TM Legacy PLUS and the Others
TM Legacy PLUS is now officially launched.
It is useful to see how this new limited premium term participating life plan matches up to current market products.
For comparison of similar plans, we look at plans from UOB Life and Manulife. In this comparison, I find it purposeful to look at the life plan coupled with critical illness coverage since most people would prefer to extend critical illness protection for as long as possible at a high sum assured in their most productive years. This is where the Minimum Death Benefit or Guaranteed Death Benefit (up to age 65) is appreciated.
Minimum Death Benefit factors according to entry age (ANB=age next birthday; ALB=age last birthday)
Entry Age (ANB)
|
TM Legacy Plus
|
Entry Age (ALB)
|
UOBlife MaxiSecure
|
Entry Age (ALB)
|
Manulife Life Protector Plus
| ||
1-24
|
2.50
|
0-24
|
2.90
|
0-25
|
2.40
| ||
25-29
|
2.00
|
25-29
|
2.60
|
26-30
|
2.40
| ||
30-34
|
1.80
|
30-34
|
2.40
|
31-35
|
2.15
| ||
35-39
|
1.65
|
35-39
|
2.10
|
36-40
|
1.90
| ||
40-44
|
1.50
|
40-44
|
1.90
|
41-45
|
1.65
| ||
45-49
|
1.40
|
45-49
|
1.70
|
46-50
|
1.40
| ||
50-60
|
1.25
|
50-55
|
1.50
|
51-55
|
1.20
|
Assuming a case of critical illness coverage for a 30 years old Male Non-Smoker, here is the comparison for basic sum assured of $100,000.
Plan Feature
|
TM Legacy Plus
|
UOBlife MaxiSecure
|
Manulife Life Protector Plus
|
CI rider (100% accelerated)
|
Dread Disease Accelerator
|
Accelerated CI (Premium Guaranteed)
|
Critical Care Enhancer
|
Basic Sum Assured
|
100,000
|
100,000
|
100,000
|
MDB Factor
|
1.80
|
2.40
|
2.40
|
Premium pa
|
$2,649.00
|
$3,891.00
|
$2,523.20
|
Premium term
|
20 years
|
20 years
|
pay to age 99
|
Premium/$1k SA
(PV total outlay/MDB) |
$240.64
|
$265.10
|
$391.61
|
Death Benefit @age70 (5.25% projection)
|
185,550
|
262,803
|
262,804
|
Cash Value @age65 (guaranteed)
|
58,700
|
55,738
|
43,100
|
Cash Value @age65 (3.75%projected)
|
76,044 (yield=1.41%pa)
|
83,880 (yield=0.29%pa)
|
86,828 (yield=
-0.09%pa)
|
Cash Value @age65 (5.25%projected)
|
101,474 (yield=2.54%pa)
|
120,859 (yield=1.72%pa)
|
119,336 (yield=1.61%pa)
|
Reversionary Bonus per $1,000 sum assured
|
$10 compounded at 1% pa
|
$15 compounded at 1.5% pa
|
$15 compounded at 1.5% pa
|
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