Great Eastern Singapore has launched GREAT Family Care, a critical illness term plan that protects three generations in a family within a single policy.
According to the insurer, the product is designed for the so-called ‘sandwich generation’, which bears the responsibility of caring for both their ageing parents and growing children. This group, which encompasses roughly one in every four working adults in Singapore, faces financial and emotional strain as their limited time and resources are spread over the needs of their family, which impacts their savings and financial planning.
The GREAT Family Care plan includes complimentary coverage for all current and future children of the life assured up until age 18, with each child covered for up to SG$100,000 against 53 critical illnesses and 25 juvenile conditions, such as severe asthma and epilepsy, without any medical underwriting required.
Meanwhile, the Parent Protect rider provides coverage against major cancers, Alzheimer’s disease or severe dementia, and Parkinson’s disease for the policyholder’s parents, without any medical underwriting. According to Great Eastern, these illnesses have been selected as they are among the most common to affect the elderly and will pose a long-term impact on families and caregivers. A lump sum payout will help ease the financial strain on these families and enable them to provide the necessary care for their parents. Each parent can be covered for up to SG$100,000 until the age of 100.
“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,” said Colin Chan, managing director of group marketing at Great Eastern. “Today, many of them find it hard to get critical illness coverage due to pre-existing conditions, such as high blood pressure, diabetes or high cholesterol.
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.”