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Wed, 02/10/2010 - 13:35
Senior Consultant
Financial Alliance Pte Ltd
Financial Alliance Pte Ltd
TM Asia Life has launched TM Legacy PLUS since 15 Jan 2010.
A continuation of its winning TM Legacy series, this new plan builds on the strengths of the series i.e.
- Whole Life Coverage (to age 99);
- Basic Plan covers Death/TPD and Terminal Illness;
- Limited Premium period [term of 5/10/15/20/25 years OR to age 55/60/65 years old];
- Reliable and Consistent Returns on Cash Value – No Cut in Bonus Since Company Founded;
- Competitive and Affordable Premiums;
- Coverage of 30 Critical Illnesses via Dread Disease Accelerator rider.
What’s Different!
MINIMUM DEATH BENEFIT
- This Feature provides a guaranteed minimum death benefit based on entry age where a MDB factor (or multiplier) is applied to the basic Sum Assured. If a claim is made prior to age 65 of the insured, TM Asia Life will pay the HIGHER of the MDB or basic Sum Assured plus any bonuses in one lump sum.
- This Feature provides a guaranteed minimum death benefit based on entry age where a MDB factor (or multiplier) is applied to the basic Sum Assured. If a claim is made prior to age 65 of the insured, TM Asia Life will pay the HIGHER of the MDB or basic Sum Assured plus any bonuses in one lump sum.
This MDB generally applies to the Dread Disease Accelerator Rider (or Critical Illness rider). But it does not apply to claim on Angioplasty or Other Invasive Treatment for Coronary Artery, where only 10% of the rider sum assured is paid subject to a maximum of $25,000. The remainder of rider sum assured will still factor in the MDB multiplier.
Market Competitors (on Whole Life Limited Premium with Minimum Death Benefit) include UOB Life Maxi Secure with Accelerated CI Benefit rider (limited premium 10 or 20 years) and Manulife Life Protector Plus with Critical Care Enhancer rider (low premium but pay to age 99). Often compared, NTUC Vivolife is not on an apple-to-apple comparison but its unique 1st 15 years 125% Guaranteed Death Benefit makes it a close cousin. Also, its up to 3X Accidental Death Benefit (if claimed before age 65 and not due to accident in Restricted Activity) and Retirement Annuity Option make it an attractive proposition.
Yet on a premium dollar to sum assured basis, this new TM Legacy PLUS probably will give a good fight to the best in the market.
A detailed comparison is available here.
For those considering such life plans to have high coverage (especically for critical illness for an extended period of protection) yet keep premiums to an affordable rate, do check with your planner on this latest offering.