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Great Eastern launches three-generation critical illness term plan

In View Summary

Great Eastern Singapore has launched GREAT Family Care, a critical illness term plan that protects three generations in a family within a single policy. The solution comes at a time when it is important to prepare for fast-ageing population and to ease out the financial burden on the Sandwich Generation.

The features of GREAT Family Care include complimentary coverage for all current and future children of the life assured up till the age of 18, with each child enjoying comprehensive coverage of up to $100,000 against 53 critical illnesses and 25 juvenile conditions such as severe asthma and epilepsy without any medical underwriting required. Additionally, the ‘Parent Protect rider’ provides coverage against major cancers, Alzheimer’s disease or severe dementia and Parkinson’s disease for the parents of the life assured without any medical underwriting. Existing Great Eastern policyholders, including those who only hold Dependents Protection Scheme or ElderShield plans, will be able to purchase GREAT Family Care without any medical underwriting.

How Great Family Care works?

According to the data, one in every four to five Singaporeans is at risk of developing cancer in their lifetime, and 60% of new cancer cases diagnosed are those aged 60 and above. Furthermore, one in 10 aged 60 and above will suffer from dementia, while three in 1,000 aged 50 and above will suffer from Parkinson’s Disease. According to LIA 2017 Protection Gap study, Singaporeans and permanent residents are covered on average for only 20% of their critical illness protection needs.

Colin Chan, managing director of group marketing at Great Eastern, said, “In developing this, a key focus for us was to help the Sandwich Generation by providing coverage for their parents who are part of the Merdeka and Pioneer generations. This plan allows their children, as the primary insured, to cover them under the same policy with no medical underwriting. Insurance protection for this vulnerable segment will provide a much-needed financial cushion to the Sandwich Generation should the worst happen.”

Reported Benefits

Benefits to Customers:

  • Ease financial burden
  • Innovative products and services
  • Improved customer engagement and enhanced trust in insurance

Benefit to the Insurer:

  • Innovative products and services
  • Increased customer trust and retention
  • Customer engagement

The Digital Insurer's View

Changing customer habits and needs are forcing insurers to innovate.  Technology is playing a major role in shaping consumer behavior. Consumers do not want to spend too much time in the buying process, which reinforces the need for insurers to innovate both in terms of their product and services.

Adopting new technologies and using it to make insurance easier to understand and buy is the only way in which insurers can command customer trust and loyalty.

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