Great Family Care Plan – Why It’s A Unique 3 Generation CI coverage!

If you feel you are part of the Sandwich Generation, you are not alone.

79% of young Singaporean's believe they will be the next sandwich generation. (According to NTUC INCOME).

Hence, this Great Family Care Plan by Great Eastern to help cover for you, children and parents.

How does Great Family Care plan work?

You gets the following GREAT Family Care benefits with a $100,000 sum assured coverage:

  1. S$100,000 coverage from 53 critical illnesses, death, total and permanent disability, terminal illness, till age 85.
  2. Your children gets FREE S$25,000 coverage from 53 critical illnesses and 25 juvenile conditions at no additional cost till age 18.
  3. You can buy an additional "Parent Protect rider", and cover them $15,000 ($100,000x15%) sum assured from major Cancers, Alzheimer’s Disease, Severe Dementia, and Parkinson’s Disease till age 100.

From the above scenario, a $100,000 sum assured plan costs $103/month. Source from brochure

Great Family Care Plan by Great Eastern offers you FREE coverage for all your children till age18.

It particularly, this plan address critical illness coverage for your aged parents.

Key analysis of plan's critical illness coverage

The 53 critical illnesses (CI) are NOT covering early stage critical illness conditions.

It is the 37 CI conditions by LIA and an additional 16 conditions.

Hence, it should be compared against other pure CI and early CI plans like the "Critical Care Advantage" plan also offered by Great Eastern.

Source BI from Comparefirst.sg

FREE critical illness coverage for your children 

Coverage for children is totally FREE and is 25% of sum assured (capped at $50,000 sum assured).

However, do note that

  1. If the diagnosis of the Covered Condition is made in policy year 1, no payout will be made.
    If the diagnosis of the Covered Condition is made in policy year 2, plan pays 50% of the Eligible Payout.

The survival period is 14days.

You do not need to provide the particulars of the child at the time of policy issue date.

Generally, buying CI coverage for children is cheap.

Adding on "Parent Protect" rider to your plan

The Parent Protect Rider covers

1) Major Cancers

2) Alzheimer’s Disease, Severe Dementia, and Parkinson’s Disease

If you want to add the parent protect rider, it requires extra premiums (unlike the child benefit). Premiums are based on your age and will be around $300/year for a $15,000 sum assured. Source from HWZ

There is no need to disclose parent details at time of policy application (same as the child coverage). However, your parents have to be <80yo during policy inception date inorder to be eligible under this rider

Critical illness payouts are not given if it's claim in first year, 2nd year only 50% but full payout from 3rd year onwards full payout. 

Pre-existing conditions are not covered.

This is useful as one in 10 who are aged 60 and above will suffer from dementia, while three in 1,000 aged 50 and above will suffer from Parkinson’s Disease. 

Quick conclusions

Great Family Care Plan is a term coverage and if you've children, this plan gives you FREE child CI coverage.

Getting a small critical illness coverage for parents without underwriting is also not readily available in the market. Most plans have a minimum size and would likely cost more for an entry level coverage.

Refer to a qualified GE adviser for an exact quote.

*Disclaimer: I cannot distribute Great Eastern's plans. Please do your own due diligence in researching them.

Last updated on October 4th, 2019 at 10:11 am

The Astute Parent

A parent who has a sharp acumen on sieving through 'alien' financial jargon to dish out bite size financial tips from a parent's perspective.

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