Tokio Marine Term Assure II Review

Tokio Marine Term Assure II
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Last Updated on by Tree of Wealth

Update: Tokio Marine is giving additional Free Coverage on life protection, extending to even early to advance stages of critical illnesses. Read more: Tokio Marine’s #go2gether: Enhanced Protection Campaign FREE Coverage

Tokio Marine’s Term Assure II is a non participating term insurance that is flexible in many areas in terms of premiums competitiveness and the riders that it can add on to, giving you the extra protection and assurance when you are no longer around to take care of your loved ones.

It also has features to complement your changing needs without any medical underwriting check up.

One thing unique about Tokio Marine is the disability rider that you can add on to enjoy a monthly payout in the event of partial disability. Only Tokio Marine has this feature in the market, worth a lookout.

That being said, the TM Term Assure II is the lowest in cost in terms of being non-direct channel. For a sum assured of $500, 000 until 65 years old, it is the cheapest term insurance in the market. Find out more if you want to get yourself covered with this term insurance. (link to contact form)

Sample Case – Male, Non Smoker, 40 years old (Age Next Birthday)

Death $500, 000
Total Permanent Disability $500, 000
Coverage Until Age 65
Premium $678

Product Features and Benefits at a Glance

Premium and Policy Term

Renewable and Convertible – 5 or 10 years

Choice of getting a 5 or 10 years term insurance and should you need it at the end of 5 or 10 years, have the option to renew it for another 5 or 10 years without medical underwriting. Premiums will be calculated based on the new older age now.

Level and Convertible – from 11 years up to age 85.

Together, the term plans provide protection for:

  • Death
  • Total and Permanent Disability(TPD) and
  • Terminal Illness (TI)

Choice of plan currency – SGD, USD, GBP, AUD

Guaranteed Insurability for Additional Insurance

Increase your coverage without medical underwriting at important milestones in life, guaranteed:

  • Marriage or divorce
  • Parenthood (newborn or legally adopted child)
  • Graduation (Tertiary education)
  • New Home/ Property

Guaranteed Conversion Privilege – Have the choice of converting your term insurance to a whole life insurance/endowment plan.

Guaranteed Renewal Privilege

  • Automatically be renewed at the end of the coverage term. This is guaranteed regardless of health condition. No check-ups nor medical questionnaire required.
  • Premiums will re-calculated at the renewed age.
  • What we like is that even after your original term coverage has ended, this is still applicable.

Supplementary Benefit Riders Available

Critical Illness (CI) Accelerator Rider

Pays out the death benefit by advancing the amount forward, upon diagnosis of Advance Stage CI, or covers up to the rider’s maximum sum assured.

For example, if the death benefit is $500, 000 and the CI Accelerator Rider for Advance stage CI is $300, 000 coverage, upon diagnosis of the Advance Stage CI, $300, 000 will be paid out and if death were to occur afterwards, the remaining payout will be $200, 000.

If both the CI Accelerator Rider and Death Sum assured is $300, 000, then upon the diagnosis of advance stage CI or death will activate a payout of $300, 000 by the insurer and the plan will be terminated thereafter.

Waiver of Premium Rider & (Enhanced) Payer Benefit Rider

In the event of Death, Total Permanent Disability and diagnosis of the covered Critical Illnesses, premiums for the payer will be waived off. This is especially helpful for 3rd party insurance, for example a parent paying for child, a child paying for their parents or husbands paying premiums for their wives.

Early Critical Illness (ECI) Accelerator Rider

Pays out the death benefit by advancing the amount forward, upon diagnosis of Early to Intermediate to Advance Stage CI. Covers Special and Juvenile Conditions as well.

KidAssure GIO Rider

KidAssure GIO Rider to cover for death, hospitalization and juvenile/child-related illnesses. Additionally, 80% of your premiums paid will be refunded back to you at child’s age 19 upon the rider’s maturity.

Protect 1 Lite Rider

Perhaps the most unique rider of all, the Protect 1 Lite Rider from Tokio Marine is the only one of its kind in the market in Singapore. It pays out monthly benefits for 6 years upon the loss of ability to perform 1 out of 6 Activities of Daily Living (ADLs). The payout ranges from $1, 000 to $10, 000.

Why is it a good choice?

  • Very competitive premium pricing for high coverage, ideal for those whom have just graduated and/or on a limited budget.
  • Able to convert this non-par plan (no cash value) to a new par plan (with cash value) be it a whole life coverage plan or endowment plan subsequently after finances are stable.
  • Flexibility to increase protection sum assured at important life milestones to meet your changing lifestyle needs.
  • A good range of useful and practical supplementary benefits (Protect 1 Lite Rider covers disability income, Early CI rider covers CI from Early to Advance Stage CI) to enhance the term plan coverage to make it even more comprehensive.

It would however be less suitable if:

  • You are looking for a protection plan with savings element or investment returns.
  • You are looking for a protection plan with limited premium payment term and whole life coverage.

Conclusion For Tokio Marine Term Assure II Review

As with all term life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many term insurance plans in the market with many strong Insurers. Which one suits you the most?

To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.

No obligations, no hidden fees. All advice are of no charges.

 

 

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