Should I convert my MINDEF Aviva plan to MyProtector - Term plan ll for increased coverage?

Hi anon,

You can't convert a group term policy to a individual policy. I would presume that you mean you wish to get an individual policy for yourself.

I'd usually recommend a term plan if you need cost effective protection against death/TPD due to liabilities or dependents. The Mindef plan does have very low premiums, but is effectively capped at $1 million maximum coverage, and has a number of other short comings as well, such as the payout being staggered over 3 years, as well as not being able to make nominations. If you don't have any liabilties or dependents, it is still a very good plan to have, but once you have or are anticipating upcoming liabilities/dependents, then a personal term plan would likely be more customizable to your needs.

I'd recommend that you have a chat with an advisor to first determine if you need a individual term policy first. If you do, then you'll want to check across multipler insurers to ensure that you find a good, cost effective plan to meet your needs.