The difference is that Essential Life is the more affordable package because it is a term insurance plan renewable every five years while Executive Life is a whole life insurance plan payable in either six or nine years.
Essential Life is ideal for those who are tight on the budget but appreciate the need for financial protection while Executive Life is the ideal choice for individuals who realize the flexibility of combining savings with insurance. Since Essential Life is convertible to Executive Life, the insured has flexibility to avail of the plan that suits his needs and budget.
"CMG wants to provide choices to its clients," Tracy Tan, vice president for marketing, explained.
Tan said that the people who need insurance think they cannot afford it because of the amortizations they are paying and the kids they have to send to school.
For the individuals who do not want to pay their whole life for life insurance, have a little more to spare, and would like some returns on their investment, e-LIFE has the answer for them too, officials said.
CMG‘s integrated set-up actually made it easy for us to bundle all these benefits together for the consumer," Tan said.
While most plans in the market pay only two times the life insurance amount for accidental death, CMG e-LIFE series pay three times the life insurance amount (triple indemnity). The insured also has the option to attach a hospitalization plan to his e-LIFE package to cover confinement in case of illness and/or accident.
If he does not get confined for three years (counted every third policy anniversary), the insured gets a refund of 30 percent of the total hospitalization premiums paid for that three-year period. Furthermore, both plans provide medical reimbursement and dismemberment benefits for accident and burial assistance for accidental death.
CMG of Australia is an integrated financial service company offering life insurance, pension, education, and health care plans. It is wholly owned by Commonwealth Bank, the largest financial services group in Australia.