Great Eastern Supreme Early Multiplier is a whole life insurance participating plan with a limited payment term of 10, 15, 20 years or payable to age 65. It provides coverage against death, total permanent disability (TPD), terminal illnesses and different stages of critical illnesses.
This plan offers a Multiplier benefit for death, TPD, terminal illnesses and different stages of 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.
There is an Accidental total permanent disability (ATPD) benefit. This benefit will pay 3X or 4X of the basic sum insured in addition to the TPD benefit payout if the insured suffers a TPD due to an accident before the multiplier expires.
The above screenshot is taken from greateasternlife.com
Upon diagnose of early stage critical illnesses, the policy will pay out 50% of the insured amount capped at $250,000 and the balance policy premium is waived.
Upon diagnose of intermediate stage critical illnesses, the policy will pay out 100% of the insured amount capped at $350,000 and the balance policy premium is waived.
Great Eastern Supreme Early Multiplier Comparison
- Several insurers are offering limited payment whole life coverage similar to Supreme Early Multiplier
- Based on a 15-years limited payment plan illustration provided by one of our clients, we came up a comparison table (above)
Pros of Great Eastern Supreme Early Multiplier
- Lifetime coverage for Presumptive TPD
- Additional TPD payout due to accident if TPD happens before the expiry of the multiplier
- The balance policy premium is waived upon diagnosing of early and intermediate stage critical illness
Cons of Great Eastern Supreme Early Multiplier
- The total premium paid for the entire policy term is higher for the Multiplier until age 70 compared to similar coverage from other insurers
- 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.
- Only 50% of the early stage CI with a cap of $250,000 is paid out upon diagnosing of early stage critical illnesses. Most insurer will allow 100% claim of the early stage critical illnesses with a cap of $250,000
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Besides Great Eastern Supreme Early Multiplier, you may want to read up a similar plan from Aviva.