Tokio Marine Legacy Lifetime is a participating whole life plan with an attractive Guaranteed Benefit. It covers you against Death, Total & Permanent Disability (TPD), and Terminal Illness.
[Update: TM Legacy Lifetime was withdrawn in Dec 2015 and replaced with TM Legacy LifeFlex. You can read more about Legacy LifeFlex here.]
The unique features of Tokio Marine Legacy Lifetime are:
- Build-in multiplier to cover death, TPD and critical illnesses (different stages) for the lifetime. Other insurance plan’s multiplier usually stops at age 65 or 70.
- Guaranteed premium for critical illnesses (advanced stage) coverage. Other insurers reserve the right to increase the critical illnesses premium with a 30 days notice
- Different payment options available: 5, 10, 15, 20, 25 years or a single lump sum
Our opinion on Tokio Marine Legacy Lifetime
The lifetime multiplier is a significant feature in our opinion. This is because other insurers’ multiplier ceases at age 65 or 70. Once the multiplier is no longer in effect, the coverage of the policy is likely to be reduced as the guaranteed + projected coverage is lesser than multiplier’s guaranteed sum assured in most cases.
In addition, this policy allows a customised combination of both early stages and advanced stages critical illnesses rider to suits a person’s need.
Tokio Marine Legacy Lifetime with the early critical illnesses rider could be cheaper than term insurance in the long run in many scenarios. As a limited payment whole life insurance, the total premium could be lower than a term insurance that covers early stages of critical illnesses with the same sum insured. Moreover, there will be cash value after 3 years while the term insurance will not have any cash value throughout the insurance period.
If you are looking into increasing your insurance coverage, this can be an option that worth exploring.
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