facebookWhat's your opinion on Great Eastern Great Family Care plan? - Seedly

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Anonymous

08 Oct 2019

Insurance

What's your opinion on Great Eastern Great Family Care plan?

https://www.greateasternlife.com/sg/en/personal...

Is it worth it? It can cover my parents and my future newborn. Or is it better to just get a term plan?

Discussion (1)

What are your thoughts?

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Loh Tat Tian

08 Oct 2019

Founder at PolicyWoke (We Buy Insurance Policies)

You have to ask yourself whether the additional premiums to be paid, versus the coverage, versus getting the term plan is worth it or not. I can't really advise on anything... but

Mathematically, if the premium is 1% of the sum assured, after 40 years, you would have saved and invested (at 4%) that amount to reach the full coverage.

For 2% premiums to the coverage, it takes about 27 years.

For 3% premiums to the coverage, it takes about 21 years.

I hope this forms a guideline.

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