How is my Whole Life insurance policy?

Hi anon,

Given your income of around $45K, you should really be looking at around $250K of CI coverage, so it does seem that you are a little over insured (you have $360K!), but I've never heard of anyone complaining that they bought too much insurance if a claim occurs.

So the question now is, are you spending more than 10% of your income on your essential coverage? We have not seen what your hospitalization plans cost you, and neither have you indicated if you require a term plan to cover death/TPD due to liabilities or dependents. If everything added together is more than 10% of your income you might want to sit down to re-look the situation first. Prematurely cancelling a policy is the last thing you should do however, and I really advise that you have a chat with an advisor to consider your options. I don't know if you are in your free look period now however, and whether you are paying yearly or monthly, these things have an impact on the approach to handle your situation. As I do not know the finer details of your situation there is only so much I can say.

MyWLP III is actually a very good plan. As Hariz has mentioned, it's the only plan that will pay you the bonuses over and above the additional cover (or multiplier). Even with that, the premiums are extremely competitive and it is often amongst the 3 cheapest options, regardless of what gender or age band my client is. You have a good plan, the question you are probably wondering about is, do you have the right amount of cover in this plan?

You made a great choice. I personally would have done a 100% additional cover with a higher base personally. So a 180k X 2 instead of 120k X 3 as you did.

Aviva's MWL Plan III is one of the only 2 policies that pay all 3 components of Base + Additional Cover + Cash Value during the multiplier period. This means you're getting full value of what you're paying for unlike other insurers that pay you the higher of multiplier vs cash value during the multiplier period.