Great Eastern’s main term life plan is GREAT Term 2, a non-participating policy from Singapore’s oldest life insurer (founded 1908), covering death and terminal illness with five maturity options from age 65 to 85. It costs around $28–$33 a month for a 30-year-old male non-smoker with $1 million of cover — roughly mid-pack on price — but you’re also paying for an insurer backed by S$117 billion in assets and an OCBC Group balance sheet.

Not financial advice. All figures are for educational reference only. Data verified as at 28 July 2026 against official Great Eastern Singapore product pages and SingSaver’s live premium comparison.

What Is GREAT Term 2?

GREAT Term 2 is Great Eastern Singapore’s flagship term life plan, sold through a Great Eastern Financial Representative. It’s non-participating — there’s no bonus and no cash value, so every dollar you pay goes towards pure protection, not savings.

The plan covers death and terminal illness (TI) as its core benefits. What makes it stand out is the choice of five policy term options, each ending at a specific “age next birthday”: 65, 70, 75, 80 or 85. That means you can line up your coverage to end right when your mortgage is paid off or your kids are financially independent, rather than being locked into one fixed term length.

Source: Great Eastern Singapore official GREAT Term product page, information correct as at 2 February 2026.

You can strengthen the plan with Complete Living Care Rider 2 for staged critical illness cover, or a narrower Living Care Rider 2 for late-stage-only critical illness. Optional riders for total and permanent disability (TPD), accidental death, and premium waiver let you build the plan around whatever gaps you’re trying to close — more on the CI rider below.

How Much Does GREAT Term 2 Cost?

Great Eastern doesn’t publish a public premium rate card for GREAT Term 2 either — like most adviser-distributed plans, your actual quote depends on your age, gender, smoker status and health. But independent comparison data gives you a solid benchmark.

For a 30-year-old male non-smoker taking $1 million of Death and Terminal Illness coverage up to age 65, here’s how GREAT Term 2 stacks up against four other insurers:

Source: SingSaver, “Best Rated Top 5 Life Insurance Companies in Singapore”, updated 2 July 2026. 30-year-old male, non-smoker, S$1 million Death and Terminal Illness coverage. Indicative estimates only — get your own quote before deciding.

Here’s an original calculation worth doing: divide each insurer’s annual premium by 10 (since $1 million is 10x $100,000) to get a comparable “cost per $100k of coverage.” On that basis, GREAT Term 2 works out to roughly $33.60–$39.60 per $100k a year — cheaper than FWD, Income and Singlife, and only around $1–$8 more per $100k than AIA’s base rate. That’s a narrower gap than the sticker prices suggest.

GREAT Term 2 vs Other Insurers

Most term plans cover the same basics — death and terminal illness — so price and flexibility usually decide it. GREAT Term 2 isn’t the cheapest option in Singapore, but it’s not far off either. Among the five insurers in our comparison, only AIA’s Secure Flexi Term consistently undercuts it on headline price.

What GREAT Term 2 offers instead of the rock-bottom price is choice and backing. The five maturity-age options (65 to 85) give you more flexibility than a single fixed term, and you’re buying from Singapore’s oldest and largest life insurer — a factor some buyers weigh just as heavily as the monthly premium.

If your priority is the absolute lowest price for the same $1M cover, our AIA Term Life Insurance review and FWD Term Life Insurance review are worth reading side by side with this one. If a conversion privilege matters more to you than shaving a few dollars off the premium, our Manulife Term Life Insurance review covers another insurer offering that feature.

Complete Living Care Rider 2: Critical Illness Cover

GREAT Term 2 doesn’t cover critical illness (CI) on its own — death and terminal illness only. To add CI protection, you need one of two optional riders, and they cover very different scopes.

Complete Living Care Rider 2 is the comprehensive option. It covers all three stages of critical illness — early, intermediate and late — giving you a well-rounded safety net rather than a payout only at the most severe stage. For a diagnosis of an early or intermediate stage condition, you can receive a lump-sum payout of up to $350,000 per claim, accelerated from your basic plan’s sum assured and subject to the rider’s own sum assured.

Living Care Rider 2 is the narrower, cheaper alternative — it covers late-stage critical illness only. It suits someone who wants a CI safety net but is comfortable paying premiums purely for the most serious outcomes rather than early intervention.

Worth knowing: like most CI riders in the Singapore market, premiums for Complete Living Care Rider 2 are not fully guaranteed and can be adjusted by Great Eastern based on future claims experience. You can also add optional riders for TPD, accidental death, and premium waiver on top — the premium waiver rider is a useful one, since it keeps your policy in force (someone else effectively pays your premiums) if you’re diagnosed with a covered condition.

Conversion Privilege: Switching to a Life Policy

One genuinely useful feature of GREAT Term 2 is the Conversion Privilege. It lets you convert your term policy (and any eligible riders) into a permanent life policy with cash value — without going through fresh medical underwriting.

Source: Great Eastern Singapore official GREAT Term product page, information correct as at 2 February 2026.

Why this matters: your health only ever gets more unpredictable with age. Locking in the right to convert to a permanent, cash-value policy later — without proving you’re still insurable — is valuable if you think your needs might shift from pure protection to a mix of protection and savings down the road.

DIRECT – GREAT Term: The Budget DIY Option

If you’re comfortable skipping financial advice and want the lowest-friction way to buy from Great Eastern, DIRECT – GREAT Term is a Direct Purchase Insurance (DPI) plan. You apply yourself online, without an adviser, and Great Eastern’s own customer service handles the rest.

Structured as DIRECT – GREAT 5yr Term, it’s a five-year renewable term that covers death, terminal illness and TPD, and can be renewed for the same sum assured up to age 80 without fresh medical evidence at each renewal.

Like every DPI plan in Singapore — including Prudential’s, AIA’s and every other insurer’s direct-purchase term products — DIRECT – GREAT Term is capped at $400,000 of coverage under the industry-wide DPI framework. If your protection need is higher than that, you’ll need GREAT Term 2 or another insurer’s adviser-distributed plan instead.

The trade-off is the same as any DPI plan: no adviser means it’s on you to work out how much cover you need and whether the product actually fits your situation. If your sum assured need is comfortably under $400,000 and you’re confident doing your own research, it’s a genuine way to skip commission costs. If you’re not sure how much cover you need, run the numbers first — see the link to our free calculator below.

Why Great Eastern’s Financial Strength Matters

A life insurance policy is a decades-long promise. You’re not just buying coverage for today — you’re betting the insurer will still be around, and still solvent, when your family eventually needs to claim. That’s why Great Eastern’s scale is worth a section of its own.

Source: Great Eastern Singapore official “Our Businesses” page, figures updated as at 30 June 2025, page accessed 28 July 2026.

None of this makes GREAT Term 2 the cheapest plan on the market — it isn’t. But for buyers who’d rather pay a small premium for an insurer with over a century of track record and one of the highest credit ratings in Asian life insurance, that stability is arguably worth more than the $65–$84 a year you’d save going with AIA instead.

Pros and Cons of GREAT Term 2

Who Should (and Shouldn’t) Buy It

GREAT Term 2 makes sense if you already bank with OCBC and like the idea of consolidating your finances and insurance under one group, want the flexibility of five different maturity-age options, or simply place a high value on buying from the most established, highest-rated insurer in Singapore’s life insurance market.

It’s probably not your first pick if the absolute lowest premium is your main deciding factor — AIA’s Secure Flexi Term consistently beats it on headline price for the same cover. It’s also not ideal if you want a fully digital, no-adviser buying experience for a large sum assured, since GREAT Term 2 itself (above $400,000) requires going through a Financial Representative.

Not sure how much cover you actually need before comparing insurers? Run the numbers with our Insurance Gap Calculator first — it’s free and takes about two minutes.

How to Buy Great Eastern Term Life Insurance

You’ve got two routes with Great Eastern, and they suit different buyers:

Route 1: Through a Great Eastern Financial Representative (GREAT Term 2). A financial rep runs a needs analysis, recommends your coverage amount, riders and maturity age, and handles underwriting with you. This costs more in commission built into your premium, but suits you if you’re unsure how much cover you need, want a sum assured above $400,000, or want to layer on the Complete Living Care Rider 2 for staged critical illness protection.

Route 2: Direct Purchase Insurance (DIRECT – GREAT Term). You apply online without an adviser. You’ll need to have already worked out your own coverage needs and be comfortable reading the product summary and policy documents yourself before committing, and your cover is capped at $400,000.

Either way, compare at least 2–3 quotes before signing anything — our Term Life Insurance Singapore Comparison guide has a fuller side-by-side across more insurers, and our Affordable Term Life Insurance guide covers 7 concrete ways to cut your premium regardless of which insurer you pick.