Tokio Marine Life Insurance Singapore Ltd withdraws the TM Legacy Lifetime and TM Legacy Plus yesterday. A mass email was sent yesterday at 4:37pm stating that:
"Please be informed that TM Legacy Plus and TM Legacy Lifetime are withdrawn for new business with effect from today, 22 December 2014 (Monday). "
Existing proposal can still be submitted and must reach Tokio Marine by 26 December 2014 3pm.
The withdrawal comes as a shocked to many. Many advisers expressed their unhappiness over the sudden withdrawal as it is almost impossible to find a more competitive whole life product especially for TM Legacy Lifetime. Besides, the EarlyCare Rider attached to it is one of the simplest to understand in the industry.
Another impact to this withdrawal is the lost of guaranteed premiums for Dreaded Disease Accelerator Rider if it is attached to TM Legacy Lifetime. This means we are once again back to square one in which there is no insurer which can provide guaranteed premium for dreaded diseases coverage.
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