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Pros and Cons of OCBC PremierLife Heritage

OCBC PremierLife Heritage is a universal life policy offered by OCBC to their premier banking customer. The relationship managers market it as a legacy planning tool to create an immediate estate for the policyholder upon their death. It helps increases one’s retirement fund by releasing assets that would have otherwise been allocated to their family member upon death.

There are three underwriting classes, and they are Standard, Preferred and Super Preferred (not available for smokers). Preferred and Super Preferred rates are only offered after medical underwriting assessment is completed and are not guaranteed.

OCBC PremierLife Heritage

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The current crediting rate is 4.35% p.a and the guaranteed minimum crediting rate of 2% p.a. The minimum sum assured is USD 500,000. The first-day cash value is approximately 82% of the initial premium.

Pros of OCBC PremierLife Heritage

  1. The premium pricing is competitive
  2. The maximum mortality charge is capped at 110%
  3. The current crediting rate is one of the highest and is locked in for the first 3 years

Cons of OCBC PremierLife Heritage

  1. Great Eastern reserves the right not to accept single premium additions. Do note that Great Eastern Life Singapore underwrites this policy and is marketed by OCBC
  2. The initial premium charge is the highest at 8.65%
  3. The quotation only shows projections with the current crediting rate of 4.35% (at current mortality charges) and 2% (maximum mortality charges). No other rates (e.g. 3.5% or 3.85%) can be generated

As the current crediting rate is not guaranteed, it is prudent to find out the projected outcome of Prestige Harvest (especially the age that the account value is zero and the policy will terminate) based on a lower crediting rate such as 3.85% and 3.35% per annum. We have built simulations with different crediting rates with reasonable accuracy to help our clients to evaluate OCBC PremierLife Heritage better.

To view a simulation of OCBC PremierLife Heritage projected based on crediting rate between 3% to 4%

To know more Pros and Cons of OCBC PremierLife Heritage

To know how OCBC PremierLife Heritage fares with other insurers’ plan.

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Besides OCBC PremierLife Heritage, you may want to read up more about universal life policy here.

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