08 Jul '11, 2pm

IM$avvy Headlines: #Disability plan offers payouts for life, covers kids under 17 #nsurance #planning

INSURANCE giant Great Eastern (GE) yesterday launched a disability plan that offers lifetime payouts to affected insured parties. This is the first time an insurer is offering a lifetime benefit for severe disability rather than a lump-sum payout. Named LifeSecure, this plan also fills a gap in the market because children below 17 years old have not been covered by such disability plans until now. The entry age for this plan is up to age 55. Most disability plans exclude individuals with no income except for Aviva's MyProtector level and decreasing term plans that cover those (above 17 years old) who cannot perform certain daily activities, noted Mr Patrick Lim, associate director at financial advisory PromiseLand Independent. LifeSecure complements GE's existing disability plan PaySecure which is targeted at working adults with income. In the case of LifeSecure, the month...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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