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Anonymous
Are Aviva multipay CI premiums not guaranteed?
I bought aviva my protector term plan with multipay CI rider recently. I thought that the premiums will be fixed until my policy ends at 65. I just realized that the premium for multipay CI rider may be adjusted based on future claim experience. From my understanding, when I have a late stage CI, the future premium should be waived. Does this mean if I get an early CI, my premium for multipay will be increased? How much percentage would it increase?
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Hariz Arthur Maloy
12 Jul 2020
Independent Financial Advisor at Promiseland Independent
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Hi Anon, no CI rate on any plan currently is guaranteed. However from my experience speaking to underwriters and product teams, the insurer would prefer to close subscription to an older plan and launch a new one with revised rates.
However your understanding of your Aviva MPCI is incorrect. Premiums may only change only for unexpected claims experience for the entire Aviva suite of critical illness claims not yours personally. So if you make an ECI claim, it won't change because of it.