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Term Plan - Tokio Marine Term Assure II Review
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Term Plan – Tokio Marine Term Assure II Review

Last Updated on May 24, 2022 by Parentology

In recent years, Tokio Marine has shifted its focus to non-participating plans and ILPs. That being said, term insurance is one of their focus into making it competitive in terms of payout features, coverage and premium pricing. It is a flexible term plan with interesting riders to cover for ⅙ ADLs (Activities of Daily Living).

For parents, you will be glad that there is a guaranteed issuance supplementary rider benefit covering child-related illnesses and this rider is guaranteed issuance, without the need of medical underwriting.

The TM Term Assure II is a very flexible and useful term insurance plan very suitable for you should you want to get a good value term insurance for your child.

Premium Breakdown

For Boys – Term till age 70

Coverage till

Age 70

Death

$1,000,000

Total Permanent Disability (TPD)

$1,000,000

Early Stage Critical Illness

$250,000

1 Year Old

$1,205.00

5 Year Old

$1,045.50

10 Year Old

$905.00

 

For Boys – Term 30 years

Coverage For

30 Years

Death

$1,000,000

Total Permanent Disability (TPD)

$1,000,000

Early Stage Critical Illness

$250,000

1 Year Old

$648.50

5 Year Old

$654.50

10 Year Old

$682.50

 

For Girls – Term till age 70

Coverage till

Age 70

Death

$1,000,000

Total Permanent Disability (TPD)

$1,000,000
Early Stage Critical Illness

$250,000

1 Year Old

$807.50

5 Year Old

$924.50

10 Year Old

$1,054.00

 

For Girls – Term For 30 Years

Coverage For

Age 70

Death

$1,000,000

Total Permanent Disability (TPD)

$1,000,000
Early Stage Critical Illness

$250,000

1 Year Old

$579.50

5 Year Old

$585.50

10 Year Old

$629.00

Product Features and Benefits at a Glance

Premium and Policy Term

There are typically two types of policy term, renewable as well as level, in which both are convertible.

 

Renewable – 5 or 10 years

Choose a 5 or 10 years policy term. This is renewable near the end of the policy term and you will have the option to renew it for another 5 or 10 years term, without medical underwriting. This is useful should you be unsure of the length of coverage you want at this moment in time, as well as coming at a lower premium.

After 5 or 10 years should you want to continue the coverage (or for your child), you have the option to renew it. Premiums will then be calculated based on the new older age now.

 

Level and Convertible – from 11 years up to age 85

This option allows for flexible premium and coverage term of years, like 25 years, or 31 years, should you want your term insurance to cover specific liabilities like mortgage loan, or when your child turns 24 years old (boy after NS).

You can also choose up to a specific age, up to 85 years old.

The term insurance plans provide protection for:

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

 

Currency Choices

Choose to pay the plan in SGD, USD, GBP, AUD

 

Guaranteed Insurability – Life Milestones Additional Insurance (GIO)

Upon reaching certain life milestones, needs change and will be different, choose to increase coverage (as life assured for yourself, or for your child), without medical underwriting:

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

 

Guaranteed Conversion Privilege

Choose to convert you/your child’s term assure ii into an endowment or whole life insurance 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

In the event of advance stage CI, the rider pays out the maximum sum assured.

For instance, the basic sum assured for the base plan of Term Assure II is $500, 000, with the Critical Illness (CI) Accelerator Rider having a coverage sum assured of $300, 000. In the event of diagnosis of advance stage CI occuring, $300, 000 will be paid out and the remaining sum assured of $200, 000 will be paid out in the event of death.

Another example, if both the CI Accelerator Rider and Death Sum assured is $300, 000, upon the diagnosis of advance stage CI or death, a payout of $300, 000 will be paid out by the insurer and the plan will be terminated thereafter.

 

Waiver of Premium Rider & (Enhanced) Payer Benefit Rider

In the event of diagnosis of Advance stage Critical Illnesses, Death and TPD (Total Permanent Disability), future recurring premiums that the payer will be paying will be waived off.

This is a very helpful feature for parents when paying the premiums for child’s protection. This is a 3rd party waiver protection, can be helpful in situations like the following as well:

  • Child paying for their aged parents
  • Husband and/or wife paying premiums for their spouses

 

Early Critical Illness (ECI) Accelerator Rider

In the event of  Early to Intermediate to Advance Stage CI, as well as Special and Juvenile Conditions, receive a lump sum payout. This reduces the basic sum assured.

Maximum payout for early and intermediate CI is up to $350, 000. One of the highest in the market as some insurers are capping at $250, 000.

 

KidAssure GIO Rider

The KidAssure GIO Rider, as the name goes, is GIO. It is a guaranteed issued rider that protects against death, hospitalisation and juvenile/child-related illnesses. A good feature of this rider is that it matures when the child turns 19 years old, 80% of your premiums that were paid, will be refunded back to you, the payer.

 

Protect 1 Lite Rider

Tokio Marine’s Protect 1 Lite Rider is a unique rider that pays out every month for a period of 6 years in the event of inability to perform 1 out of 6 ADLs (Activities of Daily Living). Choose to receive a benefit ranging from $1, 000 to $10, 000.

 

Why We Like Tokio Marine’s Term Assure II Term Plan

  • Competitive premium pricing for high coverage of Death, TPD, Terminal Illness, Critical Illness of all stages including Early to intermediate to advance stage. Ideal if you want a term protection for your child on a friendly budget.
  • Flexibility to increase protection sum assured coverage at important life milestones to meet your changing lifestyle needs without medical underwriting
  • Flexibility to convert this term insurance to a whole life or endowment plan
  • Wide range of useful and practical supplementary benefits for parents to enhance the coverage making it even more comprehensive:
    • Protect 1 Lite Rider covers disability income
    • Early CI rider covers CI from Early to Advance Stage CI
  • Protect 1 Lite pays out a monthly benefit from $1, 000 to $10, 000 in the event of partial disability. Only Tokio Marine has this feature in the market, worth a lookout.

It would however be less suitable if:

  • A savings plan with cash value with guaranteed and non-guaranteed yield 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

In recent years, Tokio Marine has shifted its focus on non-participating policies to make them competitive in terms of coverage and premium pricing. It is one of the most competitive term plans in the market and has been, for quite a while.

For parents, even though Tokio Marine’s Term Assure II is a good solid term plan, there are many other factors to consider and it is advised to compare and/or speak with a professional in this regard.

When it comes to the suitability of coverage for you and your child, it is always advised to have a look around and compare across the different competitive insurers.

To find the most suitably plan based on your concerns and needs, simply fill in the form below and our friendly partnered licensed FA advisor will get in touch with you.

Based on your needs, a custom made solution will be adjusted only addressing your concern with no obligations nor hidden fees.

 

Find the most suitable coverage for you and your child today!

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