Insurance package to cover three generations in one policy

straitstimes | May 23, 2019

SINGAPORE - A new insurance policy that aims to break new ground by covering three generations of a family is being launched on Thursday (May 23).The product will provide cover to the policy holder as well as his children and parents. The initiative aims to tackle the growing financial burdens of what is known as the sandwich generation - those with kids and ageing parents to care for while juggling housing loans, rising childcare costs and tuition fees. Insurer Great Eastern is behind the new policy, called the Great Family Care package. A policy-holder can be insured against death, total permanent disability, terminal illnesses and critical illnesses for a sum assured between $50,000 and $3 million. In addition, every child of the policy-holder - including those born in the future - is automatically given free coverage until 18 against various critical illnesses and juvenile conditions.The lump sum payout - which is 25 per cent of the sum assured - is capped at $50,000 per child.

Spotlight

Customers are now accustomed to digital-first interactions, with Gen-X in particular expecting a frictionless experience. As a result, brokers are having to rethink how they engage with customers in order to meet these expectations.

Increasing competition from a fast-changing industry – through consolidation and new independent digital-only providers – means they must improve customer satisfaction to stay in the game. Ultimately, broker business success relies on engendering long-term relationships with customers (and partners) based on trust.

Spotlight

Customers are now accustomed to digital-first interactions, with Gen-X in particular expecting a frictionless experience. As a result, brokers are having to rethink how they engage with customers in order to meet these expectations.

Increasing competition from a fast-changing industry – through consolidation and new independent digital-only providers – means they must improve customer satisfaction to stay in the game. Ultimately, broker business success relies on engendering long-term relationships with customers (and partners) based on trust.

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