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Pros and Cons of Great Eastern Supreme Multiplier

Great Eastern Supreme Multiplier is launched in September 2017. It is a whole life insurance participating plan with a limited payment term of 20 years or payable to age 65. It provides coverage against death, total permanent disability (TPD), terminal illnesses and critical illnesses. Early and intermediate stage critical illnesses can be covered under Supreme Early Multiplier (review link here).

This plan offers a Multiplier benefit for death, TPD, terminal illnesses and critical illnesses until age 65 or 70 next birthday.  The multiplier benefit has an option of 3X and 4X.

There are 2 types of TPD coverage (Presumptive TPD and non-Presumptive TPD). For Presumptive TPD, the coverage will be covered lifetime throughout the policy term. Presumptive TPD refers to

  • Total and irrecoverable loss of the use of 2 limbs at or above the wrist or ankle; or
  • Total and irrecoverable loss of sight of 1 eye and total and irrecoverable loss of the use of 1 limb at or above the wrist or ankle; or
  • Total and irrecoverable loss of sight of both eyes

Great Eastern Supreme Multiplier

Image is taken from greateasternlife.com

It provides additional coverage for Accidental total permanent disability (TPD). This benefit will pay 3X or 4X of the basic sum insured in addition to the TPD benefit if the insured suffer TPD due to an accident before the expiry of the multiplier.

Pros of Great Eastern Supreme Multiplier

  1. Lifetime coverage for Presumptive TPD
  2. Additional TPD payout due to accident if TPD happens before the expiry of the multiplier

Cons of Great Eastern Supreme Multiplier

  1. The total premium paid for the entire policy term is the one of the highest for the Multiplier until age 70 compared to similar coverage from other insurers
  2. The premium for death and TPD coverage is level but not guaranteed and subject to change with a 45 days notice. Other insurer’s death and TPD charges are levelled and guaranteed.

To know more Pros and Cons of Great Eastern Supreme Multiplier

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Besides Great Eastern Supreme Multiplier, you may want to read up a similar plan from Aviva.

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