Anonymous

Edited 31 Mar 2022

∙

I'm making decision for ECI plans. I am trying to weigh between Aviva $1230 /mth and GE $894/mth.

29 F, Non-smoker, no dependant/liability, currently 50K CI covered with term 250k, tpd 430k
Looking at 150k ECI coverage,

GE $894
Death/tpd 300k, ECI 150k (sharing 300k)

GE $1098
Death/tpd 300k, ECI 200k (sharing 300k)

Aviva is $1230
Death/tpd 500k, additional ECI 150k, special benefit+ benign tumour benefit

should be per year premium, thanks for the correction

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Chia Ming Ho

02 Apr 2022

Price is what you pay but value is what you get. Need to look at totality of the coverage nature. Need to know if you prefer single pay (accelerated claim) and multipay

I went through a similar comparison recently and decide to purchase Aviva multipay for its multipay up to 900% feature. not the cheapest (i think GE is quite cheap for single payout). $120k base pay for $170/m at 35 years old. More importantly agent is committed and reachable when you need to claim many years later. Many agents nowadays quitted easily (younger one) and jumping from insurer to insurer. very high turnover.

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Aven

01 Apr 2022

Treasury Associate at MP

First impression as a financial planner is that the premiums look too high so I believe it is per year. Additionally, do you really need that high of a ECI coverage? ECI coverage should only be around 1 to 2 years of your annual income as a general rule of thumb.

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Elijah Lee

31 Mar 2022

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

The premiums should be per year.

It looks like you are considering Aviva's term pla...

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