions and different stages of illnesses. This gives you more thorough protection, especially in the event of early-stage illnesses that might not be covered as extensively by GREAT Term. The critical illness riders are also designed to be flexible and cost-effective, making it easy to add the right amount of protection without overspending.
Let Us Compare Policies For You
When it comes to term life insurance plans, price is usually the most important factor, especially if you’re just looking for death coverage.
You want to make sure you’re not overpaying for something that’s meant to be simple protection.
However, if you’re also using the plan for Early Critical Illness (ECI) or Critical Illness (CI) coverage, then the number of conditions covered, how they are defined, and the payout amounts become equally important.
It’s crucial to know exactly what you’re getting in case of illness, so you’re fully covered when it matters most.
Understanding the riders available is another key factor, as these additional features can sometimes save you money in the long run.
For example, adding riders for total permanent disability (TPD) or a waiver of premium could mean you don’t have to take out separate policies for these needs later.
The ability to renew the policy is essential if you’re using it for temporary coverage, particularly if your liabilities, like a mortgage, are decreasing over time.
Being able to keep the policy running without going through medical underwriting again offers peace of mind.
The ability to convert your policy is also worth noting.
It’s a good feature to have, as it allows you to switch to a permanent plan, such as a whole life policy, without additional health checks.
This means you can build cash value or enjoy lifelong coverage if your needs change.
That said, while it’s a useful feature, it’s typically not the most important consideration unless you foresee the need to transition to permanent coverage.
The key thing to remember is that a good policy for one person’s goals might not be suitable for someone else with different priorities.
This is why understanding what you’re purchasing on a deep level is important, and that’s where we come in.
Our partners are highly trained and have years of experience in the industry.
They’ll help you navigate these factors to find the right policy for your current situation and future goals.
We offer a free, non-obligatory comparison session where we can help you compare policies, making sure you understand all the relevant details, from price and coverage to renewability and riders.
We’ll also help you obtain quotes so you can easily compare and make the best decision.
Feel free to reach out — this session is all about making sure you get the right policy for your needs, at no cost to you!