Aviva POGIS vs. Personal Insurance

Dear Community,

I am currently in my 50s and seeking to buy insurance for my wife and myself. I am working in the public sector and was offered to take on POGIS. It is a rather cheap plan at $40 for death, disability, critical illness (early and late).

My advisor proposed a personal insurance which cost me $150/mth for just critical illness (early and late).

Despite aging to 70, my insurance coverage from POGIS would still be lower than $150/mth.

May I have your honest opinion on what I should be taking up? Thanks in advance.

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Tan Choong Hwee

16 Jun 2021

Investor/Trader at Home

POGIS is a group insurance. As such, there is a group risk limitation (a cap on claims due to a massive death event such as terrorism and war) although this risk is quite small. Also, you can't make nominations of beneficiaries, so the death benefits go to your estate, which is distributed according to your will or Intestate Succession Act if no will.

The pro for group insurance is the premium is lower than equivalent personal insurance. It is a good option to supplement your existing insurance coverage, but not as your main insurance coverage.

Disclaimer:

I'm not a certified financial advisor, and the above is just my personal opinion. It is best that you consult a professional financial advisor for your insurance needs. You may approach MoneyOwl for consultation. If you like to open a free MoneyOwl account, I can provide my referral code.

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