Should i get Aviva’s life term personal insurance?

Hi there,

That is a good way to start. People usually opt for a term insurance at the start since its highly affordable with high coverage. A typical good death/TPD coverage is 10x of your annual income to cover any potential future liabilities as well as leaving a love gift for your loved ones in the future.

I'll assume that your CI coverage is 50k here. You might want to consider beefing it up because a 50k CI coverage is probably worth only a year's income in the event you're unable to work due to a diagnosis. A good gauge for CI coverage is 5x your annual income since statistically thats the amount of time it may potentially take to recover. You can consider multi-pay CI plans as an option since they also typically lasts all the way till your term plan ends too and can beef up your CI coverage considerably While not costing an arm and leg for now.

I'm guessing you're in your early 20s so your insurance plans, assuming you dont have any pre-existing Conditions, should be relatively affordable too.

You shouldn't be paying more than 10% of your annual income on insurance so you can better utilise your funds well too. All the best!

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Hello there!

My question to you is, is your vocation that dangerous till you need to put a million on you life? Imo I wouldn't need such a high coverage. From what I understand you're an officer, either gbad/c3/uav. Dont think you'll be in much danger. I'm currently only covered 200k at $10/month. If you think 200k is too low, maybe I'll recommend 500k? I think only pilots and WSO need the max.

Has the premium increased? If I recall, shouldn't it be $5/100k coverage? That's what I'm paying now after ORD. Insurance by aviva is the cheapest in the market for NSF/Regulars. Definitely a must. Even NSFs who wanted to "save" their allowance in NS by not subscribing to aviva insurance and regretting it now cuz they will never find a better deal outside.

Also, if you're SAS, SMS, SAFOS, and will b getting salary during your studies, id recommend that you start all your insurance plans ASAP. Especially for Critical Illness Insurance. Only gonna get more expensive as you grow older.

There are 4 insurance types i recommend. Critical Illness, Life Insurance, Personal Accident, Hospitalisation.

Critical illness will cover you for unforseen illnesses like cancer and will cost you around a few thousand a year. Pay it up front for rebates instead of monthly installments.

Life Insurance for unforeseen death. Personal Accident for lost of limb etc. Get these both from Aviva. If I recall aviva only covers these 2 for NSF/Regs.

You'll need Hospitalisation (Integrated Shield Plans) Insurance. You're a regular now. Ah gong only covers the first 500 if I remember.

Imma ex-reg btw. Got chopped from flying.this is not financial advice. Just my sharing.

Oh BTW go talk to your fellow officers and gather intel on whether you should put your SAVERS under dynamic. From what I heard, dynamic is the best option, high risk high rewards. And apparently dynamic has been performing very well. Ask arnd, go and pull up the charts from your OSN.