Life Insurance

Whole Life Policy PROTECTION

2007-11-22T16:53:00.002+08:00

Whole Life Policy provides you and your family with a lifetime protection, against unexpected events and hardships. It is also a value builder. The cash value that accumulates in the policy can be utilized during your lifetime to fund vital needs such as child’s education or retirement income. The premium amount remains constant over the premium paying term of the policy.

The following Whole Life Plans are available in our Company:

* Great Golden Life
* Great Prime Life
* Great LifeCare
* Supreme Livin'Care Plus
* Supreme Care
* GreatJunior Advantage Series 2

Guaranteed high coverage for your golden years

You look forward to enjoying your golden years - to be free from worries and able to enjoy life to the fullest. Yet, we know it is difficult to have complete peace of mind without the assurance that your family and loved ones have a financial cushion should the unexpected happen to you.

Introducing Great Golden Life, a simple and affordable whole life insurance plan that is designed for anyone aged between 50 and 80. It gives you guaranteed high coverage up to age 99, ensuring adequate financial security for your family and loved ones.

Hassle-free acceptance with no medical examination
Great Golden Life allows you to enjoy acceptance without the need to go for a medical examination!

Guaranteed Natural Death Benefit up to 120% of Basic Sum Assured
With this plan, the level of coverage is guaranteed to increase as the policy years increase, up to 120% of the basic sum assured, with no additional premium.

Accidental Death Benefit up to 300% of Basic Sum Assured
This plan also provides Accidental Death Benefit up to 300% in the event of accidental death occurs before the maturity, without any increase in premiums.

Affordable and flexible protection plan
You have the flexibility to choose a level of protection that suits your needs and budget. From as low as RM53 a month, you will receive a unit of the Great Golden Life plan. For additional coverage, you have the flexibility to purchase up to a maximum of 5 units*.

Maturity benefit at age 99
The plan gives you 120% of the Basic Sum Assured, which is guaranteed payable upon the policy maturity at age 99.

* Terms and conditions apply.

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Great Life Care

2007-10-02T12:53:00.001+08:00

Whole life with increase protection and return. Higher life cover will be payable in addition to the basic sum assured. Free total and permanent disability of up to RM2,000,000 per life. Compound Reversionary Bonus (CRB) that increase both in bonus rates and compounding rates as time passes by.

It is ideal,
- If you want to accumulate an asset for your heirs.
- As a breadwinner in securing peace of mind and future financial security of your loved ones.
- As a financial backing (at a low rate) for your child when he is growing up.
- As a means of increasing insurance coverage needs as you go through different stages in life.

Eligible age - 30 days to 70 years next birthday, with good health condition.

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Supreme Livin'Care Plus - Whole Life Living Assurance with Cash Bonus

2007-09-26T14:35:00.002+08:00

Major illnesses don't just strike the elderly. They can also afflict the young and seemingly healthy, those in the prime of their lives. Are you protected financially? What happens as a breadwinner, you are taken ill? Or worse, when that illness is a major event, a permanent or debilitating disease or emergency?
Supreme Livin'Care Plus, a comprehensive whole life plan that is specially designed to cover you against 36 of the most common and serious medical conditions, as well as total and permanent disablement and death. The plan insures you against the following events:

Heart Attack
Stroke
Coronary Artery By-pass Surgery
Cancer
Kidney Failure
Fulminant Hepatitis
Major Organ Transplant
Paralysis (Paraplegia, Tetraplegia)
Multiple Sclerosis
Pulmonary Hypertension
Total Permanent Blindness
Heart Valve Surgery
Major Burns
Aorta Surgery
Loss of Speech
Alzheimer's Disease
Terminal Illness
Motor Neurone Disease
End Stage Liver Disease
Encephalitis
HIV Infection from Blood
Aplastic Anaemia Transfusion
Accidental Head Injury Resulting in Major Head Trauma
Parkinson's Disease
Poliomyelitis
Benign Brain Tumor
End Stage Lung Disease
Coma
Brain Surgery
Bacterial Meningitis
Other Serious Coronary Artery Disease
Apallic Syndrome
AIDS Cover of Medical Staff
Full Blown AIDS
Muscular Dystrophy
Total Permanent Deafness

Supreme Livin'Care Plus comes with an annual Cash Bonus which allows you the financial flexibility to manage how this bonus is to be used. You have the choice of withdrawing this extra cash to use as you wish, keep it as part of your policy and reap even larger future payout, or use it to pay future premiums.

The plan comes with Deferred Whole Life advantage. With this, you are guaranteed to significantly increase your policy value without having to pay an additional premium. Depending on your age of entry, you can gain up to 100% in addition to the basic sum assured. This means increased protection for you to handle any of life's crisis with complete peace of mind. This plan provides you with a lifetime protection up to age 87 and the flexibility to select a basic sum assured starting from a minimum coverage of RM15,000 and up to a maximum coverage of RM1,000,000.

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Life Insurance Part 2

2007-09-03T16:40:00.001+08:00

Although most people don’t like to dwell on these topics, many fatal accidents and illnesses affect people's lives every day, causing grief, stress, and financial difficulties. Although there is little that can be done with regards to the grief and emotional problems associated with the loss of a loved one, there is something that can be done about the financial losses that this type of situation can result in. For those left behind, the financial strain is an added worry at a time that is already rife with stress, but with the right insurance policy in place this is one worry that can be eliminated.

If anything were to happen to you unexpectedly, would your loved ones be able to cope financially? For many people the loss of a loved one also means the loss of an income, and this can result in financial difficulties that could even mean losing the family home in some cases. Life insurance, however, enables you and your loved ones to enjoy peace of mind, as this type of policy will pay out a lump sum to your family in the event of your death (subject to terms and conditions). Nobody knows what life has in store, and this type of cover provides your family with the financial protection that is so important in the event of your unexpected demise.

There are a number of options available for those that want to take out life insurance cover. If you are married or living with your partner, you may wish to consider a joint policy, as this will provide financial protection for your family in the event that either of you pass away, which means greater peace of mind and better value for money. You may, on the other hand, prefer to opt for a single policy depending on your circumstances. The cost of life insurance cover can vary depending on the type of policy and the level of cover that you choose. Other factors that can increase the cost of life insurance include obesity, certain medical conditions, and smoking, as factors such as these mean that you are classed as a higher risk customer.

There are two main types of life insurance cover, and these are term life insurance cover and whole life insurance cover. Term life insurance is a shorter term cover that provides protection for a limited period, such as fifteen years. This is a popular form of life insurance, and is the cheaper option for those on a budget. At the end of the specified term the cover will expire, and there is no cash back or financial gain available. With whole life insurance cover, you are covered until you die, and as long as you have maintained payments of your premiums your family will receive a payout (subject to terms and conditions). This form of insurance cover can provide additional peace of mind, but is also the more expensive option.

You can also add on critical illness cover with your life insurance, which means that you will receive a payout in the event that you contract a critical illness, and the money will be your to keep even if you then go on to recover.

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Supreme Health Plan

2007-08-10T15:54:00.001+08:00

Overview
Cover the rising costs of medical treatment with Great Eastern Life’s Supreme Health Plan, a medical insurance policy that covers you for up to $5 million in Lifetime benefit, and up to S$500,000 annually.*

Supreme Health Plan also covers complications arising from pregnancy* and treatment relating to birth defects*.

You can pay your Supreme Health Plan premiums through your CPF Medisave account, hence freeing up your cash for other purposes.

Key Benefits
Enjoy up to $500,000 payout per year, including additional limits for Major Cancer Treatment, Coronary Artery By-Pass, Heart Valve Disease, Neurosurgery and Major Organ Transplant.

Provides coverage for Confinement in Community Hospital upon referral from discharged hospital
Provides coverage for Pregnancy Complications and Congenital Disease.
Enjoy 10% discount on your child’s 1st year premium provided 1 parent who is the proposer is also insured under Supreme Health P Plus, A Plus or B Plus.
Enjoy 5% Renewal Discount every year regardless of your claims status from the 2ND year onwards.

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About Life Insurance

2007-07-23T14:27:00.001+08:00

Life insurance

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the policy owner's death. In return, the policy owner (or policy payer) agrees to pay a stipulated amount called a premium at regular intervals.

As with most insurance polices, life assurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy.

Insured events that may be covered include:

* death,
* accidental death

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.

Life based contracts tend to fall into two major categories:

* Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment.
* Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums.

Parties to contract

There are three parties to a life insurance transaction: the insurer, the insured, and the policy owner (policy holder), although the owner and the insured are often the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe's life, she is the owner and he is the insured. The policy owner is the grantee and he or she will be the person who will pay for the policy.

The beneficiary receives policy proceeds upon the insured's death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner may change the beneficiary unless the policy has an irrevocable beneficiary designation. With an irrevocable beneficiary, that beneficiary must agree to any beneficiary changes, policy assignments, or cash value borrowing.

In cases where the policy owner is not the insured (also referred to as the cestui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an "insurable interest" in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The "insurable interest" requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)).

Contract terms

Special provisions may apply, such as suicide clauses wherein the policy becomes null if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by the insured on the application is also grounds for nullification. Most US states specify that the contestability period cannot be longer than two years; only if the insured dies within this period will the insurer have a legal right to contest the claim and request additional information before deciding to pay or deny the claim.

The face amount on the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old).

Costs, insurability, and underwriting

The insurer (the life insurance company) calculates the policy prices with an intent to recover claims to be paid and administrative costs, and to make a profit. The cost of insurance is determined using mortality tables calculated by actuaries. Actuaries are professionals who employ actuarial science, which is based in mathematics (primarily probability and statistics). Mortality tables are statistically-based tables showing expected annual mortality rates. It is possible to derive life expectancy estimates from these mortality assumptions. Such estimates can be important in taxation regulation.[1] [2]

The three main variables in a mortality table have been age, gender, and use of tobacco. More recently in the US, preferred class specific tables were introduced. The mortality tables provide a baseline for the cost of insurance. In practice, these mortality tables are used in conjunction with the health and family history of the individual applying for a policy in order to determine premiums and insurability. Mortality tables currently in use by life insurance companies in the United States are individually modified by each company using pooled industry experience studies as a starting point. In the 1980s and 90's the SOA 1975-80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more recently. The newer tables include separate mortality tables for smokers and non-smokers and the CSO tables include separate tables for preferred classes. [3]

Recent US select mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of coverage after underwriting.[4] Mortality approximately doubles for every extra ten years of age so that the mortality rate in the first year for underwritten non-smoking men is about 2.5 in 1,000 people at age 65.[5] Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).[6]

The mortality of underwritten persons rises much more quickly that the general population. At the end of 10 years the mortality of that 25 year-old, non-smoking male is 0.66/1000/year. Consequently, in a group of one thousand 25 year old males with a $100,000 policy, all of average health, a life insurance company would have to collect approximately $50 a year from each of a large group to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in each year x $100,000 payout per death = $35 per policy). Administrative and sales commissions need to be accounted for in order for this to make business sense. A 10 year policy for a 25 year old non-smoking male person with preferred medical history may get offers as low as $90 per year for a $100,000 policy in the competitive US life insurance market.

The insurance company receives the premiums from the policy owner and invests them to create a pool of money from which it can pay claims and finance the insurance company's operations. Contrary to popular belief, the majority of the money that insurance companies make comes directly from premiums paid, as money gained through investment of premiums can never, in even the most ideal market conditions, vest enough money per year to pay out claims.[citation needed] Rates charged for life insurance increase with the insured's age because, statistically, people are more likely to die as they get older.

Given that adverse selection can have a negative impact on the insurer's financial situation, the insurer investigates each proposed insured individual unless the policy is below a company-established minimum amount, beginning with the application process. Group Insurance policies are an exception.

This investigation and resulting evaluation of the risk is termed underwriting. Health and lifestyle questions are asked. Certain responses or information received may merit further investigation. Life insurance companies in the United States support the Medical Information Bureau(MIB) [7], which is a clearinghouse of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer receives permission to obtain information from the proposed insured's physicians.[8]

Underwriters will determine the purpose of insurance. The most common is to protect the owner's family or financial interests in the event of the insured's demise. Other purposes include estate planning or, in the case of cash-value contracts, investment for retirement planning. Bank loans or buy-sell provisions of business agreements are another acceptable purpose.

Life insurance companies are never required by law to underwrite or to provide coverage to anyone, with the exception of Civil Rights Act compliance requirements. Insurance companies alone determine insurability, and some people, for their own health or lifestyle reasons, are deemed uninsurable. The policy can be declined (turned down) or rated.[citation needed] Rating increases the premiums to provide for additional risks relative to the particular insured.[citation needed]

Many companies use four general health categories for those evaluated for a life insurance policy. These categories are Preferred Best, Preferred, Standard, and Tobacco.[citation needed] Preferred Best is reserved only for the healthiest individuals in the general population. This means, for instance, that the proposed insured has no adverse medical history, is not under medication for any condition, and his family (immediate and extended) have no history of early cancer, diabetes, or other conditions.[citation needed] Preferred means that the proposed insured is currently under medication for a medical condition and has a family history of particular illnesses.[citation needed] Most people are in the Standard category.[citation needed] Profession, travel, and lifestyle factor into whether the proposed insured will be granted a policy, and which category the insured falls. For example, a person who would otherwise be classified as Preferred Best may be denied a policy if he or she travels to a high risk country.[citation needed] Underwriting practices can vary from insurer to insurer which provide for more competitive offers in certain circumstances.

Life insurance contracts are written on the basis of utmost good faith. That is, the proposer and the insurer both accept that the other is acting in good faith. This means that the proposer can assume the contract offers what it represents without having to fine comb the small print and the insurer assumes the proposer is being honest when providing details to underwriter.[citation needed]

Death proceeds

Upon the insured's death, the insurer requires acceptable proof of death before it pays the claim. The normal minimum proof required is a death certificate and the insurer's claim form completed, signed (and typically notarized).[citation needed] If the insured's death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim.

Proceeds from the policy may be paid as a lump sum or as an annuity, which is paid over time in regular recurring payments for either a specified period or for a beneficiary's lifetime.

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Tips & Guide of Life Insurance

2007-07-23T13:12:00.001+08:00

Welcome To my Blog.In this blog,you'll learn about life insurance & guideline of how life insurance work.

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