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Pros and Cons of Great Eastern Prestige Harvest

Great Eastern Prestige Harvest is a universal life policy offered by Great Eastern Life. It is often marketed as a legacy planning tool which creates an immediate estate for the policyholder by paying a single premium. It also increases one’s retirement fund by releasing retirement assets that would have otherwise been allocated for legacy planning.

There are three underwriting risk classes, and they are Standard, Preferred and Super Preferred (only for the non-smokers). It is important to note that Preferred and Super Preferred rates are only offered after medical underwriting assessment is completed and are not guaranteed. The current version is version 6 (launched in Oct 2017)

Great Eastern Prestige Harvest

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The current crediting rate is 4.35% per annum with guaranteed minimum crediting rate of 2% per annum. The minimum sum assured is USD 500,000 and this is a closed tranched plan. The first-day cash value is approximately 82% of the initial premium. Premium financing is available for leverage.

Pros of Great Eastern Prestige Harvest

  1. The current crediting rate is one of the highest and is locked in for the first 3 years
  2. The maximum charge is capped at 110% of the initial charges
  3. No insurance charges after age 100 (age last birthday)

Cons of Great Eastern Prestige Harvest

  1. The initial premium charge is the highest at 8.65%
  2. Great Eastern reserves the right not to accept single premium additions
  3. The quotation software is not able to generate projection with any other credit rate except the current rate of 4.35% (at current mortality charges) and 2% (maximum  mortality charges)

As the current crediting rate is not guaranteed, it is prudent to find out the projected outcome of Prestige Harvest (especially at which age the plan will terminate) based on a lower crediting rate such as 3.75%, 3.5% or even 3.25% per annum. We have built simulations with different crediting rates with reasonable accuracy to help our clients to evaluate Prestige Harvest better.

To view a projection of Great Eastern Prestige Harvest projected based on crediting rate between 3% to 4%

To know more Pros and Cons of Great Eastern Prestige Harvest

To know how Great Eastern Prestige Harvest fares with other insurers’ plan.

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Besides Great Eastern Prestige Harvest, you may want to read up more about universal life policy here.

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