ntuc-income launched their new whole of life product, vivocare to their agency 2 days ago and today, it was formally launched to the fa channel at hotel novotel, clarke quay.
what is vivocare?
this is a hybrid whole of life plan with choice of limited premium payment terms of 20 years, 25 years or till age 64 or age 84.
VivoCare - Product Summary
Comprehensive whole life coverage plus essential coverage against early stages of Dread Diseases.
VivoCare also covers an extensive range of 74 medical conditions, ensuring you of comprehensive coverage for Early, Intermediate and Advanced stages of Dread Diseases1.
BENEFITS AT A GLANCE
Covers an extensive range of 74 medical conditions for Early, Intermediate and Advanced stages of Dread Diseases1
Comprehensive coverage against Total and Permanent Disability (TPD)
First insurer with 3 times coverage for death and terminal illnesses before age 65 (last birthday)7
Extra coverage4 for Angioplasty, Diabetic Complications, Severe Osteoporosis and Severe Rheumatoid Arthritis
Early Stage Dread Disease Coverage
VivoCare provides the benefit of timely financial support, allowing you to seek prompt treatment from the onset of Early Stage Dread Diseases, letting you focus on your recovery. VivoCare allows for multiple claims to be made during the policy term.
How VivoCare works for you
Mr Chen bought a VivoCare policy at age 35 for sum assured of $200,000. At age 45, he was diagnosed with Mild Coronary Artery Disease under the Early Stage Dread Disease.
Claim
Stage Dread Disease Benefit Payable Payout Amount2
Early Stage Dread Disease Mild Coronary Artery Disease 50% of sum assured or $75,000 (whichever is lower) with pro-rated accumulated bonuses $85,837
The policy has a remaining sum assured of $125,000 after the Early Stage Dread Disease claim.
At age 55, Mr Chen’s arteries narrowed again and were developed into an Intermediate Stage Dread Disease.
Claim
Stages Dread Disease Benefit Payable Payout Amount3
Intermediate Stage Dread Disease Moderate Coronary Artery Disease (i) 100% of remaining sum assured or $150,000 (whichever is lower) with pro-rated accumulated bonuses
OR
(ii) $75,000 if the early medical condition under the same Dread Disease had previously been claimed with pro-rated accumulated bonuses $107,001
The policy has a remaining sum assured of $50,000 after the Intermediate Stage Dread Disease claim.
The figures in the illustration are non-guaranteed and are projected based on the assumption that the Life Participating Fund earns an average return of 5.25% per annum in the future. Returns are projected based on estimated bonus rates that are non-guaranteed. The actual benefit payable may vary according to the future performance of the Life Participating Fund.
Extra coverage against 4 common medical conditions
VivoCare provides you with additional coverage against four common medical conditions4
Diabetic Complications
Severe Osteoporosis
Severe Rheumatoid Arthritis
Angioplasty and other invasive treatment procedures for Coronary Artery conditions
If any of the above events occur before age 85 (last birthday), 20% of the remaining sum assured will be payable subject to a cap of $30,000 per condition per insured5.
Comprehensive coverage
VivoCare provides you with comprehensive coverage against Total and Permanent Disability (TPD). In the event of Total and Permanent Disability (TPD) before age 65 (last birthday), you will receive 100% of your remaining sum assured plus accumulated bonus6.
Three times coverage
VivoCare is designed to provide you with three times your remaining sum assured against death and terminal illness if it occurs before age 65 (last birthday)7. This gives you and your loved ones the added peace of mind.
IMPORTANT NOTES
1 A waiting period of 90 days will apply from the date of policy issue, inclusion/increase of any benefit or policy reinstatement.
2 Early Stage Dread Disease Benefit is equivalent to
(i) 50% of the Remaining Sum Assured, subject to a maximum of $75,000 for each Early Stage Dread Disease per Insured and
(ii) 50% of the accumulated bonuses, or a pro-rated amount if the maximum sum assured of $75,000 is paid out.
Ntuc-Income will not pay the Early Stage Dread Disease Benefit (a) for the same Dread Disease more than once; and (b) if we had already paid the Intermediate Stage Dread Disease Benefit for the same Dread Disease.
3 Intermediate Stage Dread Disease Benefit is equivalent to
(i) Remaining Sum Assured subject to a maximum of $150,000 for each Intermediate Stage Dread Disease per Insured and
(ii) accumulated bonuses or a pro-rated amount if the maximum sum assured of $150,000 is paid out.
Ntuc-Income will not pay the Intermediate Stage Dread Disease Benefit for the same Dread Disease more than once. If Ntuc-Income had already paid for Early Stage of the same Dread Disease, the amount payable for the Intermediate Stage Dread Disease Benefit will be capped at $75,000 plus pro-rated accumulated bonuses.
Each claim paid for Early and Intermediate Stage Dread Disease will reduce the sum assured. Subsequent premiums, claims and cash values will be based on the reduced sum assured called the Remaining Sum Assured. The Policy will cease when 100% of the original sum assured has been paid out on a cumulative basis.
4 A survival period of 30 days from the date of occurrence of insured event applies.
5 Ntuc-Income will pay this benefit at most twice, provided that the Policy has not ceased, and so long as the second claim is not for the same medical condition as the first claim.
6 Bonus rates are not guaranteed and the actual benefits payable may vary according to the future experience of the Life Participating Fund.
7 The maximum aggregate benefit payable for terminal illness per Insured is $3 million, inclusive of all policies issued by us and other insurers. If the Insured dies or is certified to be terminally ill from age 65 onwards, remaining sum assured with bonuses will be paid.
This blog is for general information only and is not a contract of insurance. The precise terms, conditions and exclusions of this plan are specified in the Policy Contract. You should seek advice from a qualified adviser if in doubt. If you choose not to, you will have to take sole responsibility to ensure that this product is appropriate to your financial needs and insurance objectives. Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid.
my comments:
after attending the launch, i tried to download the latest software version winquote august 2011 release (V4.08.00) and like all other fa reps doing the same thing at the same time, the speed of the download was extremely slow and after >4 hours, i had to give up and apologise to a prospect who had earlier arranged a meeting with me to be on the same day of the launch of vivocare.
on hindsight, i should not have agreed to the meeting and should have anticipated that i may not be able to download the latest winquote software incorporating the new product, vivocare and avoid incurring the wrath of my prospect. i believe i may have lost this prospect already. sigh.....
Unlike your colleague Wilfred, your focus is product peddling.How would your client understand this vivocare, so complicated. I believe it is intended so, so that it can only be sold and not bought. That is where the salesman's skill of conmanship comes into play, right?
ReplyDeleteMy take of vivocare, like all other early payout WL products it is very low chance that early stage of the disease can be detected unless the person undergoes thorough costly medical check up EVERY YEAR WITHOUT FAIL and yet still it is NOT certain . This yearly checkup is taken on the assumption that everyone will get 'A' cancer.This is NOT TRUE.What if after spending so much money there is still no sign of early cancer you will eventually give up unless by this time you have acquired another disease, the paranoia disease.
Reading the BI summary claim is almost like odds of winning a toto. If you have a doctor friend consult him and her or she will tell you these products with suck features border on scam.You have quoted an example of $200K sum assured which is reasonable but how many can afford that amount? And this is NOT the only risk everybody has, there are 3 others. How do you help your clients to insure all these risks if you are ONLY recommding the likes of vivocare or vivolife? Everyman is given a conscience...that is what St.Paul says
thanks for your comments.
ReplyDeleteby blogging on new products, regular readers of my blog should know that it is just one of my purposes to update readers on what is happening in the insurance industry for information only and should never be construed as my recommendation or endorsement of the product which is prominently displayed at the top of my blog with this disclaimer:
disclaimer: all the blog entries here are primarily for your information only and does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You may wish to seek advice from a financial adviser before making a commitment to purchase any insurance product. In the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you.