The GREAT Complete Flexi Living Protect 2 offers lifetime coverage up to age 100, with a multiplier option and specific benefits like the Benign Tumor Benefit. While it features high premiums and limited CI coverage, it suits those seeking long-term, broad insurance solutions.
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The policy is priced on the higher end, reflecting its broad range of features and extended coverage duration.
The growth prospects are decent due to its good performing participating fund.
Offers comprehensive, long-term coverage up to age 100, with unique benefits such as the Benign Tumor Benefit and several coverage riders.
- Offers extensive coverage options and benefits that can justify the higher price for those seeking comprehensive insurance solutions.
- Includes lifetime coverage up to age 100, along with special benefits for specific age-related health issues, enhancing its overall value.
- One of the better performing participating funds.
- The premiums are relatively high, which could be a barrier for those with limited budgets or those seeking more cost-effective insurance options.
VERDICT:
The GREAT Complete Flexi Living Protect 2 is a robust whole life insurance policy tailored for those who prioritize comprehensive coverage and long-term security.
Its unique features, such as coverage up to age 100 and specific health-related benefits, make it a solid choice for individuals planning for extensive future needs.
However, the policy’s high cost and the underwhelming performance of its participating fund may deter those looking for immediate value or superior investment returns.
Ultimately, this policy is best suited for those willing to invest more for the peace of mind that comes with extensive coverage and specific health benefits, provided they are comfortable with the investment component’s modest growth prospects.
What we like about the Great Eastern Complete Flexi Living Protect 2
Multiplier Benefit Protection Up to Age 100
One of the standout features of the GREAT Complete Flexi Living Protect 2 is its Multiplier Benefit Protection, which extends coverage up to age 100.
This is a huge plus because, in today’s world, longer lifespans mean we need our insurance to stretch further.
- Lifetime Protection: With the multiplier extending all the way to 100, I have peace of mind that the policy will be there to cover me for a large portion of my life.
- Generous Multiplier Options: While many policies cap the multiplier benefit around age 70 or 75, this one goes the extra mile by covering me until I’m 100, which is a great advantage, especially as we live longer.
- Financial Security for Loved Ones: In the event of death, my family stands to receive a substantial payout if I have chosen a multiplier, which is still active even if I live into my later years. Knowing that this protection is there for the long haul is reassuring.
This feature speaks to the flexibility and comprehensive coverage that makes it attractive for long-term financial planning.
It’s rare to find policies that extend this far, making it a strong plus point.
Additional Benefits
GREAT Complete Flexi Living Protect 2 comes with a range of additional benefits that boost its appeal by providing extra layers of protection at different life stages.
These small add-ons can make a big difference in times of need.
Special Benefit: This covers specific medical conditions or procedures with a payout of 25% of the sum assured (capped at S$25,000), which is a nice financial cushion when dealing with health issues that don’t fall under critical illness.
Juvenile Benefit: I like the fact that there’s coverage for the young ones under 18 years. If something happens to a child, certain conditions can trigger a payout, providing some support during a difficult time.
Senior Benefit: Once I hit 51 years old, this kicks in for specific conditions, offering a targeted benefit for older age groups, which is often when health concerns start becoming more common.
Benign Tumor Benefit: A payout of 5% of the basic sum assured (up to S$5,000 per organ) for the removal of benign tumors is particularly appealing. It’s not something that typically falls under regular critical illness coverage, but it’s a relief to know there’s some financial help when dealing with such medical issues.
These additional benefits ensure that the policy remains relevant throughout different phases of life, whether it’s covering a child’s unexpected illness or supporting older age-related conditions.
It’s this breadth and flexibility in coverage that I find particularly valuable.
Benign Tumor Benefit
One feature that stands out in the GREAT Complete Flexi Living Protect 2 policy is the Benign Tumor Benefit.
This is a small but significant perk because benign tumors, while non-cancerous, can still require costly surgical removal.
The policy offers a payout of 5% of the basic sum assured, capped at S$5,000 per organ, if surgical excision is needed.
Practical Coverage: This benefit is ideal for those unexpected health issues that may not seem life-threatening but still require medical intervention. Many policies focus solely on critical illnesses, so it’s refreshing to see one that caters to something like benign tumors, which are relatively common.
Targeted Payout: While S$5,000 might seem modest, it can significantly reduce the out-of-pocket expenses when facing such surgeries. This ensures that I’m not scrambling for cash if an unexpected medical event arises.
Peace of Mind: It’s a comforting thought that even non-critical conditions are accounted for. Knowing that minor but necessary procedures like tumor removals are covered adds an extra layer of financial security.
This benefit is particularly attractive for someone who values comprehensive health coverage that goes beyond just the major illnesses.
It’s about addressing those medical conditions that can still disrupt daily life and finances, making this policy more robust.
Participating fund performance
The performance of the Participating Fund is a key consideration when choosing an insurance policy, and for the GREAT Complete Flexi Living Protect 2, this aspect holds some weight.
This fund plays a big role in determining the returns on bonuses and how the policy performs in the long run.
However, while it offers some stability, there are aspects of the fund’s performance that need attention.
Historical Returns: The policy is backed by the participating fund, which distributes both reversionary bonuses and terminal bonuses over time. These bonuses are crucial as they accumulate over the years and eventually contribute to the payout.
Low Expense Ratio: The fund associated with this policy has one of the lowest expense ratios in the market. This is important because lower costs mean more of the investment return goes back into building the policy’s value, which is a definite plus.
Steady but Modest Returns: Over the past decade, the geometric average return has been slightly lower than the industry average. While not the top performer, it has been stable, ensuring some level of predictability in bonuses. For those who prefer a safer, more conservative growth path, this can be an appealing feature.
Bonuses that Accumulate: The reversionary bonuses become guaranteed upon declaration, which means that once they’re announced, they’re locked in and cannot be reduced. This ensures that the value I see in my policy today is secured, and the potential for a terminal bonus upon policy maturity or claim adds to the appeal.
Despite some areas where the fund’s performance could be stronger, the combination of low costs and steady, accumulated bonuses makes this an attractive option for those who value long-term stability over aggressive growth.
What we think the Great Eastern Complete Flexi Living Protect 2 could do better
High Premiums
One of the drawbacks of the GREAT Complete Flexi Living Protect 2 is its High Premiums.
The financial commitment required to maintain this policy can be a considerable strain, especially for those just starting their financial planning or those on a tighter budget.
- Financial Burden: The annual premiums are among the highest in the market, which might deter potential policyholders who are looking for cost-effective insurance solutions.
- Accessibility Issues: High premiums can make this policy less accessible to a broader audience, particularly young professionals or families who might be managing other financial responsibilities.
The cost factor is a significant consideration, as it directly impacts the affordability and, consequently, the attractiveness of the policy.
It’s crucial for insurance to be accessible to not only offer protection but also not to become a financial burden.
Limited Premium Payment Options
The Limited Premium Payment Options available with GREAT Complete Flexi Living Protect 2 also pose a challenge.
The lack of flexibility in how premiums can be paid may not align well with everyone’s financial circumstances.
- Fixed Terms: The policy only offers premium payment terms of 20 years or until age 65. This can be restrictive for those who may prefer shorter or more varied payment durations to better manage their cash flow.
- Lack of Customization: This limited range does not cater to the diverse financial situations of all policyholders, potentially making it a less appealing choice for those who need more adaptable financial planning tools.
This feature limits the policy’s appeal to a narrower group of buyers who can commit to these specific terms, potentially excluding those who might otherwise consider the policy if more options were available.
Limited Critical Illness Coverage
Another significant limitation is the Limited Critical Illness Coverage offered by GREAT Complete Flexi Living Protect 2.
In today’s health-conscious world, comprehensive coverage is key, and this policy falls short.
- Narrow Scope: The policy covers fewer critical illness conditions compared to others in the market. This could be a major concern for policyholders seeking extensive protection against a wide array of illnesses.
- Potential Risk Exposure: With less coverage, there’s an increased risk of encountering a critical illness that isn’t covered by the policy, leading to potential financial strain due to out-of-pocket medical expenses.
Critical illness coverage is a vital component of any comprehensive health insurance plan, and the limitations in this policy could be a dealbreaker for those who prioritize broad medical protection.
This aspect reduces the overall value of the policy for those seeking thorough health coverage.
Low Multiplier Options
The Low Multiplier Options in the GREAT Complete Flexi Living Protect 2 are somewhat restrictive.
With only 2X and 3X options available, this feature falls short for those looking for higher leverage on their coverage, which is increasingly common in modern insurance products.
- Limited Leverage: The available multipliers do not extend beyond 3X. In a market where some policies offer multipliers up to 5X, this limitation may reduce the policy’s attractiveness to those seeking more substantial protection relative to their premiums.
- Reduced Flexibility: The constraint in multiplier options can be a disadvantage for policyholders aiming to maximize their coverage in line with their changing financial and personal circumstances over time.
This feature’s limitation impacts the policy’s adaptability and its ability to provide tailored protection levels, making it less appealing to individuals who desire or might require higher coverage options.
TPD Definitions Lack ADL Coverage
The Total and Permanent Disability (TPD) definitions in the GREAT Complete Flexi Living Protect 2 notably lack coverage for Activities of Daily Living (ADL).
This omission is significant, as ADL coverage is crucial for comprehensively assessing an individual’s disability status.
- Narrower Protection: Without ADL coverage, the policy may not adequately protect those who become unable to perform basic life activities, which is a common measure of severe disability.
- Potential Coverage Gaps: This can lead to situations where a policyholder who is severely disabled but does not meet the specific TPD criteria used by the policy remains without coverage, thereby facing significant financial and personal challenges.
The absence of ADL coverage in the TPD definitions reduces the overall effectiveness and responsiveness of the disability protection offered, potentially leaving policyholders underprotected in their time of greatest need.
This gap highlights a critical area where the policy does not meet the comprehensive needs of individuals facing severe disabilities.
Better alternatives to the Great Eastern Complete Flexi Living Protect 2
NTUC Income Star Secure Pro
NTUC Income Star Secure Pro stands out as a superior alternative due to its affordability and comprehensive coverage, especially in critical illness.
According to Dollar Bureau, this policy offers one of the most affordable premiums in the market, making it accessible to a wider audience.
Additionally, it covers a broader range of critical illness conditions compared to other policies like the GREAT Complete Flexi Living Protect 2.
- Affordable Premiums: The lower cost of premiums means that more individuals can access this type of insurance without overextending their financial resources.
- Extensive Coverage: With a more expansive list of covered critical illnesses, policyholders are better protected against a wider variety of health issues, increasing the value and appeal of the insurance plan.
This combination of affordability and extensive coverage makes NTUC Income Star Secure Pro a highly attractive option for those seeking robust protection without a hefty price tag.
Manulife LifeReady Plus II
Manulife LifeReady Plus II is recommended for its unique feature that allows policyholders to convert their policy into an annuity for income during retirement, a feature not commonly found in other life insurance products.
Additionally, Dollar Bureau highlights its potential for higher returns compared to other policies.
- Annuity Conversion Option: This feature offers a strategic benefit for long-term financial planning, providing policyholders with a steady income stream in their later years.
- Higher Potential Returns: The policy’s design to potentially yield higher returns is crucial for policyholders looking to maximize the financial benefits of their insurance investments over the long term.
These features make Manulife LifeReady Plus II an excellent choice for individuals planning for a secure financial future, blending insurance protection with investment growth opportunities.
Singlife Whole Life
Singlife Whole Life is favored for its extensive critical illness coverage, which includes more conditions than many of its competitors, including the GREAT Complete Flexi Living Protect 2.
This makes it an essential option for those prioritizing comprehensive health protection.
- Broad Critical Illness Coverage: By covering a wider array of illnesses, Singlife Whole Life ensures that policyholders are protected across a broader spectrum of health issues, providing peace of mind and reducing the risk of uncovered health events.
- Reliable Protection: This broad coverage framework supports individuals and families in managing health risks effectively, ensuring they are financially prepared for various medical challenges.
Singlife Whole Life’s comprehensive critical illness protection offers a significant advantage for those seeking extensive medical coverage, aligning with the needs of policyholders who prioritize health security over other factors.
Let Us Compare Policies For You
When it comes to choosing whole life insurance plans, it’s crucial to pay close attention to the performance of the participating fund — this is essentially what you’re paying extra for compared to term life insurance.
This fund’s performance impacts the returns on your policy, making it a vital factor in your decision.
Additionally, the multiplier option in your whole life policy is key.
It helps determine how much death coverage you’ll have and for how long.
As you age, your liabilities typically decrease, but you’ll want to ensure you’re sufficiently covered during your younger years.
This balance is critical in getting the most value from your policy.
If you’re using a whole life policy primarily for Early Critical Illness (ECI) or Critical Illness (CI) coverage, then the breadth of conditions covered, the clarity of their definitions, and the payout amounts are pivotal.
Knowing these details can greatly influence your peace of mind and financial planning.
Understanding the available riders is also essential, as they can offer additional protection and potentially save you money in the long term.
Given that whole life policies are generally more expensive, pricing is another significant aspect.
It’s important to ensure you are spending an amount that is within your budget, while also getting comprehensive coverage.
Remember, a policy that’s perfect for one goal might not fit another person’s needs.
That’s why truly understanding what you’re purchasing is crucial.
This is where we can step in and assist.
At Dollar Bureau, we offer a free, non-obligatory comparison session.
Our partners are seasoned professionals with years of industry experience.
They are well-equipped to help you compare policies, ensuring they align with your current situation and future goals.
We also help you obtain quotes to make your comparisons even easier.
If you’re ready to explore your options and ensure you choose the best possible policy for your needs, contact us today.
Let’s make sure your insurance truly works for you.