How does the lump sum payout from the AVIVA MyProtector Decreasing work? and how much is paid out?

Hi Anon,

This is actually known as mortgage reducing term assurance (MRTA). What it means that as long as your are decreasing the loan, then the sum assured will decrease accordingly.

Also the payout is usually to the estate (Wife, Kids, etc), but if it's a joint policy, then it will be to the other policy owner. How the payout happens, it depends on how much the payout will be. Usually the first 250k will be paid upfront, the rest will be paid out in phases based on my understanding.

First, of all MyProtector deceeasing term, will reduce in sum assured every year... So this information u need to check with Aviva or you can look into your policy documents.
In order to receive claim asap, you need to do nomination...
Because u look at the nomination rule... First 250k will be payout if there is no nomination.
You can reach out to me if you are unsure or intending to purchase term.
#planwithcolin