facebookWould you still get an Aviva whole life (with ECI/CI) policy - versus from other companies, since Aviva wants to move out of Asia market? - Seedly

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Anonymous

19 Aug 2020

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Insurance

Would you still get an Aviva whole life (with ECI/CI) policy - versus from other companies, since Aviva wants to move out of Asia market?

What's your thoughts on getting an Aviva whole life (with ECI/CI) policy - versus other companies, given the latest news about Aviva wanting to move out of Asia market?

would you still go ahead (pro: one of the cheapest premiums, potential con: ease of claims/servicing + par fund projected returns may be even worse)?

or look at other companies instead.

Discussion (8)

What are your thoughts?

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I wouldn't worry about it. Insurance terms will be honored as it is a contract. There are safeguards in place to ensure that transitions to the buyer will be smooth and secured. SDIC is really the last barrier of defence - they have safeguards and layers of protection in place before they ever get to that level.

Stick to the consultant you enjoy working with, if he or she is from Aviva, the person will maneuver through whatever changes will come anyway, even if Aviva is sold.

Pick your doctor first, your hospital is secondary.

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Jonathan Soh

13 Aug 2020

Wealth Manager at Aviva Financial Advisers

Hi there. It was in the news that Aviva was trying to sell Singapore operations last year, but it decided against it as Singapore was the most profitable Asian unit (https://www.businesstimes.com.sg/banking-financ...).

The likelihood of Aviva Singapore being bought by another insurer seems like a faraway thought for now. The recent news of Aviva wanting to move out of Asia came about because Aviva's chief said she wanted to focus operations in Europe (where their HQ is anyway), and everybody's tongues started wagging. Funny to say the least.

In any likelihood that Aviva Singapore is sold, your policies will all still be honoured. In the history of Singapore's insurance landscape, there has been many companies bought and sold (John Hancock/Manulife, Prudential/UOB, etc). The policyholders of those companies sold are still holding on to their old policies with full validation accredited by the new company. There has been no news at all of policyholders not being able to get back their money because of change in company.

You can reach me here if you like to find out more. I cover 9 major insurers including Aviva, NTUC, Manulife etc.

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Michael Wong

12 Aug 2020

Seedly Student Ambassador 2020/21 at Seedly

Like what Yu ji said, insurance products are covered under the SDIC for up to 75k. Meaning to say th...

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