Tokio Marine TM Term VIP For Your Company Keyman Insurance ?

Buying a Keyman Insurance for your company's CEO or senior management can be a tricky business.

Simply because most insurers require these head honchos to go for a medical examination once the sum at risk crosses the insurance company's risk appetite and many a times, that amount is also pretty low or not even worth considering.

Then some financial advisers would attempt to propose that these top brass take on individual life insurance where the firm might feel that it is quite costly to even consider purchasing. Tokio Marine Life Insurance or the Tokio Marine Group has recently added an upmarket Term policy into their arsenal of innovative insurance plans. Appropriately named as TM Term VIP; it is to address the needs of individuals who need high coverage. The following are some of the features of this value for money policy:

TM FlexiCover; An Alternative to TM FlexiAssurance ILP

TM FlexiCover is another ILP or investment linked policy launched by Tokio Marine Group to
remain competitive in the unit linked arena and for clients who prefer ILPs to be a "Front End Load" policy.

To know more about TM FlexiAssurance or ILP, please see our previous post here. So we will not dwell too much about what TM FlexiCover is but list out the features of this plan and you can decide for yourself whether TM FlexiAssurance or this new TM FlexiCover is for you.

Features of TM FlexiCover:

• TM FlexiCover now has unit & premium deducting riders which can be added into the policy. They are : Unit deducting (Critical Illness, Term riders), and Premium paying (waiver of premiums, payer benefit, spouse riders).
• Has LRO (Life Replacement Option), which can benefit companies for using the policy as a Keyman Insurance or for parents who might want to transfer the policy to their new born kids. (please refer to the terms and conditions)
• Dial-up Option which allows the basic sum assured to be reduced to zero to maximise returns, however the life assured has to be 55 years old next birthday and above and premiums must have been paid for at least 10 years' from policy commencement date. (Many other insurers' ILPs require the policy to have some coverage remaining, so this feature benefits the more senior clients when protection charges are rather high)
• Quit Smoking Discount allows smokers to enjoy non smokers monthly protection charges if he/she drops the habit within the 1st two years and can continue after that as long as the cessation is permanent. (take note; if smoker quits only after the 2nd year, then this feature will not apply. The whole reason for this is to encourage and to support the Quit Smoking movement in Singapore.)
• Increase/Decrease in Sum Assured and premiums are allowed, except that reduction of premiums are only permitted after the first 2 years premiums have been made.
• Unlike the TM FlexAssurance, partial withdrawal is allowed at any time as long as the policy is in force and it incurs no charges.
•  As with all Investment Linked Policies, premium holiday can be taken after 2 full years of payment. However, do bear in mind that the policy must have sufficient units to maintain the unit deducting riders (if any) and policy values must be enough to finance the premium paying riders, else the policy will just lapse. In reality, please DO NOT take a premium holiday immediately after 2 years as the units and policy value will definitely not be enough to sustain the riders. 

OK, you now have the details of TM FlexiCover and TM FlexiAssurance to make an intelligent and informed decision. If you are interested in the plan or want to know more about it, please write to us here .

 

Launch of TM Legacy VIP

1 December 2011 marks a special day for Tokio Marine Life Singapore as it's the launch of their long awaited TM Legacy VIP!

TM Legacy VIP main features are :

• Permanent high insurance cover for Family Financial Security
• Immediate liquidity with a high cash value from day 1
• Further asset accumulation through growth in your cash value
• Equitable and positive estate distribution solution

Tokio Marine Life Insurance Singapore has also added the following features to make it more appealing to customers who used to get universal life plans as solutions : You can buy this policy for kids as young as age 1 year old Policy is dominated in S$, unlike TMLS's competitors marketing Universal Life policies, which are normally transacted in US$ TM Legacy VIP has Lifetime cover when compared against TMLS rivals, who normally markets term plans. Policy loans up to 80% of cash value from day 1. The policy pays out the higher of Guaranteed Death Benefit or Sum Assured + Bonuses (before age 100)

Who should buy? Business Owners. People who likes single premium products (calculated liability). Those who wants high coverage from day 1 till age 100 and long period of guaranteed cash values. Asset Owners who wants collateral for financial institutions. Individuals who wants to leave behind charitable legacy. Parents who wants to provide for estate equalization (ie: all their children will be left with some form of asset upon the demise of the parents, in the form of a business, property or simply cash). Grandparents who wants to leave a legacy for their grandchildren. For those who want S$ dominated policy Companies who need Keyman Insurance