Great Eastern Life: GREAT Term 2 with TPD and CI Benefit

Overview GREAT Term 2 with TPD and CI Benefit is a non-participating, regular premium level term insurance plan offered by Great Eastern Life Assurance Company Limited. Designed primarily for pure protection, it covers the life assured against death and terminal illness. The policy offers flexible coverage terms ranging from age 65 to 85 (next birthday) and includes a conversion privilege that allows the policyholder to switch to other Great Eastern plans before age 70 without further medical underwriting. It is important to note that this product provides no cash value, surrender value, bonuses, or maturity payouts; it serves strictly as a risk mitigation tool for beneficiaries.

How it compares The following comparison uses data from CompareFIRST.sg as of July 2026, standardized at age 35, male, non-smoker, per $100,000 sum assured (SA). GREAT Term 2 is positioned in the mid-to-high premium tier relative to its peers.

GREAT Term 2 commands a premium of $633 per year for every $100,000 of coverage. This is significantly higher than Manulife’s ManuProtect Term (II) ($543) and Prudential’s PRUActive Protect ($518). However, these competitors are listed under shorter coverage term bands (31–35 years), whereas GREAT Term 2 is evaluated over a longer duration band (36–40 years), which influences the annual cost structure. FWD’s Future First appears substantially cheaper at $192 but is categorized under a very short coverage term band (1–5 years), making direct premium-per-year comparisons complex without adjusting for the specific length of protection required. GREAT Term 2 does not offer renewability, meaning premiums are guaranteed only for the initial policy term and will not adjust based on age within that term, unlike renewable term plans.

Pros

• Conversion Privilege: Allows conversion to whole life, endowment, or other policies before age 70 without medical evidence, providing a safety net if health declines.
• Guaranteed Premiums: Premium rates are guaranteed for the policy term, offering budget certainty.
• Strong Insurer Backing: Issued by Great Eastern Life, an AA- rated insurer (Standard & Poor’s) and part of the OCBC Group.
• Terminal Illness Benefit: Includes a lump-sum payout upon diagnosis of an illness expected to result in death within 12 months.
• Death Benefit Flexibility: Pays the higher of the basic sum assured or total premiums paid, ensuring minimum value return.

Cons

• Higher Premium Cost: At $633 per $100k SA, it is more expensive than Manulife and Prudential’s comparable term offerings in their respective bands.
• No Renewability: The policy cannot be renewed after the initial term expires; coverage ends unless converted.
• Strict Exclusions: No payout for terminal illness if linked to HIV or pre-existing conditions. Suicide within the first year voids the policy (with premium refund).
• No Savings Component: As a pure protection plan, there is no cash value or investment return; premiums are consumed by insurance costs.

Who it may suit This product suits individuals seeking long-term coverage stability from a major insurer with strong credit ratings. It is particularly relevant for those who anticipate needing to convert their term coverage to a savings or whole life policy in the future, leveraging the guaranteed conversion privilege without medical underwriting. It may also appeal to consumers who prioritize brand reputation and financial strength over the lowest possible premium cost.

This is general information based on CompareFIRST.sg data, not financial advice. Premiums and features can change; please verify with the insurer or a MAS-licensed financial adviser before making any decision.