Great Family Care is a unique critical illness insurance plan that offers benefits for the whole family. Let’s delve into how it works and what you need to know before getting this plan for your family.
Great Eastern’s Great Family Care is among the unique term insurance options in the market. It’s a critical illness plan like any other, except it can also cover your parents and children.
This offer seems perfect for multigenerational families, but juggling between the varied needs of individuals at different life stages may not be such a simple task.
So what does Great Family Care offer, and how can it fit into your family insurance plan?
Pros and cons
|Convenient option for multi-generational protection||Does not cover pre-existing conditions|
|Wider-than-usual range of cover with 53 critical illnesses included||Premium rates are not guaranteed|
|53 critical illnesses plus 25 juvenile conditions covered (for children)||Does not cover total and permanent disability after age 65 (for life assured)|
#1 Covers critical illness, terminal illness, death, and total and permanent disability up to age 85
Great Family Care is a term insurance plan that offers coverage for critical illness, terminal illness, total and permanent disability (TPD), and death.
Singaporeans ages 85 and below are viable for these benefits. This age limitation is pretty standard as other critical illness plans offer these benefits to a lower maximum age, while others cover a higher maximum age.
It’s important to note that only certain TPDs are covered up to age 85 for disability cover. This includes the following:
- Loss of sight in both eyes
- Loss of function in two limbs
- Loss of sight in one eye and loss of function in one limb
However, other forms of TPD may be covered until the age of 65.
As such, policyholders should consider adequate disability insurance from ages 65 onwards. Perhaps enrolling for a suitable Careshield Life supplement is a good addition to this plan.
Great Family Care’s best feature is in the high number of critical illnesses covered, which has 16 more than the 37 conditions stipulated by the Life Insurance Association of Singapore.
Thus, you can gain a wider scope of coverage compared to other critical illness policies that only cover the standard 37 conditions. This feature may very well seal the deal for you and your family.
#2 Free coverage for children up to age 18
With a Great Family Care policy, your children (present or future) may be included in the coverage as long as they are enrolled before age 16. Each child may get a 25% coverage of the policy’s basic sum assured, its maximum capped at S$50,000 per child. There is no extra charge for children’s coverage, which means claims under this benefit won’t reduce the basic sum assured to the policyholder.
Your children may receive coverage for the same list of 53 critical illnesses, plus an additional 25 juvenile conditions such as severe asthma, Beta Thalassemia Major, insulin-dependent diabetes, and severe epilepsy. The maximum age for this coverage is 18.
There is a survival period of 14 days and a waiting period of at least two years to get the full payout. For instance, if your child is diagnosed less than a year after enrolment, you will not be given a payout. If your child is diagnosed less than two years after enrolment, only 50% of the benefit will be paid out.
#3 Guaranteed coverage for parents up to age 100 (available as a rider)
Great Family Care also gives you the option to extend the coverage to your parents, albeit on a more limited basis.
You may add the Parent Protect rider to protect your parents against major cancers, Alzheimer’s Disease/severe dementia, or Parkinson’s Disease. Upon medical diagnosis of any of these conditions, you will receive a lump-sum payout equal to 15% of your policy’s basic sum assured.
Parent Protect enrolment is guaranteed with no medical assessment required. Although this coverage is available until age 100, the parent must not be older than 80 years old at the time of enrolment.
#4 Up to S$3 million basic sum assured
The basic sum assured for the Great Family Plan spans an extremely wide range, from S$50,000 to S$3 million. This level of flexibility can certainly tune the policy to your needs and plans.
Since this policy is offered with no guaranteed premiums, it’s important to be prudent when getting a higher plan. With this plan, the insurer reserves the right to change the premiums as they see fit.
Important exclusions to note
If you’re thinking of signing up for Great Family Care, be sure to note the following exclusions.
- Pre-existing conditions
- Self-inflicted bodily injury
- Terminal illness in the presence of HIV infection
- Critical illness arising from drug or alcohol abuse
- Provoked assault
For the full list of exclusions and terms and conditions, please refer to the policy document.
Plan tiers, premiums, and latest promotions
Great Family Care plan does not offer multiple plan tiers. You only need to choose your basic sum assured.
|Great Family Care- 53 critical illnesses- Total and permanent disability- Death||S$50,000 to S$3 million|
|Child Protect (complimentary)- 53 critical illnesses – 25 juvenile conditions||25% of sum assured, maximum S$50,000|
|Parent Protect (optional rider)- Major cancer diseases- Alzheimer’s Disease- Severe dementia- Parkinson’s Disease||15% of sum assured|
How much does Great Family Care cost?
|Age of enrolment (Age Next Birthday)||Premiums (monthly)|
|30||S$229.20S$98.70 (Parent Protect rider)|
|40||S$432.60S$134.50 (Parent Protect rider)|
|50||S$718S$146.20 (Parent Protect rider)|
The premiums shown above are for a male non-smoker with a basic sum assured of S$500,000. This is merely for your reference, and you may adjust your premium accordingly.
As you can see, there is a steep increase in premiums from age 40 to 50, but this is fairly typical. To reduce your reliance on insurance, you may decrease your sums assured as you accumulate a higher level of wealth.
Currently, there are no promotions for Great Family Care. This page will be updated should there be any.
How to make a claim?
Follow these steps to make a claim for a Great Family Care policy.
- Go to Great Eastern’s Claims page
- Click on the appropriate tile for your claim
- Follow the on-screen instructions to download the required forms and prepare the necessary documents
- Once ready, submit your claim to your Great Eastern financial representative or by post (1 Pickering Street, Great Eastern Centre #01-01, Singapore 048659)
- You may also contact Great Eastern for assistance or queries at 1800-248-2888 or email@example.com
Read these next:
Best Critical Illness Insurance Plans In Singapore (May 2022)
What Kind Of Critical Illness Insurance Do I Really Need?
Critical Illness Plans vs Early Critical Illness Plans: Which Should You Get
By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.