Great Family Care 2021 Review: 3-Generation CI Plan
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Great Eastern Great Family Care Review: 3-Generation CI Plan

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great eastern great family care review

The Great Eastern’s Great Family Care policy is multi-generational critical illness coverage that helps you and your family cope with unexpected life challenges.

The policy covers up to 53 late-stage critical illnesses, terminal illnesses, total and permanent disability and death.

In addition, it offers your child or children protection against 25 juvenile illnesses and 53 critical illnesses.

Other than that, you can bump up your parent’s protection by opting for the Parent Protect Rider. What sets this cover apart from others is that your parents are insured without undergoing a laborious medical examination.

With a single plan, you can extend the cover to your parents and your children.

Here is a comprehensive review to help you have a clear understanding of the Great Eastern’s Great Family Care policy.

A Summary Of The Great Eastern Great Family Care

Cash value & withdrawal benefits
Policy cash value Not available
Surrender or maturity value Not available
Renewable or convertible features Not available
Health & Insurance coverage
Death benefit  Available
Terminal Illness benefit Available
Critical Illness coverage Available
Total and Permanent Disability coverage Available
Early Critical Illness coverage Not available
Optional rider(s)
Insurance riders to boost coverage Available
Other features
Parent Protect rider Available
Child protect benefit Available

Criteria

The minimum sum assured starts at S$50,000.

Policy Entry Age

  • Policyholder: 18 years to 65 years
  • Child: 0 to 17 years

 

Basic Product Features

Coverage Term

  • Policyholder: 18 years to 85 years
  • Child: 0 to 18 years
  • Parents: Up to 80 years

 

Premium Terms

  • Payable throughout the term of the policy
  • It is possible for CI premiums to be non-guaranteed, as with all CI premiums

 

Protection

Death Benefit

In the event of death, a lump sum amount is paid, and subsequently, the policy terminates.

Unlike most critical illness plans, the Great Eastern GREAT Family Care’s death benefit is equivalent to your sum assured.

This means that it works like a term life insurance plan, with a focus on critical illnesses.

Therefore, you should take its death benefit into consideration into your entire financial planning should you decide to get this policy.

Total and Permanent Disability Benefit

You will be paid a lump sum if you suffer from a total and permanent disability (TPD).

For presumptive TBD, you will enjoy the coverage for the entire policy term. In this case, presumptive TPD means that you are completely incapacitated, and the disability may include the following situations,

  • When you lose the functions of both eyes and become completely blind
  • When you lose the function of two limbs, at or above your ankle or wrist
  • When you lose the function of one eye and one limb at or above your ankle or wrist.

 

For the presumptive TPD to be verifiable, it must meet the following condition;

  • Be an opinion of a registered doctor
  • Be total without the possibility of recovering

 

For other forms of total and permanent disability (TPD), you’ll only enjoy the benefit before you celebrate your 65th birthday.

In this case, the TPD refers to the incapability to perform any income-generating activity.

The benefit is capped at S$5,000,000 for each person covered by all Great Eastern policies.

Terminal Illness Benefit

You’ll be paid the death benefit as a lump sum amount after a diagnosis of an illness that can lead to death within 12 months after a diagnosis. Subsequently, the policy comes to an end after the lump-sum payment.

For the claim to be considered valid, you must present a registered doctor’s report. In addition, Great Eastern can appoint medical personnel to confirm the illness.

Critical Illness Benefit

You will be paid one lump sum amount if you are diagnosed with any of the 53 critical illnesses under the policy. Have a look at the table below;

great eastern great family care critical illnesses

For invasive Coronary Artery and Angioplasty treatment, you’ll be paid only 10% of the basic sum assured. After a claim settlement, the premium and basic sum assured reduces.

Subsequently, after this claim, you won’t get any other benefit for invasive coronary artery and angioplasty treatment under this policy.

On a related note, the maximum payment you can get under this condition shall not exceed S$25,000 under the policy and other policies with Great Eastern.

It’s worth noting that the maximum benefit you can get for critical illness payouts by Great Eastern is S$3,000,000.

Child Protect Benefit

If your child is diagnosed with any critical illnesses covered, you’ll be paid 25% of the basic sum assured or up to $50,000 per child.

However, you’ll only benefit if your child’s diagnosis occurs before their 18th birthday.

Likewise, your child must be diagnosed with any of 25 juvenile conditions or 53 critical illnesses also known as covered conditions as highlighted in the table below.

Great Family Care Child protect critical illnesses

There are some exceptions to the Child Protect benefit. For example;

  • You’ll not be paid if your child is diagnosed with any of the covered conditions in the first year of the policy.
  • You’ll get 50% of the payout amount if your child is diagnosed with the covered condition in the second year of the policy.
  • For your child to benefit, they must be biological or adopted as stipulated in Singapore laws.
  • Your child must survive for a total of 14 days after a diagnosis of the covered ailment.
  • The premiums and basic sum assured remains the same.
  • The payment is only made once per child. However, this excludes treatment for Angioplasty and coronary artery in the first claim. For the second claim, the amount payable will be less than the previous payout. Subsequently, no other payment will be made for the child.
  • Like all other policies, you must provide identification documents for the child to prove you are the parent.

 

Add-On Riders

Great Eastern allows you to add on optional riders to the Great Family Care Policy like any other insurance policies. At purchase, you can opt for the Parent Protect Rider as a supplemental benefit.

Parent Protect Rider

You can boost your parent’s coverage in their old age with the optional Parent Protect rider. However, this covers only a few conditions and not the entire 53 critical illnesses under this policy.

In the event of a critical illness such as Alzheimer’s, Severe Dementia, Parkinson’s or Major Cancers, a lump sum amount will be paid once to a maximum of S$50,000 per parent and life insured.

Subsequently, after the payment, the rider terminates. Similarly, the total capping per parent under this rider is S$100,000.

The good thing about this rider is that there is a guarantee of coverage even without a medical assessment.

After a diagnosis of these ailments, you may receive up to 15% of the sum insured or a lump sum amount equivalent to $15,000, whichever is higher.

Here is an illustration to help you understand

If you purchase S$50,000 coverage under the Parent Protect Rider, you’ll receive a payout of S$15,000. As you already know, S15,000 is higher than 15% of S$50,000, which is equal to S$7,500.

On the other hand, if you purchase a S$200,000 policy, you’ll get a payout of S$30,000, which is 15% of S$200,000.

To qualify for this rider, you must meet the following conditions;

  • Your parent must be less than or equal to 80 years
  • The diagnosis of the CIs must occur before your parents attain the age of 100

 

Summary Of Greater Eastern’s Great Family Care 

Here is an illustration to help you understand the Greater Eastern’s Great Family Care policy, payments, terms and benefits.

In this scenario, we will assume that you are a non-smoker who has opted for S$100,000 coverage alongside the S$15,000 Parent Protect rider. In this respect, your monthly premium will be approximately S$55 per month.

  • If you welcome a firstborn into your family, your child will receive coverage of S$25,000 at no extra cost. In addition, the child will be covered against 25 juvenile conditions and 53 critical illnesses until age 18. If you welcome other children into your family, they’ll also receive S$25,000 until age 18.
  • Suppose your mother or father gets diagnosed with dementia or any of the conditions, you’ll receive S$15,000 from the Parent Protect Rider to cater for the medical expenses. However, the rider expires after the initial payment.
  • Suppose you are diagnosed with any of the 53 critical illnesses, you’ll receive a payment of S$100,000 to cater for the medical expenses. Subsequently, the policy ends.
  • Suppose your child gets diagnosed with a critical illness, you’ll be paid up to S$50,000.

 

My take on the Great Eastern’s Great Family Care 

Great Eastern’s Great Family Care is a logical option for families because it’s an insurance product that does more than paying for your medical expenses.

Because of the affordable premiums, this policy is highly recommended for young families with budget constraints. It’s also a great choice for single parents caught up with the everyday demands of providing for their families.

For example, you can get a S$100,000 insurance cover by paying S$609 per year, a reasonable amount for many parents.

Another advantage of this policy is that it provides coverage for up to 53 illnesses and, therefore, an excellent option if your family has a history of critical illnesses.

If you are a working adult with other dependents, chances are you may have extra financial responsibilities requiring immediate attention. This policy is a great choice because it matches your financial demand and those of your dependents.

In addition, you can opt for the Parent Protect rider for your parents in case of an unfortunate event of illness in their old age.

On the flip side, there are some drawbacks of the Parent Protect rider. First of all, it’s not a fully-fledged CI policy and therefore only covers three critical illnesses.

However, users will appreciate that there’s no medical assessment required to enrol parents, thereby saving them the agony of undergoing many tests.

Another shortcoming of this policy is that it doesn’t allow claims in the early stages of critical illness. However, it’s worth noting that this is common with critical Illness insurance policies.

For example, you will receive a payout if you are diagnosed with stage 4 of cancer. However, you’ll not receive payouts for stage 1 or 2.

If you are looking for a policy that covers illnesses in the early stages, you can consider early critical insurance riders or multipay plans.

Comparing Great Eastern Great Family Care Plan and FWD Big 3 Critical Illness

The table below provides a comparison of the Great Family Care vs. other cheap CI policies in Singapore to help you understand the differences.

Critical Insurance Plan Features Annual Premium
FWD Big 3 Critical Illness Additional S$20,000 death benefit

 

Get full payout for Heart attack of specified severity, stroke leading to irreversible neurological problem, all stages of cancer.

Starts at S$275.50
Great Eastern GREAT Family Care Free coverage for children for 53 conditions and 25 juvenile conditions.

Pays up to 25% of the sum assured

Optional parent protect rider

Starts at S$603

Premiums are based on a 35-year old non-smoking male with sum assured of S$100,000 to age 85 

Without a doubt, Great Eastern’s Great Family Care and FWD Big 3 Critical Illness policies are some of the cheapest on the market. However, Great Family Care scores more points thanks to the Parent Protect rider and the Child Protect benefit.

Also, it covers up to 53 critical illnesses and 25 juvenile conditions. On the other hand, FWD Big 3 Critical Illness only covers heart attack, stroke, and cancer.

However, if you are looking for a cheaper option, I personally feel that the FWD Big 3 Critical Illness plan can be a great alternative.

Overall, whereas no critical illness policy is 100% perfect, Great Eastern’s Great Family Care policy is simple, easy to understand and convenient for most people.

There are many Critical Illnesses on the market, and it can be challenging trying to understand the terms of comparing the features.

That’s why we’ve compiled the best critical illness insurance plans in Singapore and ranked them against each other.

Also, we have a team of advisors who are knowledgeable on the different products on the market and are willing to offer an unbiased opinion to help you find a policy that meets your needs.

If you need advice on any critical illness policy, you can contact a financial advisor today.

References

Product Brochure

https://www.greateasternlife.com/sg/en/personal-insurance/our-products/life-insurance/great-family-care.html

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Singapore Financial Planners and its affiliated parties is not meant to be construed as financial advice. Singapore Financial Planners shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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