Great 80 Care Review: Guaranteed Acceptance with 100% Maturity Benefit
Pure No Fuss Life Insurance Policy Designed for Your Parents, and Even Your Grandparents
By the time we are age 40, sometimes our health condition will not allow us to get any insurance. Even if we are healthy, insurance at age 40 will not be cheap, especially investment-linked policies. Furthermore, we also want policies which has cash value if nothing happens to us.
Great Eastern’s Great 80 Care has all of these features.
What is Guaranteed Acceptance?
Guaranteed acceptance life insurance, is a type of insurance policy that does not require you to answer health questions, undergo a medical exam, or allow an insurance company to review your medical and prescription records.
To put it simply, it is a “no questions asked” policy. Once you signed up, the policy will be inforce immediately. Unlike your medical card insurance, insurance company will check against your medical history including your family to ensure your eligibility.
If I sign up for this policy and I pass away the next day, do I get 100% sum assured? Doesn’t this sound like a scam?
Of course, there will be a waiting period of 2 years. If you pass away due to non-accidental cause within 2 years of the policy, only the premium paid will be refunded.
Non-Participating Policy with Guaranteed Premium Rates?
In non-participating policies the profits are not shared and no dividends are paid to the policyholders. This is also commonly known as traditional insurance.
Having this feature, makes Great 80 Care a lot more affordable than investment-linked policies. The premium is also guaranteed by the insurance company where it will not have any repricing in the future.
As an illustration, for a female at age 55, with RM50,000 sum assured, the annual premium is approximately at RM3,215 which is less than RM300 a month.
If I don’t pass away until age 80, does that mean I have made a financial loss in this policy?
No worries, this policy has a maturity benefit where 100% of the premium paid will be refunded to you at age 80.
What is Premium Waiver?
Do I still need to pay for this policy if I am diagnosed with cancer during the coverage of this policy?
A waiver of premium rider is an insurance policy clause that waives premium payments in the event the policyholder becomes critically ill. This ensures that policy is still running even if the policyholder is unable to pay the premium.
For Great 80 Care, there is premium waiver if you are diagnosed with cancer, Alzheimer’s Disease or Parkinson’s Disease at the 3rd year of the policy up to age 80.
According to Medical News Today, approximately 1 in 2 people will get cancer in our lifetime. This is especially a growing trend in developed countries.
Once the premium is waived, you will still get 100% premium refunded at age 80 as if you are paying the premium all the while.
Great 80 Care’s
- Guaranteed acceptance with no medical underwriting
- Guaranteed premium rates
- Entry age: Age 40 to 70
- Premium waiver benefit for Cancer, Alzheimer’s Disease, or Parkinson’s Disease.
- 100% premium refund at age 80
- Accidental coverage up to 5 times of sum assured
- Offer period from 1 June 2020 to 31 July 2020
Who Is This Policy For?
- For aging parents who cannot afford any medical insurance.
- People who have medical history (Heart bypass, high blood pressure, diabetes) and unable to get any life/medical insurance.
- To increase your current life insurance coverage. Ideal life insurance coverage is 10 times your annual income.
- People who are looking for affordable plans and looking for cash value at maturity of the policy.
- People who prefer non-participating pure life insurance over investment-linked insurance.
