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Launch Of TM Legacy Plus (LP)

>> Monday, January 18, 2010

TM Legacy Plus (LP) is a limited premium participating whole life which provides coverage against Death, TPD and TI with A MINIMUM BENEFIT (MB).

The MB is based on entry age. It is the above MB Factor multiplied by the Sum Assured (SA).

In my opinion, it is like a decreasing policy which is more common for term policies like (mortgage insurance), but now it is for a limited payment whole life plan. A major advantage for this plan over mortgage insurance is that critical illness rider can be added to this policy whereas mortgage insurance normally can only add the critical illness premium waiver rider. (Some, even insurance agents themselves, may be confused but CI premium waiver and actual coverage for CI are absolutely two different issues.)

Suitability would be for people who would prefer limited payment whole life plans than term plans but at the same time have a budget constraint. However, care must be taken when using it to plan, as the coverage is decreasing and may suffer a significant drop after age 65, depending on the participating fund performance. Inflation will further erode its coverage value in future, the misinformed might feel a sense of high coverage initially when taking up the policy, but will suffer from diminishing coverage when it is most needed.




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