Is Aviva group term life and personal insurance good to keep after NS?

Hi Anon,

Please keep it. It's one of the most affordable term insurance around. In regards to claims, for death, I do believe you can claim from both. In regards to disability, it might depend on the terms and conditions in the policy.

Whether to add the living care and care plus, I think it's whether it meets your needs and also whether it's affordable, those are 2 crucial factors to think about when it comes to insurance.

Hi anon,

Cost effectiveness wise, Aviva GTL and GPA can be kept up to the age of 65.

The cost is the same (although subject to review and thus not guaranteed) per $100K coverage till age 65 after which it increases drastically. Take note that GPA doesn't cover things like TCM/Chiropractor, which is another common reason why people get PA plans.

However, there may be instances that a group term policy may not be recognised, e.g. if you are applying for a HDB HPS waiver, they don't recognise group policies. Also, the payout, if it is more than $200K, will be split into $200K and then 3 equal portions over the next 3 years. So you need to remember these finer details (there are more of course). You may also have liabilities that stretch past age 65, or are more than $1 million, in which case a personal term policy may be better.

Living care and living care plus costs go up every 5 years. It's very likely that a whole life limited payment plan with CI and early CI riders will cost lesser in totality compared to adding these riders and paying till 65, but this depends on your age profile. Plus, living care plus only covers 10 early stage CI conditions.

TLDR; GTL and GPA are good to haves, but there are better options compared to LC and LC Plus