Review of Tokio Marine Life Insurance Singapore Ltd
Fantastic Benefits with Competitive Premiums
Reviewing an insurance company is difficult, because you experience their most important service (claims, of course!) only when something bad has happened to you. Also, it is difficult to assess a company based on the service of only one insurance agent or financial adviser rep, since a company can have many agents. Furthermore, most insurance policies require long-term commitment, which means there will be a period of bad service followed by another period of good service. So, I will review the company based on their products, or rather, their star products.
Tokio Marine Life (TM Life) started began their business in Singapore as Asia Life, which was little unknown compared to giants like AIA, GE and Prudential, who spend a lot of money on advertisements and other forms of marketing. However, as one financial adviser rep has told me, it is because Asia Life spent very little on marketing that it is able to pay the total amount of projected bonuses as promised to policyholders in both good times and bad. In fact, Asia Life, is the only insurance company in Singapore that was able to pay out bonuses as projected in its quotations; all other companies in the past had reduced bonuses during bad times. Today, Asia Life is known as Tokio Marine Life as it had been bought over by a Japanese Insurer called Tokio Marine.
Other strengths of TM Life insurance plans:
- some whole-life plans provide whole-life cover with limited-pay options and additional guaranteed minimum claim payout of 0.4x to 1.5x till age 70
- some endowment plans have higher guaranteed maturity values than total premiums paid
- waiver of premiums for child policies when either one parent passes away, or is diagnosed with total & permanent disability or critical illness
- term plans that cover as long as till age 99
- term plans including critical illnesses cover that are convertible to whole-life plans (without health underwriting)
- competitive premium rates
TM Life is not considered an innovator, but it is very good in building on concepts that other insurers had pioneered and offer much better benefits than the pioneer companies. The following are what I consider to be their star products with great benefits and/or competitive premiums:
1) TM EarlyCare: Early-payout critical illness term plan
2) TM Legacy Plus with EarlyCare and Dread Disease Accelerator Riders: Limited-pay whole-life participating plan with critical illnesses rider(s)
3) TM Retirement Life: Limited-pay whole life participating plan with lifetime guaranteed cash payouts
4) TM Education: Child education endowment plan
5) TM Nest Egg (Rewards15): 25-year endowment plan with 10-year limited pay
6) TM Enhanced Term Assurance or TM Term Assurance: Level term plans
7) TM Mortgage Protection: Mortgage insurance which includes 30 critical illnesses cover (ladies enjoy competitive rates)
Note that buying insurance is not retail therapy, so do not treat my review as my recommendation for you to buy these products. If you are searching for such products, you may look into them as one of your options for consideration. Please consult your licensed financial adviser rep first before making your decision. I cannot and will not advise you on what you should do in your situation.